Hainan subsidizes new energy vehicle promotion

Hainan plans to allocate 70 million yuan ($10.4 million) in subsidies for private new energy vehicle buyers in 2019, while spending 5 million yuan in prompting government-use vehicles to go green, according to the Department of Finance of Hainan Province.

Local buyers now are not only exempted from vehicle purchase taxes and vehicle & vessel taxes as required by the central government, but also enjoy a regional subsidy equal to 50 percent of the national subsidy standards.

Shared new energy vehicles in Hainan province. [Photo/hinews.cn]

When the current subsidy policy expires after June, the Department of Finance of Hainan Province will move toward to subsidize the operation of new energy logistics vehicles, taxis, buses, shuttle buses, tour buses, and freight vehicles.

In addition, the finance authority will coordinate with the Hainan Provincial Development and Reform Commission to optimize the policies and procedures related to subsidies for charging infrastructure.