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In response to the alarming air pollution problem, the Chinese government has introduced a new round of subsidy policies for new energy cars and passenger cars to encourage consumers to use environmentally friendly cars.
China’s Ministry of Finance’s website issued an announcement on Tuesday that the subsidy policy will be effective immediately. Consumers who purchase pure electric vehicles can enjoy a subsidy of up to RMB 60,000. Some hybrid vehicles may receive up to RMB 35,000 in subsidies. The subsidy standards for 2014 and 2015 will be lowered by 10% and 20% respectively on the basis of 2013.
The announcement said that the policy aims to accelerate the development of new energy automobile industry, promote energy conservation and emission reduction, and promote air pollution control.
Earlier this year, Beijing suffered serious air pollution for several weeks. Residents purchased masks and air purifiers. At the same time, air pollution in large areas of China has reached a similar level of danger. This has prompted Chinese leaders to hurry to take action to deal with the problem of pollution, so that angry people can see that they are serious about environmental governance.
Global automakers are eager to launch electric vehicles in China in the coming years. Daimler AG (DAI) and BYD (BYDCo., 1211.HK, 002594.SZ) will launch Denza, a joint-venture electric vehicle brand, later this year and will be available for sale in 2014. In April of this year, Toyota Motor Corp. (TM, 7203.TO) launched the new hybrid vehicle Yundon-Showanchin II designed specifically for the Chinese market. The company plans to start local production of key hybrid components by 2015.
However, analysts said that the effect of the new round of subsidy policy may be limited. They pointed out that compared with the previous round of subsidy policies that had expired at the end of last year, the new round of subsidy policies was less vigorous.
According to the previous subsidy program, China has a maximum subsidy of RMB 60,000 for each electric vehicle and RMB 50,000 for each hybrid vehicle. However, even with the support of subsidy measures, there were only 11,375 electric vehicles sold in 2012, which was insignificant in China, the world’s largest auto market. According to the China Association of Automobile Manufacturers, China's total vehicle sales in 2012 were 19.3 million.
Yale Zhang, managing director of AutomotiveForesight, said that automakers need to increase the competitiveness of their energy-saving products to attract car buyers.
Analysts said that due to the imperfect charging infrastructure and the higher price of electric vehicles than comparable gasoline-powered vehicles, sales of energy-saving vehicles will remain limited in the short term.
China plans to maintain a total of 500,000 hybrid and electric vehicles by 2015 and reach 5 million by 2020, which is still far from this goal. Analysts said that it is less likely to achieve these goals.
To promote the use of environmentally-friendly cars, the Ministry of Finance of China also recommended on Tuesday that vehicle purchases by local governments such as Beijing and Shanghai should be tilted toward new energy vehicles, and the proportion of newly added or updated new-energy vehicles in public transportation, public affairs, logistics, and environmental sanitation vehicles should be no less than 30 percent. %.
The Ministry of Finance also said that from 2013 to 2015, it will provide up to RMB 500,000 in subsidies for each electric vehicle.
Beijing is one of the most traffic-hungry cities in China; official data show that automobile exhaust emissions account for about one-third of total PM2.5 emissions (particles with an aerodynamic equivalent diameter less than or equal to 2.5 microns in ambient air).