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在线翻译:
szdaily -> Business/Markets -> 
Green car credit program pressures carmakers
    2021-04-21  08:53    Shenzhen Daily

A POLICY shift by China’s government is ratcheting up pressure on automakers to hasten development of green vehicles or pay rivals such as Tesla Inc. and Chinese startups for green credits.

Regulators are putting more teeth on a system of tradable green car credits to wean the industry off a decade-long policy of subsidies which has helped create some of the biggest companies in the industry.

The system gives automakers credits for selling electric or fuel-efficient vehicles that can offset penalties on their more carbon-intensive models.

The shift has happened fast, catching some global automakers and Chinese manufacturers flat-footed.

Volkswagen AG, for example, only began counting the cost of Chinese green car credits in 2020 when executives realized they needed more to comply with the requirement for the year, sources familiar with the matter said.

The German automaker, which aims to be a world leader in electric vehicles, had to buy credits from U.S. rival Tesla for its China venture with FAW Group, sources said.

FAW-Volkswagen, which sold 2.16 million cars last year, was the biggest negative credit generator in 2019 thanks to its popular gasoline sport-utility vehicles (SUVs).

Volkswagen said it was “strategically targeting to be self-compliant” with the rules in China, and would buy credits if required. It declined to comment further.

China has had a green car credit system since 2017 but fuel-efficiency standards tightened significantly last year and many manufacturers failed to comply, according to preliminary 2020 credit data published by China’s Ministry of Industry and Information Technology.

Electric vehicle sales were lower in 2020 than policymakers had expected, explaining the credit deficit, Haitong International analyst Shi Ji said.

“We suggest automakers with large gasoline car sales volume will accelerate electrification,” Shi said. (SD-Agencies)

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