A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

China revs up green car industry with fresh subsidies

Sixteen Chinese car firms, including high-profile plug-in electric hybrid manufacturer BYD, were today approved for generous new subsidies as part of a government programme designed to drive adoption of greener vehicles.

An announcement on the website of the Chinese government’s National Development and Reform Commission confirmed that 71 hybrid, electric and fuel-efficient models were eligible for subsidies.

Under the scheme, fuel-efficient vehicles will receive subsidies worth 3,000 yuan ($441) per vehicle. The government department said that only vehicles with engines no bigger than 1.6 litres were approved for the incentives.

Alongside the Warren Buffett-backed BYD, fuel-efficient models from a number of high-profile joint ventures were also approved for the subsidies, including cars manufactured by Hyundai Motors’ Chinese venture, Shanghai General Motors Company, and the Ford-backed Changan-Ford-Mazda joint venture.
The announcement comes just a few weeks after five Chinese cities introduced a similar pilot scheme that promised subsidies worth up to 50,000 yuan ($7,400) for plug-in hybrids and up to 60,000 yuan ($8,800) off the purchase price of full electric vehicles.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.