HONG KONG, March 25 China will resume subsidies
for electric car buyers as early as next month, the chairman of
BYD Co Ltd said on Monday, part of
government efforts to promote environmentally friendly vehicles.
"The previous subsidy was for 2010 to 2012, so it terminated
on Dec. 31, 2012. Now, the government is setting up standards
and they should be announced in April or May," Wang told
reporters on the sidelines of a company event in Hong Kong.
Beijing started offering 60,000 yuan ($9,700) handouts to
buyers of electric cars three years ago. Some city governments
have also been handing out similar subsidies to e-car buyers.
Electric cars, however, are still a rarity in Chinese cities
due to the lack of charging facilities and high battery costs.
Details about the exact scope of the subsidies were unclear,
BYD also plans to roll out the Denza, an electric car built
in partnership with Daimler AG, in the first half of
next year, Wang said. The company had previously said the car
would hit showrooms this year, but Wang would not say why the
proposed launch date had been postponed.
BYD, backed by U.S. billionaire Warren Buffett, said on
Sunday new and upgraded models would help it boost first-quarter
profits after a plunge in 2012 earnings.
($1 = 6.2122 Chinese yuan)
(Reporting by Alison Leung; Writing by Fang Yang; Editing by