Government support for green cars fires stocks
Print Edition
AUTOMAKERS yesterday drove up the Shanghai stocks which gained the most in more than a month yesterday.
The auto giants led the gains after the government unveiled measures to promote the use of new-energy cars.
The key Shanghai Composite Index rose 0.96 percent, the biggest advance since June 10, to 2,066.65 points.
New-energy cars including electric, plug-in hybrids, fuel-cell and solar-powered models should account for at least 30 percent of all official sedans to be purchased between 2014 and 2016, according to a circular issued on Sunday by five ministries and commissions.
The percentage of electric cars will be increased every year after 2016.
The circular is the government’s latest effort to popularize clean-energy vehicles in an effort to fight air pollution.
Last week, the government said it would exempt taxes on purchases of green-energy cars from September 1.
“The plan indicates the government’s resolution to promote use of green-energy cars and this will encourage individual customers to buy new-energy cars,” analysts of Ping An Securities said in a note yesterday.
“We are optimistic about investment in the new-energy vehicle industry chain,” analysts said.
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