NDRC unveils new measures to boost new energy vehicle sales
In a boost to consumers and manufacturers, existing restrictions on sales of new energy vehicles will be removed and local authorities in China will no longer be allowed to implement any restrictive measures on car sales, the National Development and Reform Commission said Thursday.
In a statement posted on its website, the NDRC said that the measures would apply over the 2019-2020 period. Local governments, if they have the capacity, are also encouraged to provide support to rural residents looking to upgrade their vehicles.
Shares in domestic auto firms rose following the announcement, with BYD increasing by as much as 5.2 percent, and Geely up by around three percent.
Major firms like Jaguar Land Rover, Volkswagen, Ford and BMW have all announced plans to develop new NEV models with the Chinese market in mind, while domestic brands like NIO, which listed on the New York Stock Exchange last September, continue to expand.