Home / China News / News detail

China to allocate 38.5 billion yuan worth of NEV subsidies in 2022

Monika From Gasgoo| November 29 , 2021 19:02 BJT

Shanghai (Gasgoo)- China plans to appropriate around 38.5 billion yuan ($6.033 billion) next year to subsidize the projects for saving energy and cutting carbon emissions, according to a notice recently issued by China’s Ministry of Finance.

The money will be distributed to 26 provinces or cities, including Beijing, Tianjin, Shanghai, Jiangsu, Hebei, Shanxi, and Liaoning.

China to allocate 38.5 billion yuan worth of NEV subsidies in 2022

BYD e2

Of the cash to be handed out, about 9.984 billion yuan ($1.565 billion) and 10.185 billion yuan ($1.596 billion) will be allocated to liquidate the NEV promotion subsidies generated during 2016-2018 and in 2019 respectively. Besides, about 18.31 billion yuan ($2.869 billion) are prepared as government subsidies that occurred during 2019-2020.

China hopes new energy vehicle (NEV) sales can reach around 20% of all car sales in 2025, China's State Council said in Nov. 2020 in a plan for development of the NEV sector.

For the first ten months of 2021, NEV sales in China amounted to 2.542 million units, accounting for 12.12% of the country's total new car sales, according to data from the China Association of Automobile Manufacturers (CAAM). Of the new vehicles sold in October, 18.88% were NEVs.

Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:buyer-support@gasgoo.comSeller Service:seller-support@gasgoo.com

All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com
Gasgoo Auto Research Institute Reports