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China to offer electric-car tax break; Tesla may benefit

China to offer electric-car tax break; Tesla may benefit

07/10/2014

HONG KONG (MarketWatch) -- China's central government said Wednesday it planned to exempt electric and fuel-cell cars sold in mainland China from sales tax, starting Sept. 1 and running until the end of 2017, the state-run Xinhua News Agency reported. The tax benefit would cover electric vehicles, plug-in hybrids (including extended-range electric vehicles ) and fuel-cell vehicles. According to current Chinese regulations, the sales tax on cars is 10%, though buyers of domestic-made autos can deduct value-added taxes before assessing the sales duty. Tesla Motors Inc. (TSLA), which sells its Model S in China at between 64,800 and 85,250 yuan (about $10,400-$13,730), could be a major beneficiary of the move. Related stocks rose on the news Thursday, with electric-auto maker BYD Co. (CN:002594)(HK:1211)(BYDDF) rallying 3.9% in Hong Kong.

-Laura He; 415-439-6400; AskNewswires@dowjones.com

 

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(END) Dow Jones Newswires

07-10-14 0023ET

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