“…As a strategic emerging industry, the development cost of new energy vehicles is relatively high, and the advancement of technological innovation requires financial support (Quadros & Consoni, 2009). Developed countries such as the United States, Japan, South Korea, Germany, and the United Kingdom have implemented various government subsidy policies to support and encourage their domestic new energy vehicle companies to carry out technological innovations (Wee et al, 2018; Zhang, 2013). Since 2010, China has also stimulated the development of the new energy automobile industry through a variety of special research and development (R&D) funds and subsidies.…”