NEV tax rebate extends to 2020

China will extend its favorable tax policy for new energy vehicles to the end of 2020 to stimulate the innovation and development of electric cars, plug-in hybrids and fuel cell cars, the Ministry of Finance said on Wednesday.

The current purchase tax exemption, which is usually 10 percent of the vehicle's retail price, will continue to apply, the ministry said in a statement issued jointly with the State Administration of Taxation, the Ministry of Industry and Information Technology, and the Ministry of Science and Technology.

The statement added that applications for vehicles not on the list can be filed as long as these meet particular requirements.