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China Extends EV Subsidies
China is stretching out a planned reduction in subsidies for electric vehicles to help control severe air pollution problems in several of its largest cities, Bloomberg News reports.
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China is stretching out a planned reduction in subsidies for electric vehicles to help control severe air pollution problems in several of its largest cities, Bloomberg News reports.
Current subsidies will be reduced by 5% instead of 10% this year and 10% instead of 20% in 2015, according to the country's finance, technology, industry and development ministries.
The program currently provides payments as high as 60,000 yuan ($9,900) for an electric car and as much as 500,000 yuan ($82,500) for an electric bus. An analyst tells Bloomberg the main beneficiaries are buyers of electric powered buses, trash trucks and fleet cars.
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