China to Extend Electric Vehicle Subsidies to Fight Urban Air Pollution
China will give more subsidies for electric vehicles than previously announced as part of government plans to tackle pollution. Shares of BYD Co. (1211) rose.
Subsidies for 2014 will be cut by 5 percent, instead of the previously announced 10 percent, and decreased by 10 percent in 2015, instead of 20 percent, the finance ministry said in a joint statement with the National Development and Reform Commission, technology and industry ministries.
Pressure is mounting for China to contain air pollution, which reached record levels in Shanghai last year and prompted many cities to introduce emergency measures, including restricting the use of vehicles on heavily polluted days. The nation is lagging behind its target to have 5 million of the vehicles by 2020 because of high costs.
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