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China May Extend Tax Rebates for EVs
China’s central government plans to continue a tax rebate plan covering the purchase of electric and other “new-energy” vehicles at least through 2020, sources tell Bloomberg News.
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China’s central government plans to continue a tax rebate plan covering the purchase of electric and other “new-energy” vehicles at least through 2020, sources tell Bloomberg News.
The current program—which waives the country’s 10% purchase tax for EVs, plug-in hybrids and fuel cell-powered vehicles—will expire at the end of the year. The plan helped hike demand for such cars more than 50% to 500,700 units in 2016.
Production of new-energy vehicles in China will surge over the next few years because the government has mandated sales quotas of 10% by 2019 and 12% in 2020. But analysts worry that producers may end up with huge inventories or be forced to sell EVs at a loss without government incentives.
Bloomberg says the central government also may resume issuing production permits for EVs in the first half of 2018. That would enable such companies as Ford Motor Co. and Tesla Inc., along with several domestic carmakers, to establish local output.
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