Any business reporter is taught that, when in doubt, always follow the money. With China's aggressive push for advanced-powertrain vehicle production and sales, that means better fleetwide fuel economy. Why? Lower fuel use means less money spent importing oil. It's that simple.
China's gasoline consumption more than doubled between 2003 and 2013 and, as a result, the country has been importing more than half of its oil during the past five years. As we know in the US, that kind of thing can put a drain on the national economy.
So the country is looking to boost fleetwide fuel economy by almost 40 percent by the end of the decade, according to the US Energy Information Administration (EIA). That means government investments of $15 billion in advanced-powertrain vehicle technology during the next 10 years, more than $300 million in additional incentives towards manufacturers and electric-vehicle subsidies of about $10,000 from the central government and another $10,000 to $20,000 available in cities like Beijing and Shenzhen.
Of course, China has a long way to go. The country wants plug-in and hybrid production at a half-million vehicles by next year, which is heady stuff for a country with fewer than 40,000 EVs on the road right now. Check out the EIA's synopsis of the situation below.
China's gasoline consumption more than doubled between 2003 and 2013 and, as a result, the country has been importing more than half of its oil during the past five years. As we know in the US, that kind of thing can put a drain on the national economy.
So the country is looking to boost fleetwide fuel economy by almost 40 percent by the end of the decade, according to the US Energy Information Administration (EIA). That means government investments of $15 billion in advanced-powertrain vehicle technology during the next 10 years, more than $300 million in additional incentives towards manufacturers and electric-vehicle subsidies of about $10,000 from the central government and another $10,000 to $20,000 available in cities like Beijing and Shenzhen.
Of course, China has a long way to go. The country wants plug-in and hybrid production at a half-million vehicles by next year, which is heady stuff for a country with fewer than 40,000 EVs on the road right now. Check out the EIA's synopsis of the situation below.
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