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China approves green car projects worth 6.15 billion yuan

Xinhua, February 7, 2017 Adjust font size:

The top economic planner announced Tuesday that it had approved two electric car projects, which have secured investment of 6.15 billion yuan (896.5 million U.S. dollars).

The project from Fujian Yudo New Energy Automobile Co. has investment of 1.886 billion yuan, while the National New Energy Vehicle Co. in Tianjin will see investment of 4.267 billion yuan, according to statements on the website of the National Development and Reform Commission.

After construction, the two projects will boast combined output of 115,000 pure electric cars.

The approval came as the central government has intensified efforts to encourage the use of new energy vehicles to ease pressure on the environment, including tax exemptions, discounts for car purchases and an order for government organizations to buy more new energy cars.

China sold 507,000 new-energy vehicles last year, an increase of 53 percent year on year. Sales of pure electric vehicles surged 65.1 percent year on year to 409,000, accounting for 80 percent of new energy vehicle sales.

An earlier guideline by the State Council said China will build more than 12,000 new charging stations before 2020 to fulfill the demands of over 5 million new energy vehicles. Endi