NEWS

China slows approvals for green energy car subsidies

Wednesday, Feb 15, 2017

China's industry ministry released a second batch of green energy vehicles slated to be eligible for subsidies this year, although the pace of approvals has slowed amid increased oversight on the sector.

The Ministry of Industry and Information Technology's list, if approved after a public comment period ending Feb. 20, would bring the number of battery electric and plug-in hybrid vehicles eligible for subsidies this year to 392, compared with 713 in the first two months of 2016.

Previous lists have been published without calling for public comment.

China has aggressively promoted green energy vehicles to combat pollution and promote technological innovation, spending billions of dollars in subsidies, although it has stepped up oversight after penalizing dozens of companies last year for cheating the subsidy program.

Sales of battery electric and plug-in hybrid vehicles plunged 74.4 percent in January under the new regime, which requires companies to reapply for subsidies for each vehicle model, China's automakers association said on Monday.

The list released on Tuesday includes models from BAIC Motor Corp, BYD Co Ltd, SAIC Motor Corp and others.

 

Source:reuters.com

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