Nation's NEV industry to accelerate development

The Chinese authorities' ramped-up efforts to promote high-quality development in the new energy vehicle sector, reflected by the most recent release of an updated list on NEVs to enjoy exemptions of vehicle and vessel tax, will further help boost the healthy development of the sector and also promote clean energy consumption, industry insiders said.

The vehicle and vessel tax, paid annually by car or ship owners, varies between hundreds of yuan to thousands of yuan, depending on engine sizes and the capacity of vehicles or ships.

According to the latest list of NEVs and small engine vehicles to enjoy vehicle and vessel tax cuts that the Ministry of Industry and Information Technology issued recently on its website, vehicle and vessel tax will be slashed completely for 444 types of NEVs and halved for 72 types of energy-saving vehicles.