• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 38 mins The EU Loses The Principles On Which It Was Built
  • 6 hours Starvation, horror in Venezuela
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 hours Crude Price going to $62.50
  • 21 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 hour WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 14 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
  • 17 hours < sigh > $90 Oil Is A Very Real Possibility
  • 34 mins Saudi Arabia Cuts Diplomatic Ties with Canada
EIA: U.S. Oil Production Growth Is Slowing

EIA: U.S. Oil Production Growth Is Slowing

The EIA has revised down…

U.S. Drillers Add Double Digit Oil, Gas Rigs

U.S. Drillers Add Double Digit Oil, Gas Rigs

Despite the correction in oil…

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