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China extends tax rebate on hybrid and electric cars

China extends tax rebate on hybrid and electric cars. China will extend a tax rebate on purchases of so-called new-energy vehicles (NEV) until the end of 2020, a boost for hybrid and electric car makers amid a shift by policy-makers away from the traditional internal combustion engine.Amid the shift, some global automakers have called on China to maintain financial support for the market, citing concerns consumer demand alone will not be sufficient to drive sales without state-backed incentive schemes to lure buyers.China’s auto market, the world’s largest, has slowed sharply this year, but new-energy vehicles has been a bright spot. NEV sales in January-November jumped 51.4 per cent and are on track to hit a target of 700,000 NEV sales this year.

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