China Considering Spending $16 Billion to Build EV Charging Stations

Shenzhen October 2010From Bloomberg:  China is considering providing as much as 100 billion yuan ($16 billion) in government funding to build electric-vehicle charging facilities and spur demand for clean cars, according to two people familiar with the matter.

China’s central government last month set a target for electric cars to make up at least 30 percent of government vehicle purchases by 2016. The ratio will be raised beyond 2016, when local provinces are required to meet the target.

While sales of electric vehicles in China have lagged behind government targets, BYD, the electric automaker partially owned byWarren Buffett’s Berkshire Hathaway Inc., earlier this month cited favorable government policies for helping the company’s new-energy vehicle sales to jump sixfold during the first half.

The government has recently introduced “unprecedented” beneficial policies for EVs, spurred by concerns including energy security and pollution, BYD Chairman Wang Chuanfu said yesterday.

Read More in Bloomberg



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