China: authorities to extend beyond 2015 electric subsidies image

According to China’s Finance Ministry, the authorities plan to prolong a subsidies program for clients of electric cars beyond the current expiration date of 2015.

The ministry said in a statement published on its website that as planned the current program will end, while a new regime will be installed “to preserve policy continuity” – although no additional details about the new subsidies were currently given.

The current subsidies were part of a integrated effort from authorities that strive to put half a million “new-energy” vehicles, defined as all-electric battery vehicles and “near all-electric” plug-in hybrids, on the Chinese roads by 2015 and 5 million by 2020.

China is currently facing a huge problem that involves heavy pollution in its main cities and the car sales, which exploded in recent years (making it the No.1 market globally) has become a delicate subject, with measures that also include curbing down the sales of conventional powered cars.

The current program was extended another three years when it first ended in 2012 and includes up to 35,000 yuan for a “near all-electric” plug-in vehicle, with all-electric cars purchasers eligible for an up to 60,000 yuan ($9,800) subsidy.

Via Reuters