Jiangte Motor receives RMB177mn of NEV promotion subsidy
2019-07-04 18:02:26 [Print]
Jiangte Motor announced on 3 July that its wholly-owned subsidiary Joylong Automobile received RMB177 million (USD25.76 million) of new energy vehicle (NEV) promotion subsidy on 2 July 2019. As of the report date, Joylong Automobile had received RMB566,060,000 (USD82,387,530) of NEV promotion subsidy in 2019. The subsidiary will directly reduce other accounts receivable, which will help to improve the cash flow of Joylong Automobile and have a positive impact on the production and operation of Joylong Automobile and Jiangte Motor.
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