The ministry said on its website that the 2022 NEV subsidy policy will expire on December 31, 2022 and the NEVs will not be subsidized afterwards.
see photosFor NEVs for public transport, the subsidy will be cut to 10% in 2021 and 20% in 2022.
China will cut its subsidies on new energy vehicles (NEVs) such as electric cars by 30% next year, the finance ministry said on Friday. The ministry said on its website that the 2022 NEV subsidy policy will expire on December 31, 2022 and the NEVs will not be subsidized afterwards. The ministry had said in April 2020 that the subsidy for NEV would be cut by 10%, 20% and 30% respectively from 2020 to 2022.
For NEVs for public transport, the subsidy will be cut to 10% in 2021 and 20% in 2022.
China, the world’s largest auto market, has set a target for NEVs, including plug-in hybrid and hydrogen fuel cell vehicles, to make up 20% of auto sales by 2025.
Global automakers such as Volkswagen AG, General Motors Co., Toyota Motor Corp and Tesla Inc. are ramping up electric vehicle production in China.
Global automakers such as Volkswagen AG, General Motors Co., Toyota Motor Corp and Tesla Inc. are ramping up electric vehicle production in China. The ministry also said that China will monitor NEV safety issues to prevent accidents.
Industry body China Association of Automobile Manufacturers earlier this month estimated NEV sales in China to rise 47% this year to 5 million.
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