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China Ponders New Cuts in EV Subsidies for 2019
China’s central government is studying another round of reductions in sales incentives for electric cars, Bloomberg News reports.
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China’s central government is studying another round of reductions in sales incentives for electric cars, Bloomberg News reports.
The country used subsidies to push demand for electric and hybrid vehicles more than 50% to 770,000 units in 2017, according to the China Assn. of Automobile Manufacturers. China has been the world’s largest national market for such cars for the past three years.
But now Beijing wants local carmakers to use innovation and technological advances to drive consumer interest.
Sources tell Bloomberg the government may slash financial incentives in 2019 by more than one-third. Vehicles also may be required to travel at least 200 km (124 miles) in all-electric mode—up from 150 km now—to qualify for government support.
Last December Bloomberg reported that the central government plans an outright ban on regional incentives for new-energy vehicles in 2019, because the support is used primarily to support local EV producers.
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