China To Extend New Energy Vehicle Subsidies Through 2020

JAN 4 2015 BY MARK KANE 3

GAC-Toyota Ranz Concept

GAC-Toyota Ranz Concept

High incentives for buying electric cars in China (up to 60,000 yuan or $9,670) launched sales to a new level – 5-times up compared to 2013.

However, sales of roughly 56,700 vehicles in 11 months is far behind the goal of putting 5 million new energy vehicles on the roads by 2020, so the government knows that it must hold subsidies for at east few years if it wants buyers to opt for zero-emissions vehicles.

And this is the latest plan. If the new draft is accepted, subsidies will stay until 2020, but from 2016 on, the amount of the subsidy will gradually be scaled down.  The extended program caps at 55,000 yuan ($8,860 USD).

Incentives are targeted for all-electric, plug-in hybrid and fuel cell vehicles that are locally manufactured (no support for Tesla Model S, BMW i3 or electric smart, etc.).

Source: Reuters

Categories: General

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3 Comments on "China To Extend New Energy Vehicle Subsidies Through 2020"

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See Through

Too bad for Tesla! I guess, this is what Musk meant by China welcoming him with open arms.

LuStuccc

He said he will eventually build a factory there.

Spec

Nice to see long range EV incentives. That will give manufacturers confidence to invest.

We need to extend many of our programs. The EV tax-credit should be extended beyond the 200K vehicles/manufacture. More importantly, the Solar PV tax-credit should be extended to 2020 or so. Solar PV is a great way to reduce greenhouse gases.