China sets new-energy vehicle sales quota for carmakers; rule starts from 2019

Beijing

CHINA issued a new regulation that mandates most automakers to sell a minimum number of new-energy vehicles every year from 2019, a key step in the government's efforts to phase out fossil-fuel powered vehicles from the world's biggest auto market.

Under the so-called cap-and-trade policy, automakers will be required to obtain a new-energy vehicle credit score of at least 10 per cent in 2019, and 12 per cent in 2020, the Ministry of Industry and Information Technology said in a statement posted on its website.