The ruling dispensation had earlier planned to give around
$8 billion to part manufacturers and automakers to promote gasoline technology
and also roll out additional benefits to electric vehicles (EVs).
However, Reuters reports that the strategy was modified to
particularly focus on companies that build electric and hydrogen fuel-powered
vehicles.
One of the sources quoted in the report mentions that a
lesser number of companies would now be eligible to avail the incentives since
the focus has been shifted to clean and advanced technology.
A government official told the publication that that up to
$8 billion could still be made available provided that the scheme turns out to
be successful and a few conditions are fulfilled despite the fact that the initial
allocation for the five-year period has been cut down.
Moreover, incentives will also be extended to auto parts
makers to manufacture components for clean cars and also to invest in
safety-related parts with other advanced technologies such as sensors and
radars in connected vehicles.
As per the amended scheme, qualified companies can get
cashback payments worth about 10 per cent-20 per cent of their total turnover
for hydrogen fuel cell cars and also EVs.
However, carmakers will have to invest at least $272 million
over five years to qualify to receive these concerned payments.
Two sources cited in the report revealed that the finer
details of the scheme could be disclosed in the coming couple of works itself.
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