China`s electric car sales slump, squeezing automakers
(WorldNews China)

BEIJING (AP) - Looking for a new car, Yang Zhibo considered an electric but balked at prices that are thousands of dollars higher after Beijing wound down multibillion-dollar subsidies that made China the biggest market for the technology. The 27-year-old employee of a beverage distributor picked a gasoline-powered Chevrolet instead. `I am afraid the technology is not mature and the price is too high,` Yang said. China`s leaders are promoting electric cars as a cornerstone of efforts to transform the country into a creator of profitable, advanced technologies, but sales are stalling as thousands of buyers make a similar choice. That is squeezing automakers that are spending heavily on...