Five Chinese new energy vehicles likely to get subsidies

• Source: Global Times
• [17:28 August 19 2009]
• Comments

The Ministry of Industry and Information Technology (MIIT) has approved five Chinese new energy cars to be on the recommendation list so that car buyers can receive subsidies of between 50,000 yuan to 60,000 yuan.

The vehicles are electric cars from Nanjing Iveco Motor Company Ltd., JAC, and Jiangling Motor Group Specialty Vehicle Co. Ltd; light buses from Jiangnan Automobile; and a hybrid vehicle of BYD Auto.

It is only through being recommended by MIIT can carmakers get subsidies for their customers. In addition, the vehicles’ rate of economizing on gas needs to be more than 5 percent, the guarantee  period of the critical parts must be more than three years or 150,000 kilometers, and the company needs to be of a certain size.

The newly-picked vehicles are very likely to get subsidies from the Chinese government, according to the conditions above.

To deal with the energy crisis, European countries, America and Japan have already begun offering subsidies for people purchasing new energy cars. The Chinese government has put forward certain policies, and implementation will begin shortly.

Agencies and Wang Lei contributed to this story