[Rare Earth] China Policy Incentive for Electric Car to Boost Rare Earth Demand

SHANGHAI, Jul. 14 (SMM) – China’s latest policy support for pure electric vehicle (EV) will boost demand for rare earth permanent magnet and hydrogen materials, key parts of EVs, cre.net reported. 

Regulations of Access to Pure Electric Passenger Vehicle Manufacturing Industry, jointly released by National Development & Reform Commission (NDRC) and Ministry of Industry & Information Technology (MIIT), took effect on July 10, 2015. 

The Regulations has removed 2 billion yuan ($322 million) threshold for total investment of new pure electric passenger car makers. Meanwhile, new pure electric passenger car makers are not allowed to produce any automobiles driven by internal combustion engines. 

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