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China Ponders Cutbacks on EV Incentives
China’s central government is studying a plan to cut incentives on electric buses and high-priced electric cars.
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China’s central government is studying a plan to cut incentives on electric buses and high-priced electric cars.
Sources tell Bloomberg News the proposal would trim the average subsidies on electric buses by one-third—and about 50% for the largest vehicles. Incentives for passenger EVs would apply only to those models that cost 350,000 yuan ($58,900) or less.
The government’s generous subsidies helped triple domestic sales of EVs and plug-ins to 331,000 units last year. Bloomberg notes that the proposal to ease incentives is still being reviewed by government ministries and, if accepted, also would need approval by the State Council.
News of the possible cutback comes two days after a report that BYD Co., China’s largest maker of electric and plug-in hybrid vehicles, plans to open a 4 billion-yuan ($614 million) factory to make 5,000 electric buses and 5,000 special-purpose EVs per year. The report said BYD is targeting electric buses because their profit margins are greater than those for electric cars.
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