April 23, 2020 / 8:56 AM / a month ago

China to cut new energy vehicle subsidies by 10% this year

BEIJING, April 23 (Reuters) - China will cut its subsidies on new energy vehicles (NEV) by 10% this year, and will expand government purchases of NEVs, the finance ministry said on Thursday.

The new policy is effective from April 23. NEVs include battery-powered electric, plug-in hybrid and hydrogen fuel-cell vehicles.

China, however, also said it would extend subsidies for NEV purchases to 2022, rather than ending them this year, and extend their purchase tax exemption for two years.

Reporting by Yilei Sun and Brenda Goh; Editing by Susan Fenton

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