China will consider extending a tax break on the purchase of electric vehicles past the end of 2023, an official in charge of automobile policy said Wednesday, in a move aimed at supporting economic growth.
Beijing will discuss continuing its tax exemption for "the acquisition of new energy vehicles as soon as possible," said Xin Guobin, vice minister of industry and information technology.
China boasts the world's largest market for new energy vehicles -- which include electric, plug-in hybrid and fuel-cell models -- with unit sales totaling 6.88 million in 2022. The market is projected to grow 30% this year.
Beijing also intends to nurture Chinese-developed cars into internationally competitive brands, Xin said, elaborating on plans to support the growth of one of the nation's key industries.