China renews subsidies for green vehicles
China has renewed subsidies for private buyers of so-called new-energy vehicles -- including electric vehicles and plug-in hybrids -- for three more years, in part to fight air pollution. But contrary to some expectations, the renewal did not include gasoline-electric hybrids.
China's central government said on Tuesday it will provide as much as 60,000 yuan ($9,800) for the purchase of an EV and as much as 35,000 yuan for a "near all-electric" plug-in vehicle.
The policy is expected to benefit Chinese carmakers including BYD Auto, the Warren Buffett-backed company best known for its EVs.
Some analysts had expected the government to extend subsidies to conventional gasoline-electric hybrids after subsidies failed to boost sales of EVs and plug-in hybrids.
But the renewed rebate program will not provide support for the hybrid technology pioneered by Toyota Motor Corp. on its Prius nameplate two decades ago.
The government also will give as much as 500,000 yuan for an electric bus, according to the Ministry of Industry and Information Technology.
The program, which runs through 2015, renews a three-year program that expired at the end of last year. But there are some tweaks.
The key difference is the inclusion of hydrogen-powered fuel cell vehicles, for which the government would provide as much as 500,000 yuan in rebates.
Some industry experts said the government might still announce a separate purchase incentive for conventional hybrids.
They said China would have to do so in order to meet its goal of putting half a million EVs and hybrids on the road by 2015 and 5 million units by 2020.
China had about 27,800 new-energy vehicles at the end of 2012, 80 percent of which were buses, according to the official Xinhua news agency.
The policy is aimed at "accelerating the development of new-energy vehicles, promoting energy saving and reducing air pollution," said the statement, jointly issued by the Ministry of Finance, the Ministry of Science and Technology, the National Development and Reform Commission and the Ministry of Industry and Information Technology.
China has unveiled a series of measures in recent months to curb pollution, including plans to expand curbs on gasoline-fueled car sales to more cities.
The policy is expected to benefit Chinese carmakers including BYD Auto, the Warren Buffett-backed company best known for its EVs.
Some analysts had expected the government to extend subsidies to conventional gasoline-electric hybrids after subsidies failed to boost sales of EVs and plug-in hybrids.
But the renewed rebate program will not provide support for the hybrid technology pioneered by Toyota Motor Corp. on its Prius nameplate two decades ago.
The government also will give as much as 500,000 yuan for an electric bus, according to the Ministry of Industry and Information Technology.
The program, which runs through 2015, renews a three-year program that expired at the end of last year. But there are some tweaks.
The key difference is the inclusion of hydrogen-powered fuel cell vehicles, for which the government would provide as much as 500,000 yuan in rebates.
Some industry experts said the government might still announce a separate purchase incentive for conventional hybrids.
They said China would have to do so in order to meet its goal of putting half a million EVs and hybrids on the road by 2015 and 5 million units by 2020.
China had about 27,800 new-energy vehicles at the end of 2012, 80 percent of which were buses, according to the official Xinhua news agency.
The policy is aimed at "accelerating the development of new-energy vehicles, promoting energy saving and reducing air pollution," said the statement, jointly issued by the Ministry of Finance, the Ministry of Science and Technology, the National Development and Reform Commission and the Ministry of Industry and Information Technology.
China has unveiled a series of measures in recent months to curb pollution, including plans to expand curbs on gasoline-fueled car sales to more cities.
