Ministry of Commerce issues guidelines to boost NEV consumption
Published: Feb 09, 2021 10:14 PM

Customers look at a NIO ES8 new energy vehicle at a store in July, 2018. Photo: IC

China's Ministry of Commerce issued guidelines on Tuesday to boost the sales of new-energy vehicles (NEVs) across the nation to shore up domestic consumption and push forward a green economy.

According to the notice, the ministry has called for optimized vehicle purchase restrictions to tilt the available slots for car plates toward NEVs, and to support families that do not have a car so they can purchase their first NEV. It also called for research into detailed measures for lifting the car purchase limit.

"Different regions could give rewards for charging and parking for NEV buyers, and promote electrification for vehicles used in public areas to consolidate China's NEV market growth," the notice reads.

The notice pointed out that China should improve the service environment for NEVs and build more charging facilities. For example, state-owned enterprises are encouraged to build charging facilities so that their number is equivalent to at least 10 percent of available parking spots.

Also, local authorities are encouraged to give discounts for NEV parking fees and tolls.

The notice mentioned that China should also diversify auto financing services. Local authorities should actively coordinate with financial institutions to expand the credit support for auto buyers, to reduce the down payment ratio and loan interest rate, and to extend the repayment period.

In January, 179,000 NEVs were sold in China, up 238.5 percent year-on-year, according to data released by the China Association of Automobile Manufacturers on Tuesday.