China To Provide Rebates for Hybrid and Fuel Cell Cars
BEIJING (Reuters) – China state radio said on Tuesday the government would offer cash rebates of up to 600,000 yuan ($87,719) to buyers of alternative energy passenger cars and buses in 13 major cities, including Beijing and Shanghai. These rebates, if they actually materialize, are more generous than anything in the United States. If an American purchases a hybrid, they are entitled to a $3,400 tax credit until a carmaker makes 60,000 of that model. Then the credit is halved
The program is part of a spending plan for green vehicles, and it is being launched to help reduce emissions in major cities. It will apply to battery-powered, fuel cell-powered and hybrid vehicles. Details are still sparse, and even a start date for the program isn’t known. But here’s what we do know:
The report mentioned no restrictions on the rebate, but it was not immediately clear if this meant it would be extended to include vehicles produced overseas by foreign manufacturers.
Green Sheet reports that:”the stimulus package doesn’t appear to help purchases of hybrids, though it does have some provisions for electric cars.”. However, we’ve been told that plug-in cars that can go 40 miles are eligible for a $2,500 to $7,500 credit. The bigger the vehicle, the bigger the rebate – ranges are from 50,000 yuan for a hybrid passenger car to 600,000 for a large fuel cell powered commercial bus.
It did not say when the program would begin.
Our source stated that: “The rebates would include battery, hybrid and fuel cell powered cars, and are designed to reduce emissions, improve the country’s vehicle manufacturing industry and stimulate demand.”
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