BYD pleased with progress Image: BYD
Automakers produced 5,799 electric vehicles and plug-on hybrids in July 2014, more than ten times the amount produced for the same period last year.
Companies are ramping up production in preparation for increased demand from consumers looking to take advantage of generous tax breaks on neighbourhood electric vehicles (NEVs).
According to the Ministry of Industry and Information Technology, automakers built 3,728 EVs and 1,036 plug-in hybrid cars in July. Production of commercial EVs and plug-in hybrid powertrains also rocketed 85% and 447% year-on-year respectively. Total production in the first seven months reached almost 26,000 units.
China's Ministry of Finance, the State Administration of Taxation and the Ministry of Industry and Information Technology announced they would exempt NEVs from vehicle purchase tax starting September 2014 and continuing up to the end of 2017.
While NEV adoption has been historically slow in China, it is still one of the world's largest markets for these small, speed-limited vehicles behind the US and Japan. Currently, China boasts some 45,000 NEVs on its roads.
Published 20th August, 2014
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