Auto Industry Plans to Expand Subsidy Program for Car Buyers

Auto Industry to Expand Subsidy ProgramOfficials from the auto industry are planning to expand a subsidy program for electric cars purchased from the 25 Chinese cities. At the annual session in Beijing of the National People’s Congress, China’s Minister of Industry and Information Technology Miao Wei said that the industry will be extending the subsidies for new cars for three more years.

New cars were promoted in 2009 using public transport as the pilot zone and as of 2012 there are nearly 28,000 new energy cars found in 25 Chinese cities and 80 percent of these new energy vehicles were buses. Miao also noted that the Central Government is stepping up their investment in using clean energy vehicles and to extend the subsides for promoting electric vehicles.

As of the moment subsidies are being offered to private buyers of new energy cars, but analysts are saying that the country needs a more coordinated policy is needed in the long run to encourage more buyers of new energy vehicles in the future.

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