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Friday, August 29, 2014

China to offer tax breaks on electric cars, limited mostly to local brands, (OTHER OTC: NSANY)

China said on Friday it would offer tax breaks on purchases of electric cars predominantly made by Chinese automakers, in its latest policy measure to boost green vehicles in the world's biggest auto market, amid rising concern over pollution.Last month, the official Xinhua news agency reported the government would stop levying sales tax on approved models of green cars from Sept. 1.The Ministry of Industry and Information Technology posted on its website on Friday a list of 17 vehicles from 11 automakers, including one model each from the China joint ventures of Nissan Motor Co Ltd, General Motors Co and Daimler AG.The moves comes as China renews its push to popularize all-electric cars and heavily electrified so-called plug-in hybrid cars. The tax breaks aim to spur purchases of those electric cars in China, whose sales have already been subsidized by official purchase rebates.

NISSAN MOTOR CO., LTD. is an automobile manufacturer. Shares of NSANY fell by 0.57% or $-0.11/share to $19.31. In the past year, the shares have traded as low as $16.45 and as high as $21.10. On average, 85786 shares of NSANY exchange hands on a given day and today's volume is recorded at 50939.