BEIJING (Reuters) – China will cut its subsidies on new energy vehicles (NEV) by 10% this year, and will expand government purchases of NEVs, the finance ministry said on Thursday.
China will in principle cut such subsidies by 20% in 2021 and 30% in 2022, the finance ministry said in a statement. However, it will not cut subsidies on qualified new energy commercial vehicles earmarked for public purposes this year.
Under the plan, China would extend subsidies for NEV purchases to 2022, rather than ending them this year, and extend their purchase tax exemption for two years.
China will slightly lift the requirements for the driving range and power efficiency of cars qualified for the subsidies, the statement said, adding authorities will support the sales of cars with swappable batteries, a technology that has been pursued by Chinese electric vehicle makers Nio Inc and BAIC BluePark.
Only passenger cars cheaper than 300,000 yuan ($42,376.47) will be offered subsidies, it said. The…
Source Reuters Tech News
Source link
