China OKs BYD, 15 others for green-car subsidies

SHANGHAI (Reuters) - China has approved cars made by Warren Buffett-backed BYD Co and 15 other Chinese automakers and joint ventures to receive fuel-efficiency subsidies of 3,000 yuan ($441) per vehicle, a top government agency said on Wednesday.

Energy-saving cars made by Hyundai Motor’s China car venture and Changan-Ford-Mazda, a three-way tie among Chongqing Changan Automobile Co, Ford Motor and Mazda Motor, are also among the approved models, the National Development and Reform Commission said on its website.

Beijing also unveiled a pilot program in five Chinese cities earlier this month to subsidize buyers of electric and hybrid vehicles as it steps up efforts to cut emissions in the world’s biggest auto market.

The maximum subsidy for buyers of fully electric cars was set at 60,000 yuan, while plug-in hybrid cars could get up to 50,000 yuan.

($1=6.797 Yuan)

Reporting by Fang Yan and Edmund Klamann