China extends tax rebate for electric cars, hybrids

Shanghai

CHINA will extend a tax rebate on purchases of so-called new-energy vehicles (NEV) until the end of 2020, a boost for hybrid and electric car makers amid a shift by policy-makers away from the traditional internal combustion engine.

The finance ministry said in a statement on Wednesday the tax exemption, which was set to expire at the end of this year, will run from Jan 1, 2018, until Dec 31, 2020, for electric, plug-in petrol-electric hybrid and fuel-cell powered vehicles.