China Extends Tax Rebate for Electric Vehicles

Here’s some good news for the many automakers working toward a future of electric vehicles. China has renewed a tax rebate for EVs that was set to expire at the end of this year. The tax rebate will now run through the end of 2020 for electric, plug-in hybrid, and fuel cell vehicles.

The extension should help automakers move inventory of new electric vehicles in the world’s largest auto market. It makes sense that China extended the rebates, given the country will require automakers to meet strict quotas for green vehicles starting in 2019.

According to China’s Ministry of Finance, the extension will “increase support for innovation and development in new energy vehicles.” China’s EV and plug-in hybrid market is already doing pretty well. Sales of “new energy vehicles,” as China calls them, have increased 51.4 percent through November, a contrast to overall vehicle sales that have slipped quite a bit this year. China is expected to end the year with sales of 700,000 green vehicles.

The tax rebate extension in China comes alongside the U.S. government’s decision to keep EV subsidies in place. House Republicans had proposed repealing the $7,500 rebate for electric vehicles as part of an initiative to overhaul the U.S. tax code.

Source: Reuters, CNBC

The post China Extends Tax Rebate for Electric Vehicles appeared first on Motor Trend.



from Motor Trend http://ift.tt/2CdlXGX

Aucun commentaire:

Enregistrer un commentaire