China Plans to Stop Gasoline and Diesel Cars

Business » INDUSTRY | September 11, 2017, Monday // 10:46| Views: | Comments: 0
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Bulgaria: China Plans to Stop Gasoline and Diesel Cars Source: Twitter

China joined France and the UK, announcing plans to end sales of gasoline and diesel cars, according to Associated Press.

The Chinese Ministry of Industry is developing a schedule for stopping the production and sale of cars with traditional fuel and will encourage the development of electrical technology, state media reported today, citing a government official. The target date is not stated, but Beijing is stepping up the pressure on car manufacturers to accelerate the development of electric cars. China is the world's largest car market, which gives every change in its policy a huge impact on the global industry. Beijing supports electrical development with billions of dollars of subsidies for research and incentives for buyers, but it is going to switch to a system that will shift the financial burden on carmakers.

According to the proposed quotas, electric and hybrid petrol-electric vehicles should account for 8 percent of every car manufacturer's output next year, 10 percent in 2019 and 12 percent in 2020. Those who fail to meet their goal can buy credits from competitors with surplus.

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