China Cuts Subsidies, Electric Cars Are Getting More Expensive

China’s AUTOMAKERS ARE LIKELY TO DRASTICALLY INCREASE PRICES FOR ELECTRIC CARS AND OTHER ENVIRONMENTALY FRIENDLY VEHICLES THESE DAYS. The Reason Is That the Government Has Slashed The Subsidies That Have Made The Country The World’s Largest Market for Electric Cars.

Subsidies for Passenger Cars With Ranges of At Least 250 km Per Charge Will Now Be Increased to 18.000 to 25.000 yuan (about 2300 to 3200 Euros) Halved and Even Completely Canceled for Cars with a Shorter Range. Thesis Deep Cuts Leave Automakers With No Choice But to Pass The Burden On To Customers, Nikkei Asian Review (NAR) Reports.

Byd’s Popular EV360 SUV What Around 90 With the More Generous Subsidies.000 yuan (about 11.500 euro). From the 26th. June When The New Subsidy Rules Come Into Effect, The Price Could “Change By 20%”.000 to 30.000 Yuan “(Equivalent to 2,500 to 3,800 Euros), An Employee of A Car Dealership in Guangdong Province Told Nar. “Price Increases Are Inevitable,” Said a Sales Representative at a Baic Motor dealer.

China Has Historically Offered Generous Stimulus to Boost Growth in The Electric Vehicle Industry and Related Fields and Drive Down Consumer Prices. In Recent Years, With The Rise of Passenger Cars, Dubbed New Energy Vehicles in The Country, Beijing Has Begon to Slowly Scale Back This Support, and Plans to Phase It Out Entirely By 2020.

Chinese Sales of Electric and Plug-in Hybrids Rose by Around 60 Percent to 1.25 million vehicles in 2018. The Government Aims to Sell 2 Million Vehicles by Year by 2020. However, The Reduction in Subsidies Could Make this Goal More Difficult.

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