Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Chinese Version   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home Email this story   Print this story
 
China extends tax rebate for electric cars, hybrids
Reuters | 2018/1/5

BEIJING  -- China will extend a tax rebate on purchases of electrified vehicles through 2020, a boost for hybrid and electric vehicle makers amid a shift by policymakers away from the traditional internal combustion engine.

The finance ministry said the tax rebate, which was to expire on Jan. 1, will be extended until Dec. 31, 2020. Eligible models will include all-electric cars, plug-in hybrids and fuel cell vehicles.

The ministry¡¯s statement provides official confirmation of a report by Bloomberg last month that the incentives would be extended. Bloomberg cited unnamed sources.

The extension comes as automakers brace to meet strict EV quotas that will take effect in 2019. The new rules have sparked a flurry of electric-car alliances between global and Chinese automakers.

Some global automakers have called on China to maintain its incentives, citing fears that consumer demand alone will be insufficient to drive sales.

The Ministry of Finance said the extension would help ¡°increase support for innovation and development in new-energy vehicles.¡±

Chinese automakers such as BYD Co. are jostling with global rivals in the race to develop EVs.

Auto sales in China have leveled off, but EVs have been a bright spot. From January through November, EV sales in China jumped 51 percent and are on track to hit an annual sales target of 700,000 vehicles.

Related Stories
  • EV startup Byton seeks to raise 2.5 billion yuan
  •     --Published:2018/23/1
     
  • GM targets China for most of its future EV sales
  •     --Published:2018/19/1
     
  • Electrified vehicle sales surge 53% in 2017
  •     --Published:2018/16/1
     
  • EV, plug-in hybrid market surge to roll on in 2018
  •     --Published:2018/12/1
     
  • Higher sales tax to sap market growth in 2018
  •     --Published:2018/12/1
     
  • Chinese EV startup Byton unveils first concept at CES
  •     --Published:2018/9/1
     
  • LeEco repays part of China Merchants Bank debt
  •     --Published:2018/9/1
     
  • China's Byton hopes to sell electric SUVs in the U.S.
  •     --Published:2018/5/1
     
  • Alibaba invests in Chinese EV startup
  •     --Published:2017/22/12
     
  • NIO, the long-shot EV startup that likes its chances
  •     --Published:2017/19/12
     
  • China to serve as Toyota springboard for EV blitz
  •     --Published:2017/19/12
     
  • NIO launches first model, a 7-seat SUV
  •     --Published:2017/19/12
     
  • EV demand continues to soar
  •     --Published:2017/15/12
       
     
     

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     

     
     

    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
     
    Home | Help Center | About Us | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.
    »¦ICP±¸06057291ºÅ