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China Extends Tax Break on “New Energy” Vehicles through 2020
China’s central government will extend a waiver of its 10% vehicle purchase tax for plug-in hybrid and all-electric vehicles through the end of 2020, according to four ministries.
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China’s central government will extend a waiver of its 10% vehicle purchase tax for plug-in hybrid and all-electric vehicles through the end of 2020, according to four ministries.
In a joint statement, the agencies say that extending the 3-year-old tax break will bolster the “innovative development” of the new-energy vehicles.
Demand for such vehicles surged more than 50% to 609,000 units through the first 11 months of 2017, according to the China Assn. of Automobile Manufacturers. Full-year sales are expected to surpass 700,000 units.
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