China's Ministry of Finance (MOF) recently issued an early budget for new energy vehicle subsidies in 2021, with the total amount more than tripling that of 2020.
According to the "Notice on the Advance Issuance of 2021 Energy Conservation and Emission Reduction Subsidy Budget (First Batch)" dated November 20, China will arrange new energy vehicle subsidies totaling RMB 37.585 billion in 2021, an increase of 234% over the 2020 amount of RMB 11.257 billion.
Among them, the subsidy for the operation of new energy buses in 2021 is RMB 15.689 billion, accounting for 41.74% of the total amount.
The amount of subsidies cleared for the 2016-2018 new energy vehicle promotion and application subsidies amounted to RMB 21.896 billion, including RMB 1.162 billion for the 2016 new energy vehicle promotion and application subsidies, RMB 6.363 billion for 2017, and RMB 14.372 billion for 2018.
In 2020, the Ministry of Finance (MOF) issued the 2015-2018 new energy vehicle subsidies amounting to RMB 11.257 billion, including subsidies for the promotion of high-efficiency motor products and new energy vehicle products that meet the requirements.
The latest 2021 new energy vehicle subsidies target the operation of energy-saving and new energy bus and promotion of new energy vehicle products, and the 2021 subsidies are equivalent to 3.34 times the 2020 subsidies.