Metals News
Chinese Green Car Buyers to Get Rebates - Paper
data analysis
May 24,2010

SHANGHAI, May 24 -- China will award buyers of green cars with subsidies of up to 60,000 yuan ($8,789) each, the Shanghai Securities News said on Monday, as it steps up efforts to cut emissions in the world's biggest auto market.

The Chinese government has worked out a plan to subsidise green car buyers and will unveil details by the end of this month, the newspaper said, citing people with knowledge of the matter.

Subsidies will be based on the performance and energy-savings efficiency of the models, the paper said.

Maximum subsidies for buyers of pure electric vehicles is 60,000 yuan each, while those for plug-in hybrid and normal hybrid cars are 50,000 yuan and 3,000 yuan respectively, it said.

Beijing said in December 2009 that it will subsidise green vehicle buyers in five selected cities.

It will also expand a pilot scheme to subsidise the purchase of clean-energy vehicles for public transport fleets in 13 cities to 20 cities, it said, without giving a timetable or naming the cities.

Chinese automakers, unscathed by a savage global downturn, are ramping up efforts to get cleaner, low-emission vehicles on the roads, counting on the green drive to propel them into the top ranks of the global auto industry.

From leading Chinese auto group SAIC Motor Corp (600104.SS) to rising star Geely Automotive Holding (0175.HK), indigenous players showcased a host of new green vehicles at the 2010 Beijing autoshow in April.

Foreign automakers are also on the move. In 2011, General Motors [GM.UL] will roll out its Chevy Volt plug-in hybrid in China next year, while Nissan Motor (7201.T) will bring its electric model, Leaf, to the country. ($1=6.826 Yuan)


electric car
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