The head of the China-based automaker, whose biggest shareholder is Warren Buffet, didn't disclose details about the subsidy program, but given that it previously amounted to about $9,700 per vehicle, it's likely to be substantial. As it is, Pike Research has predicted that plug-in vehicle sales would surge about 60 percent per year to about 152,000 vehicles for 2017.
Additionally, Wang said that the all-electric Denza, which it is developing with Mercedes-Benz parent Daimler and which was first announced about a year ago, will go on sale by June 2014. That's about six months later than previously estimated.
Recently, Reuters reported that the Chinese government would enact its first fleetwide fuel-economy mandate for new vehicles, which were projected to be about 34 miles per gallon by 2014 and about 47 mpg by the end of the decade.re-