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China Drops New-Car Tax on EVs
China says it will waive its 10% purchase tax for buyers of electric vehicles, plug-in hybrids and fuel-cell vehicles beginning Sept. 1.
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China says it will waive its 10% purchase tax for buyers of electric vehicles, plug-in hybrids and fuel-cell vehicles beginning Sept. 1. The measure will continue through the end of 2017.
The exemption covers some imported EVs, including those from BMW, Tesla and Volkswagen.
China recognizes the environmental and technology benefits of developing a strong EV market. But the country so far has been unable to muster strong enthusiasm among consumers for the pricy vehicles.
Bloomberg News notes that the central and local governments have been subsidizing EV purchases since 2010 for as much as 114,000 yuan ($18,400) each. But China's EV fleet hasn't yet grown to 70,000, far below the 500,000 vehicles the central government once targeted for 2015.
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