China funds innovation in new energy vehicles

BEIJING -- The Ministry of Finance announced Friday that the central government will allocate funding to support technological innovation projects in the nation's new energy auto industry.

Related reading: All want slice of China's new-energy car market

The funding will support new energy vehicles including electric vehicles, plug-in hybrid vehicles and fuel cell vehicles. It will also be used to support the development of batteries, a statement on the ministry's website said.

It said that the financial support will further enhance the sector's technological innovation capabilities and speed up its industrialization.

The statement did not elaborate on the amount of funding.

It said that new energy vehicle producers and key component makers with core technologies in design and development will be given preferential access to the funding after an application process.