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Chinese to Buy 1 Million 'New-Energy' Vehicles in 2018

Subsidy cut for plug-in hybrid, battery electric, and fuel cell vehicles won’t slow sales growth

High-level Chinese government support for so called new energy vehicles, which include plug-in hybrids, battery electric, and fuel cell vehicles, is set to drive an annual sales increase of almost 30 percent to 1 million units in 2018 and 2 million units by 2020. The Minister of Science and Technology expects 5 million cumulative NEVs on its roads by 2020. Even with a subsidy cut for new energy vehicles expected in the second quarter of this year, robust demand will come from cities with purchase restrictions on internal combustion engine vehicles, according to Bloomberg New Energy Finance.

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