Sub­si­dies for ‘green’ ve­hi­cles ex­tended to 2020

China Daily (Canada) - - NEWSCAPSULE -

China will ex­tend cur­rent sub­si­dies for new en­ergy “green” ve­hi­cles from 2015 to 2020, ac­cord­ing to pub­lished draft rules.

The move is aimed at fight­ing se­vere pol­lu­tion and snarling traf­fic, and is ex­pected to be a boon to firms such as War­ren Buf­fett-backed BYD Co Ltd, the coun­try’s big­gest maker of elec­tric ve­hi­cles.

Pro­duc­tion of green ve­hi­cles in China jumped five-fold dur­ing the first 11 months of 2014 com­pared with 2013, but the in­dus­try still lags on Beijing’s goal of putting 5 mil­lion new en­ergy ve­hi­cles on Chi­nese roads by 2020.

Sub­si­dies will be granted to buy­ers of pure elec­tric, highly elec­tri­fied plug-in hy­brid and fuel-cell ve­hi­cles, , ac­cord­ing to the rules posted on the Min­istry of Fi­nance’s web­site.

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