• 50 mins Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 6 hours British Utility Companies Brace For Major Reforms
  • 10 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 12 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 13 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 14 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 15 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 16 hours Rosneft Signs $400M Deal With Kurdistan
  • 18 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Natural Gas: Fading the Weather

Natural Gas: Fading the Weather

Recent news reports on warm…

How To Play The Next Wireless Revolution

How To Play The Next Wireless Revolution

The global communications boom has…

China Plans More Electric Vehicle Support

China Plans More Electric Vehicle Support

China announced plans to support greater adoption of electric vehicles by exempting buyers of EV’s from paying a sales tax. Vice Premier Ma Kai said that past incentives have not worked with sufficient speed, so the government will exempt “new-energy vehicles” from the 10% auto tax that buyers must pay. That includes plug-in hybrids, electric cars, and fuel-cell vehicles. He also announced that subsidies for electric vehicles will be reduced by a slower rate than previously planned. They will drop by 5% this year instead of 10%, and by an additional 10% in 2015 instead of the previously planned 20%. Shares of China’s largest electric car manufacturer, BYD Co., rose after the announcement.

China has struggled to rein in its ghastly smog problem in major cities, and getting more electric vehicles on the road is an important part of the government’s plan to reduce pollution. A recent World Bank report found that China’s air pollution costs the country an estimated $300 billion per year in health damages and premature deaths. In March, China declared a “war on smog,” indicating the greater urgency with which the government will try to tackle air pollution.

Related Article: Why I Love Tesla, but Dislike TSLA

There are currently around 70,000 electric vehicles on Chinese roads, not even a rounding error in the world’s largest car market. The government hopes to get 500,000 on the roads by 2015. But with low visibility for electric vehicles, the climb will be steep. Tesla is hoping to change that a bit by getting China’s wealthy elite into their vehicles, in an effort to turn EVs into a luxury brand.

Aside from air pollution, China also has an economic and energy security motive for increasing the penetration of electric vehicles. China is now the world’s largest importer of oil, a dependence that is expected to grow.

By Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News