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China extends tax rebate for electric and hybrids cars

Staff Writer | December 27, 2017
China will extend a tax rebate on purchases of so-called new-energy vehicles (NEV) until the end of 2020.
China electric rebate
Asia   The finance ministry:
The finance ministry said in a statement on Wednesday the tax exemption, which was set to expire at the end of this year, will run from Jan. 1, 2018 until December 31, 2020 for electric, plug-in petrol-electric hybrid and fuel-cell powered vehicles.

Amid the shift, some global automakers have called on China to maintain financial support for the market, citing concerns consumer demand alone will not be sufficient to drive sales without state-backed incentive schemes to lure buyers.

The Ministry of Finance said the extension would help “increase support for innovation and development in new energy vehicles”, an area where China is hoping it can catch up - and even overtake - more established global automaker rivals.


 

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