More info on EV subsidy -
China to boost electric car purchases with trial subsidy scheme
2010-05-26 11:30:27.734 GMT
May 26 (Bloomberg New Energy Finance) -- The Chinese government has picked five cities for a trial subsidy scheme aimed at boosting purchases of electric and hybrid cars, according to a news report posted on the Ministry of Commerce website.
Buyers in Beijing, Shanghai, Shenzhen, Chongqing and Wuhan will enjoy a subsidy of up to CNY 60,000 (USD 8,789) for all-electric vehicles under a new measure proposed by the Ministry of Industry and Information Technology.
The scheme, scheduled to be launched by end of the month, has been approved by China's top economic planner, the National Development and Reform Commission and the Ministry of Finance. It is awaiting final approval from the cabinet, or State Council, local newspaper Shanghai Securities reported.
The government will also provide CNY 3,000 to buyers of energy efficient cars with engines with capacities of less than
1.6 litres and as much as CNY 50,000 for plug-in hybrids, the report said.
Calls to Zhen Zijian, deputy director of 863 major projects for energy-saving and new energy vehicles in the Ministry of Science and Technology, at his Beijing office were not answered.
Chinese automaker BYD (1211 HK) announced plans earlier to expand private sales of its F3DM electric car to other new energy car trial cities besides Shenzhen, that include Beijing and Shanghai. The F3DM is priced at CNY 169,800 (USD 24,800) for individual buyers.
In February 2009, the Ministry of Finance and the Ministry of Science and Technology revealed the subsidy levels for the purchases of hybrid, electric and fuel cell vehicles that were used for public transportation, municipal sanitation and other public services in 13 cities. Subsidies of up to CNY 500,000 (USD
73,000) and CNY 600,000 (USD 88,000) are being provided for all-electric and fuel cell buses respectively.
-0- May/26/2010 11:30 GMT
