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China Launches New Round of EV Incentives
China's central government says it will pay buyers of electric, "near all-electric" and hydrogen-powered cars and light trucks as much as 60,000 yuan ($9,800) to offset the price of the vehicle.
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China's central government says it will pay buyers of electric, "near all-electric" and hydrogen-powered cars and light trucks as much as 60,000 yuan ($9,800) to offset the price of the vehicle.
The subsidy rises to as much as 500,000 yuan ($81,600) for electrically powered buses. Gasoline-electric hybrids qualify for payments as high as 35,000 yuan ($5,700).
The program replaces earlier incentives that paid 60,000 yuan for EVs and 50,000 yuan for hybrids. Payments per vehicle will drop 10% in 2015 and another 20% in 2015.
China's Minister of Science and Technology warned in June that the government intends to phase out direct incentives by 2020, adding that EV makers must not count of subsidies to survive.
Last year Chinese consumers bought only 11,400 EVs, according to The Wall Street Journal. The state-owned Xinhua news agency estimates about 27,800 EVs most of them buses were in use in the country last year. China has said it aims to put 500,000 electrics into service by 2015 and 5 million by 2020.
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