China, Socialism & Consumer Behavior: green subsidies for new energy vehicles
China is set to release details on subsidies for private purchase of new energy vehicles as early as the end of this month, according to the government think tank.
The plan is likely to include financial support provided to auto companies that do leasing business of new energy vehicles instead of individual buyers as was earlier speculated.
The subsidies would also be wide ranging in accordance with the fuel efficiency of each new energy vehicle, with the highest grant paid to electric cars followed by hybrid cars that could save at least 40 percent in fuel consumption.
China now offers as much as a 60,000 yuan (US$8,797) subsidy for the purchase of new energy vehicles among government departments.