China to halt new electric vehicle permits on glut concern: sources

Beijing

CHINA plans to halt issuing permits to produce electric vehicles because of concern that additional approvals may lead to a glut in the world's biggest car market, according to people with knowledge of the matter.

The National Development and Reform Commission, which oversees new investments in the car industry, wants to evaluate the programme after handing out 15 production licences since March 2016, said the people, who asked not to be identified because the discussions aren't public. A suspension of new permits may delay plans by companies such as Internet entrepreneur William Li's NIO and Jia Yueting-backed LeEco's electric car unit that have said they intend to apply.