China Announces Plans to Invest in Electric Cars
China has announced plans to invest 880 million yuan (US$106.0 million) to develop electric vehicles to combat air pollution. Officials hope that electric-powered vehicles will reduce air pollution and the nation's heavy reliance on crude oil imports. Domestic companies would be funded by the government over the next few years to develop vehicles that run on electricity or other power sources.
"Developing electric vehicles is significant in the effort to save oil energy, minimize air pollution and give an impetus to the development of the country's auto industry," stated Ministry of Science and Technology Official Li Jian.