Running away from oil – China Preparing to Spend $14.7 Billion on Alt Energy Vehicles Through 2020
Pretty much every nation with a developed economy is preparing to transition out of the petro-based transportation into something clean (?), lean and green..
The Chinese government has said repeatedly that it intends the country to become the world leader in development, production and use of electric cars and other alternative energy vehicles.
Now comes a report that it is preparing to put its money behind that promise. The Shanghai Securities News says China’s Ministry of Industry and Information Technology has prepared a new 10-year plan, slated for approval by the State Council later this month, that sets aside 100 billion yuan (U.S. $14,7 billion) for development and adoption of alternative energy vehicles.
The unattributed news report says that China hopes to produce 500,000 alt-energy vehicles annually starting in 2011.
Analysts at IHS Global Insight say this proposed expenditure is in addition to about $3 billion in already-approved hybrid and plug-in electric vehicle subsidies for private and commercial purchases and that China also is increasing its focus on development of a national EV charging network.
