China is considering a further reduction in electric-vehicle subsidies next year as the government pushes automakers to innovate rather than rely on fiscal policy to spur demand for alternative-energy cars, people familiar with the plan said.
The average sales incentive per EV may be lowered by more than a third from the 2018 levels, said the people, who asked not to be identified disclosing information that isn’t public.
Vehicles may be required to be able to go at least
The number of electric vehicles on roads worldwide rose to a record high of 3.1 million in 2017, but more research, policies and incentives are needed to drive further adoption, the International Energy Agency said.
The number of electric cars, including battery-electric, plug-in hybrid and fuel cell electric passenger light-duty vehicles, increased by 57 percent compared with 2016, the IEA said in a report.
China accounted for 40 percent of the global total last year.