Cars

China to extend auto trade-in subsidies to year end

(Agencies)
Updated: 2010-05-24 13:52

China's government will extend subsidies for trade-in vehicles to the end of this year, the Shanghai Securities News reported, citing unidentified people.

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The government will also provide as much as 60,000 yuan ($8,789) to individuals purchasing an electric vehicle and as much as 50,000 yuan for hybrids, the newspaper said in a separate article.

The policy on traded-in vehicles was due to expire on May 31 after being introduced on June 1 last year.

China's government is also scheduled to release a new plan for subsidizing individual purchases of alternative-energy fueled vehicles by end of the month.