Chinese green car buyers to get rebates -paper

SHANGHAI, May 24 (BestGrowthStock) – China will award buyers of green
cars with subsidies of up to 60,000 yuan ($8,789) each, the
Shanghai Securities News said on Monday, as it steps up efforts
to cut emissions in the world’s biggest auto market.

The Chinese government has worked out a plan to subsidise
green car buyers and will unveil details by the end of this
month, the newspaper said, citing people with knowledge of the

Subsidies will be based on the performance and energy-savings
efficiency of the models, the paper said.

Maximum subsidies for buyers of pure electric vehicles is
60,000 yuan each, while those for plug-in hybrid and normal
hybrid cars are 50,000 yuan and 3,000 yuan respectively, it said.

Beijing said in December 2009 that it will subsidise green
vehicle buyers in five selected cities.

It will also expand a pilot scheme to subsidise the purchase
of clean-energy vehicles for public transport fleets in 13 cities
to 20 cities, it said, without giving a timetable or naming the
cities. [ID:nTOE5B9033]

Chinese automakers, unscathed by a savage global downturn,
are ramping up efforts to get cleaner, low-emission vehicles on
the roads, counting on the green drive to propel them into the
top ranks of the global auto industry.

From leading Chinese auto group SAIC Motor Corp (600104.SS: )
to rising star Geely Automotive Holding (0175.HK: ), indigenous
players showcased a host of new green vehicles at the 2010
Beijing autoshow in April.

Foreign automakers are also on the move. In 2011, General
Motors [GM.UL] will roll out its Chevy Volt plug-in hybrid in
China next year, while Nissan Motor (7201.T: ) will bring its
electric model, Leaf, to the country.
($1=6.826 Yuan)

Investing Basics

(Reporting by Fang Yan and Jacqueline Wong)

Chinese green car buyers to get rebates -paper