Kandi Technolgies Corp (KNDI)

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EV, plug-in hybrid sales triple in first 9 months
Automotive News China | 2014/10/21

Sales of electric vehicles and plug-in hybrids in China nearly tripled in the first nine months of the year, thanks to generous government incentives, the China Association of Automobile Manufacturers said.

Automakers in China sold 38,163 units, including 22,258 EVs and 15,905 plug-in hybrids.

Only locally built EVs, plug-in hybrids and fuel-cell powered vehicles qualify for government subsidies in China. The maximum sales subsidy for an EV is 57,000 yuan ($9,300), while a plug-in hybrid can qualify for a subsidy of 33,250 yuan.

Fuel-cell powered vehicles, which are not yet on sale in China, can qualify for a subsidy of 190,000 yuan.

As of September, buyers of EVs, plug-in hybrids and fuel cell vehicles also are exempted from China's vehicle sales tax, which is roughly 10 percent of the car's price.