China’s $8 800 EV Subsidies Stand to Jumpstart a Big Market …

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China’s $8,800 EV Subsidies to Jumpstart a Big Market for Electric

Last Updated Jun 2, 2010 AM EDT

China, which is still riding on two wheels instead of could be the first country in the to get large numbers of EVs on the road thanks a national commitment, government planning and the generous announced by the Ministry of Finance

The U.S. government, which has mainly bankrolling the construction of battery plants in the hope they’ll be built here of Asia, will have to fast to stay ahead of the initiative. This effort put a lot of first-time car buyers into

China has until now mostly electric cars with but now consumers in five cities Shanghai being the best will be able to get a whopping yuan ($8,800) in direct price offsets (paid to the carmakers). Plug-in hybrids are for 50,000-yuan subsidies ($7,320). subsidies, though similar in focused on taxis and local EV purchases .

China is already the leader in lithium-ion battery which means it has a head in putting affordable cells cars. China-market cars from low-cost manufacturing and are much cheaper than vehicles sold in the west BYD F3DM plug-in hybrid, on in March, retails in the low $20s). subsidies (paying as much as the cost of the car) to China’s business advantage is likely to in a huge jumpstart to the market.

Although this is just a program in five cities others are Shenzhen, Hefei, and Changchun) and will wind after 50,000 cars are its importance shouldn’t be underestimated. The could be made national a few central committee meetings, and no troublesome Congress for second

In the U.S. only California has a direct subsidy ($5,000 on the Leaf, for example, giving it a line of only $20,000), and just one reason that will be a major early for EVs. The Obama administration take a good look at California incentive as a way to stimulate EVs

The U.S. has done a great job mechanisms for low-cost manufacturing, but is doing a better job of funding the end said Jeff Seidel . strategy officer at battery Ener1 (which just a major joint operating to supply battery technology to with the EV division of huge maker Wanxiang ).

The EV market globally is really artificial in the short term, Craig Giffi . Deloitte U.S. leader of automotive in an interview. There are a lot of barriers, the high cost of batteries, anxiety, long charging a lack of public infrastructure. So there isn’t a market yet for vehicles that will consumer expectations, these matter a lot to bring down the

Deloitte estimated in a recent forecast that battery could be only 3.1 percent of the market in 2020. That’s on low volumes of about 12,000 per OEM manufacturer, which Deloitte does not appear to be sufficient to the cost of the battery lower.

Battery costs are probably the barrier to reducing EV costs, and companies say can only lower if their shiny new Obama-subsidized are running at full capacity. And will take sales not possible if consumers are put off by price, and other challenges.

Richard . CEO of charging company Coulomb . pointed out in an interview out that, because those battery are starting to ramp up, the lithium-ion per kilowatt-hour has fallen by half in the 18 months. Subsidies are tremendously for us, he said. The first cell cost $2,500, and they had to a fair amount of time for the to get smaller and cheaper.

Subsidies, both to battery and consumers, mean we don’t to wait.

© 2010 CBS Interactive All Rights Reserved.


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