China’s Li pledges to keep favourable EV policies in BYD visit

China’s Li pledges to keep favourable EV policies in BYD visit

Bloomberg: China will continue to adopt policies aimed at spurring the production and purchase of electric cars, Premier Li Keqiang told BYD Co, one of the nation’s biggest automakers, during a tour of the company’s headquarters in Shenzhen.

Li vowed to maintain preferential policies that are designed to boost sales and stimulate demand of cleaner cars, BYD said in a statement released after the premier’s visit that didn’t offer any more details on what they might entail.

“We will continue to maintain the relevant preferential policies to boost the momentum for producers and operators,” BYD’s statement quoted Li as saying.

China has been supporting the development of its electric vehicle industry, the world’s largest, in a variety of ways, including offering subsidies to encourage consumers to transition to greener cars. In May, it cut the purchase tax levied on some low-emission passenger vehicles by half, building on previously announced measures to support businesses and consumer spending.

The visit by Li to BYD’s headquarters in the southern Chinese city and his comments were confirmed by a company spokeswoman.

In his comments, Li also flagged unwavering support for large enterprises like BYD, which has grown into a juggernaut with ballooning ambitions at home and abroad. BYD is now the country’s biggest EV maker and the world’s third-most valuable automaker behind Toyota Motor Corp. and Tesla Inc.

“We will support the development without discrimination for large private enterprises, individual businesses and mid-to-small companies, and implement the policies I have just mentioned for all your large private enterprises to help you grow,” Li was quoted as saying.

BYD will be able to become an “ace” if it combines both the spirit of science and the spirit of craftsmanship, Li went on to say.