China BAK Battery, Inc. (CBAK)

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China Cuts Taxes for Energy-Saving Vehicles, Xinhua Says

CHERY AUTOMOBILE IS NAMED , COULD BODE WELL FOR CHINA BAK BATTERY

China announced a second batch of 64 energy-saving vehicles that qualify for lower taxes, with refunds payable to people who have bought the cars since Jan. 1, Xinhua reported , citing a government document.

The government will cut taxes paid by buyers of these vehicles in half, and will eliminate fees for users of seven types of electric automobiles, Xinhua said, citing the document from the finance and industry ministries and the tax agency.

At least 10 domestic automakers including Chery Automobile Co. and Yangzhou Yaxing Motor Coach Co. (600213) are on the list, Xinhua said. The government first applied the policy in March to at least 200 eligible vehicles, including hybrid cars, pure electric cars and fuel-cell vehicles, Xinhua said.