The Chinese Government announced its second round of incentives for green vehicles late yesterday where buyers of electric cars can receive up to 60,000RMB in subsidies for their new vehicles whilst buyers of gasoline-electric hybrids will receive subsidies of up to 35,000RMB according to China’s Finance Ministry. The new subsides will be put into action straight away and will reduce by 10% in 2014 and 20% in 2015.
This round of subsidies is slightly lower than the last round of incentives which expired at the end of 2012. That program offered a maximum of 60,000RMB for EV’s and 50,000RMB for hybrid vehicles but despite the generous offerings only 11,375 ‘New Energy Vehicles’ were bought in 2012 of which the majority were commercial vehicles such as city buses and taxi fleets.
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