China Plans To Ban Fuel Cars And Pay For Electric Cars

Sep

11

2017

China is planning to ban the production and sale of fuel-powered vehicles to focus on electric vehicles . Organizers are currently working on a timetable that will set the deadline for automakers to be effective and pay heavily for the development of China’s electric vehicle market. The move that will speed up the push for the electric car market led by companies including BYD and BAIC Motor Corp, according to a new report published by Bloomberg.

China is the world’s largest car market, with 28.03 million vehicles sold last year, up 13.7 percent from 2015, and the government has been working hard to motivate manufacturers to develop and sell new electric vehicles, including allowing foreign automakers to create A third joint venture with local automakers, a prerequisite for doing business in the country for car manufacturers, so that the project is dedicated to the establishment of electric vehicles exclusively.

The government has also set up a number of incentive programs for automobile manufacturers, including government subsidies and financial aid. The new resolution, together with its previous positive efforts, helps to increase sales of electric cars in China. At some point, the decision With no business at all in the country if they continue to sell fuel-powered cars alongside electric cars.

Deputy Minister of Industry and Information Technology Shin Gobin announced his plans over the weekend, saying that the government is working with other regulatory bodies on a production and sales completion schedule and that these measures will profoundly transform the manufacturing sector and form part of China’s carbon emission reduction strategy, According to the official Xinhua news agency, where China is the world’s largest producer of carbon dioxide, and aims to reduce emissions by 2030.

The news helped push up shares in BYD and Jiangxi Ganfeng Lithium, and Tesla Motors earlier this year said it was in talks with the Chinese government to build new cars there. Volvo Cars, Of Geely Geely, a multinational company, in July it will manufacture electric cars only as of 2019.

The move comes after Germany last year issued a non-binding resolution banning internal combustion engines by 2030, while the United Kingdom and France pledged to do so by 2040, and abide by the same timetable for sales of these vehicles. The ban on internal combustion engines Has prompted local and global automakers to focus more on providing more emissions-free electric vehicles to help clean up the atmosphere of major cities that are smog.

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