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BYD, Changan Auto Models Approved for Chinese Energy-Efficiency Subsidies
BYD Co., backed by billionaire Warren Buffett, and Chongqing Changan Automobile Co. are among 16 Chinese automakers approved for a government energy- efficiency subsidy as China steps up efforts to curb pollution and cut fuel imports.
Anhui Jianghuai Automobile Co. and Beijing Hyundai Motor Co. also make some of the 71 models approved for the discount of 3,000 yuan ($442) per car, the National Development and Reform Commission said on its website today. The agency said all the models are fitted with engines no bigger than 1.6 liters. BYD’s F0 minicar, Beijing Hyundai’s i30 compact and Shanghai General Motors Co.’s Lova compact are on the list.
China’s government is trying to curb emissions as increased vehicle ownership and industrialization have added to pollution. About 44 percent of Chinese cities have an air- quality level of 3 or below, according to the State Information Center. China has five levels, with 1 indicating the cleanest air, 3 meaning “slight” pollution and 5 representing “heavy” pollution.
The average fuel consumption of approved models is about 20 percent below “current standards,” the statement said.
Cars’ Gas Usage
China, the world’s second-largest energy user, bought a record 203.8 million metric tons of crude oil last year as 37,383 new vehicles were sold every day. The average fuel consumption per vehicle is 2.28 tons a year, compared with 1.1 tons in Japan, according to the commission.
Total fuel consumption by automobiles accounted for 75.5 percent of China’s gasoline usage, according to official statistics.
The government will choose more models to qualify for the subsidies in the future, the statement said.
BYD fell 3.6 percent to close at HK$58.3 in Hong Kong. The stock has declined 15 percent so far this year.
--Tian Ying in Beijing, Huiwen Yang in Shanghai. Editors: Joshua Fellman, Chana Schoenberger.
To contact Bloomberg News staff for this story: Tian Ying in Beijing at +86-10-6649-7571 or ytian@bloomberg.net; Huiwen Yang in Shanghai at +86-21-6104-7048 or hyang66@bloomberg.net
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