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More Policies Are Expected To Boost Green Car Growth

Mar 21, 2018

China will release more supportive policies this year to promote the development of new energy vehicles (new energy vehicles) to help the environment and boost growth.


China will support local governments to buy new energy vehicles and continue to exempt new energy vehicles from tax purchases during 2018-2020 to encourage green transport, according to the Xinhua news Agency's economic information. China's banking authorities have also announced new lending policies that allow buyers of new energy vehicles to lend a larger portion of their purchase prices.


From 2018 onwards, from the past 80%, buyers from the bank will be able to borrow 85% of the cost.


Policies will also be introduced this year to clarify industrial standards and regulate battery recycling. New energy vehicles refer to vehicles driven by non-traditional fuels, such as electric and hybrid vehicles.


Due to the government's good policy, China's market has seen rapid growth in recent years.


According to the Chinese Automobile Manufacturers Association (CAAM), the output and sales of new energy vehicles jumped 225.5% and 200% in the first two months of this year, reaching 81855 and 74667 respectively.


According to CAAM, 2017, the Chinese market has sold a total of 777,000 new energy vehicles, up 53.3% year-on-year.


In 2016, the new energy vehicles sold in China were 0.3 higher than anywhere else, the second year. According to a government plan, the government expects production and sales of new energy vehicles to reach 2 million a year in 2020, with total auto production reaching around 30 million by 2020 and 35 million.


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