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China to Exempt Electric Cars From 10% Purchase Tax

China will waive a 10 percent purchase tax on electric cars as part of expanded measures to combat pollution and cut energy dependence.

New-energy autos -- China’s term for electric cars, plug-in hybrids and fuel-cell vehicles -- will be excluded from the levy from Sept. 1 to the end of 2017, according to a statement posted on the central government’s website yesterday, citing a State Council meeting led by Premier Li Keqiang. Electric carmaker BYD Co. climbed as much as 4.5 percent in Hong Kong trading.