Wednesday, 14 March 2018 10:43

New-Energy Vehicles Booming in China

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New-energy automobile industry celebrates for the exciting news as the current Premier of the State Council, Li Keqiang, has announced to extend the preferential policy regarding vehicle purchase tax for another 3 years during his Report on the Work of the Government in the 13th National People's Congress that took place in Beijing this March 5th.

In order to accelerate the development of new-energy vehicles, the China Government had announced in August 2014 to exempt the 10% vehicle purchase tax on new-energy vehicles purchased from September, 2014 to 2017. This policy was regarded as an accelerator for the already booming industry.

In 2014, the annual outputs of new-energy vehicles were only around 78.5 thousand units. However, the number has multiplied more than 10 times within 3 years, with around 794 thousand units last year. Since 2015, the numbers of new-energy vehicles production and sales in China have been both no. 1 in the world. It is expected that the numbers will continue to grow as the policy extends.

Miao Wei, the Minister of Industry and Information Technology, stated that the production and sales of new-energy vehicles has been world no. 1 for 3 consecutive years. Since the production and sales increased more than 50% last year, the total output has come to more than 1.8 million units. Miao Wei has expressed his anticipation for the industry, as he believes it will continue to prosper.

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Last modified on Wednesday, 14 March 2018 10:47
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