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    JD.com and Tencent to invest $1.55b in Bitauto

    (Agencies) Updated: 2015-01-12 10:12

    New energy vehicles exempt from purchase tax

    JD.com and Tencent to invest $1.55b in Bitauto

    [Photo by Chen Ming / China Daily]

    To promote new energy vehicles in China, the State Council announced a purchase tax exemption from Sept 1 to the end of 2017.

    Tax-exempt vehicles include all-electric cars, plug-in hybrids and fuel cell vehicles. Electric-car buyers already receive subsidies from the central government and several local governments.

    China sold about 29,000 electric vehicles by November, a sevenfold growth from the same period last year, and about 24,000 plug-in hybrids, 25 times the figure from the same period last year.

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