Latest news with #governmentSubsidies
Al Arabiya
12-07-2025
- Automotive
- Al Arabiya
China's Chery denies improper subsidy declarations
Chinese automaker Chery on Saturday denied assertions that it had improperly claimed government subsidies for environmentally friendly vehicles. An audit by the Ministry of Industry and Information Technology disqualified declarations by Chery and BYD for a combined $53 million in government subsidies for thousands of vehicles sold in the five years to 2020, accounting for nearly 60 percent of such improper claims. Chery denied its declarations were improper. It said in a statement it had previously consulted the authorities about the challenges of missing receipts because the cars were sold more than five years ago and that the government had advised the company to declare the cars for the ministry to determine if they should be qualified. 'Our company has truthfully reported to the authorities we did not collect certificates for end sales; there's no fraudulent act,' Chery said in the statement. The government's assertions do not include allegations of fraud. EV maker BYD did not respond to requests for comment. The audit, initiated earlier this year to verify subsidy applications over the five-year period, disqualified 21,725 vehicles for subsidies as it found discrepancies such as failure to submit required supporting documents or to meet the mandated mileage thresholds, according to the documents published by the Ministry of Industry and Information Technology in June. Chery had 7,663 vehicles disqualified - 19 for mileage thresholds and 7,643 for not providing certificates. The audit documents did not lay out any penalties or mention reimbursement. The government has previously said automakers will have to repay subsidies for vehicles found not to have met mileage requirements. Chery said the audit covered declarations for subsidies that were not prepaid and thus automakers did not need to repay.
Yahoo
03-07-2025
- Business
- Yahoo
Tom Lee Says Tesla's Magic Isn't About Government Subsidies: 'It's A Granny Shot' Powered By Elon Musk, AI And Massive Data
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Fundstrat's Tom Lee stated that Tesla Inc.'s (NASDAQ:TSLA) success is not due to government subsidies, but rather a combination of factors including engineering talent, manufacturing expertise and leadership. What Happened: On Tuesday, Lee took to X to express his views on Tesla's success. He stated, 'Magical alchemy of $TSLA not 'govt subsidies' – engineering talent – manufacturing expertise – leading AI and software – leadership – massive dataset – future products. 'Government not on list $TSLA is a granny shot,' stated Lee. Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — This post comes in the wake of a series of discussions and debates about the role of government subsidies in Tesla's success, particularly after President Donald Trump stated so in his Truth Social Post. "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa," posted post suggests that he believes Tesla's success is primarily due to its internal strengths and not external It Matters: Lee's post comes at a time when Tesla's future is a topic of intense speculation. His comments echo those of other industry experts, who have also highlighted the company's unique position in the market. Wedbush analyst Dan Ives recently reiterated his bullish stance on Tesla, positioning it as one of the premier investments in the field of physical AI. Ives forecasts a staggering $2 trillion valuation for Tesla, without factoring in the future earnings from its humanoid robot, Optimus. Ives explained Tuesday's weak performance for Tesla amid a fallout between CEO Elon Musk and Trump. Ives described the situation as a 'junior high school friendship gone bad.' However, he added that it would eventually stabilize. On the other hand, investment advisor Ross Gerber criticized Tesla board members for remaining silent amid the escalating Trump-Musk Feud. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Image via Shutterstock This article Tom Lee Says Tesla's Magic Isn't About Government Subsidies: 'It's A Granny Shot' Powered By Elon Musk, AI And Massive Data originally appeared on Sign in to access your portfolio
ABC News
01-07-2025
- Business
- ABC News
Trump suggests DOGE look at Musk subsidies to 'save a FORTUNE'
US President Donald Trump says DOGE should take a look at how government subsidies are benefiting billionaire Elon Musk, as the spat between the pair grows. The president posted the proposal on Truth Social, in an apparent rebuttal of Mr Musk's support for an electric car mandate. Saying he was "strongly against" the mandate, Mr Trump added that the Tesla and SpaceX CEO "without subsidies" would be forced "to close up shop and head back home to South Africa". "No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE," Mr Trump wrote. "Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!" The allusion to DOGE, Mr Musk's former government agency, suggests a widening fight between the president and his former supporter. In response to Mr Trump's post, Mr Musk, on his own social media platform, X, said: "I am literally saying CUT IT ALL. Now." His comments follow on from Mr Musk's weekend rebuke of Mr Trump's sprawling tax and spending cuts bill. The bill, which was procedurally advanced by Senate Republicans on Sunday, is believed to be the catalyst for Mr Musk's ruptured relationship with Mr Trump. Days after he left the federal government last month with a laudatory celebration in the Oval Office, Mr Musk blasted the bill as "pork-filled" and a "disgusting abomination". On Sunday, hours before the bill passed the Senate, Mr Musk reiterated that the latest draft would "destroy millions of jobs in America and cause immense strategic harm to our country". On Monday, he ramped up his criticism, saying politicians who had campaigned on cutting spending but backed the bill "should hang their heads in shame!" "And they will lose their primary next year if it is the last thing I do on this Earth," Mr Musk said, also calling for a new political party. He had poured hundreds of millions of dollars into Mr Trump's campaign in 2024. In the days after his White House departure, Mr Musk suggested without evidence that Mr Trump, who spent the first part of the year as one of his closest allies, was mentioned in files related to sex abuser Jeffrey Epstein. Mr Musk ultimately tried to make nice with the administration, saying he regretted some of his posts that "went too far". Mr Trump responded in kind in an interview with The New York Post, saying: "Things like that happen. I don't blame him for anything."
National Post
29-05-2025
- Business
- National Post
Westwater Resources Supports U.S. Department of Commerce Decision on Chinese Graphite Anode Material
Article content CENTENNIAL, Colo. — Westwater Resources, Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite company ('Westwater' or the 'Company'), announced today its support of the U.S. Department of Commerce's ('DOC') preliminary determination in the countervailing duty investigation of anode material from the People's Republic of China. The DOC's initial ruling determined that Chinese producers of anode material are receiving unfair government subsidies, and as a result, are now expected to be subject to U.S. import tariffs of up to 721%. Article content 'This important decision by the DOC is another step toward leveling the playing field for U.S. producers,' said Jon Jacobs, Westwater's Chief Commercial Officer. 'We expect this announcement to accelerate off-take agreements with Westwater and to positively affect our ongoing financing efforts. U.S. automaker and cellmaker buyers are increasingly concluding that executing offtake supply agreements with U.S. producers like Westwater is the surest way to avoid import tariffs and is therefore their most economical long-term solution.' Article content Pursuant to the preliminary determination, select Chinese natural and artificial graphite anode material producers will be subject to U.S. import tariffs of up to 721% in addition to pre-existing Section 301 and reciprocal tariffs already totaling 55%. Article content The DOC is also conducting a concurrent antidumping investigation into anode materials imports from the People's Republic of China. This investigation is focused on determining whether Chinese producers are selling graphite-based anode materials in the United States at unfairly low prices – thereby harming U.S. producers. A preliminary decision is expected in July, and if the DOC finds sufficient evidence of dumping, it could impose additional duties and broader penalties. Article content Mr. Jacobs added, 'The outcome of the antidumping investigation is expected to play a critical role in supporting the development of a robust, secure, and fair domestic supply chain for graphite and battery materials, which are vital to U.S. energy independence and national security. For companies like Westwater Resources that are investing in sustainable, U.S.-based production capabilities, these trade actions should help reduce the nation's reliance on foreign supply chains and benefit domestic producers.' Article content Westwater Resources is an energy technology company that is focused on developing battery-grade natural graphite. Westwater Resources' primary project is the Kellyton Graphite Processing Plant that is under construction in east-central Alabama. In addition, Westwater Resources' Coosa Graphite Deposit is the largest and most advanced natural flake graphite deposit in the contiguous United States — and is located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama. For more information, visit Article content Cautionary Statement Regarding Forward-Looking Statements Article content This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words and phrases such as 'initial,' 'preliminary,' 'important,' 'expect,' 'accelerate,' 'positively impact,' 'ongoing efforts,' 'level the playing field,' 'increasing,' 'surest way,' 'most economical,' 'additional,' 'broader,' 'critical,' 'help reduce,' and other similar words or phrases. Forward looking statements include, among other things, statements concerning: the importance of critical minerals including battery-grade graphite; establishing a graphite industry in the U.S.; tariffs associated with the importation of natural graphite into the U.S. including the percentage of those tariffs and the countries for which tariffs will apply; the Company's business plans for its Kellyton Graphite Processing Plant; and efforts to manage existing off-take agreements or to put new supply agreements into place for the products from that Plant. The Company cautions that there are factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of the Company; accordingly, there can be no assurance that such suggested results will be realized. Those uncertainties and other factors are discussed in Westwater's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent securities filings, and they could cause actual results to differ materially from management expectations. Article content Article content Article content Article content Contacts Article content Article content Article content
South China Morning Post
23-05-2025
- South China Morning Post
Hong Kong police arrest 9 in connection with HK$140,000 internship subsidy scam
Nine people, mostly university students, have been arrested in Hong Kong over an employment scam that allegedly defrauded the government of HK$140,000 (US$17,887) of subsidies through an internship programme. Advertisement Police said they received a report from a local university in November that a man had allegedly used two companies to falsely recruit eight students for short-term internship positions in the innovation and technology sector via the institution's job platform between 2023 and last year. But the students were never required to perform any actual work. Instead, they received salaries through bank transfers to create payment records. The man then instructed them to return the funds in cash, offering HK$500 to HK$1,000 as compensation for their transport expenses. The scheme enabled the companies to fraudulently claim HK$260,000 of government subsidies under the STEM Internship Scheme that the Innovation and Technology Commission launched in 2020. Of this amount, HK$140,000 had already been approved before the scam was uncovered. Advertisement Following a two-day operation on Wednesday and Thursday, officers arrested seven men and two women, aged 19 to 28, across various districts for conspiracy to defraud.
