China unveils financial incentives to boost adoption of hydrogen fuel cell vehicles

On Monday, China finance ministry stated, it plans on rolling new policies to support hydrogen fuel cell vehicles in order to boost the industry’s supply chain and related technologies.

China has emerged as the world’s biggest market for new energy vehicles (NEVs), which includes plug-in hybrids, battery electric vehicles as well as and hydrogen fuel cell vehicles.

Earlier, China had rolled out policies to support NEV makers and had offered subsidies on sales. The upcoming new rollout will require both local governments and companies to build a more mature supply chain and business model for the industry.

Local governments and companies will need to demonstrate that their joint projects are able to lower the price of hydrogen fuel, increase the size of hydrogen fuel cell vehicles, increase the number of hydrogen-charging stations, and improve related technologies, reads the document.

After assessing these key performance areas, authorities will entertain the projects from the concerned joint ventures, said the ministry.

China has around 7,000 hydrogen vehicles, and more than 4 million pure battery electric and plug-in hybrid vehicles.

Global automakers including Hyundai Motor and Toyota Motor have announced plans to launch hydrogen vehicles in China.

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