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China's EV Range-Based Subsidy
China’s implementation of EV subsidies in 2009 has been central to the rapid and widespread adoption of electric vehicles in the country.
Between 2009 and 2021, China spent US$14.8 billion on EV subsidies and up to US$9,000 were granted to those who bought fully electric cars.
All electric vehicles, including plug-in hybrid electric vehicles, are exempt from 10% acquisition or purchase tax in China; this subsidy commenced from January 2021 and is applicable until the end of 2023.
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The State of the Electric Vehicle Revolution 2023
Global electric vehicle (EV) stock has surpassed 30 million, and China is home to over half of all the EVs on the world’s roads. 1 in 7 new cars sold last year was electric, and by 2030, we will have 138 Million EVs.
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