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EV Prices to Jump in China as Subsidies Shrink
The price of electric vehicles in China could jump 25% or more next week when the central government cuts back on subsidies, The Nikkei says.
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The price of electric vehicles in China could jump 25% or more next week when the central government cuts back on subsidies, The Nikkei says.
On Monday, the incentives are scheduled to drop by roughly 50% to 18,000-25,000 yuan ($2,600-$3,600) for electrified vehicles that can travel at least 250 km (155 miles) per charge. Incentives will disappear entirely for hybrids and all-electric models with shorter ranges.
The government program boosted sales of hybrids and all-electric cars 60% to 1.25 million units last year. Central planners, who began narrowing the incentives two years ago, intend to remove them entirely in 2020.
Beijing still aims for sales of 2 million electrified vehicles next year. But The Nikkei cautions that ”inevitable” price hikes will make that goal difficult to achieve.
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