Green-car subsidy program not to affect China's fuel demand

China on June 1 released details of its green-car subsidy program designed to boost the nation’s auto industry and cut vehicle emissions. Through the program, a subsidy of up to 60,000 yuan (US$8,779) will be given to the buyer of every pure electric vehicle in the five cities chosen for the pilot program, the Ministry of Finance said in a statement on its website. The buyer of a plug-in hybrid car will receive up to 50,000 yuan (US$7,316) in subsidies. The policy, however, is expected not to affect China’s demand for gasoline and diesel fuel in the short term, given the electric vehicle market is still immature. (June 7, 2010)