"China will spend at least 12 billion yuan ($1.76 billion) to subsidize smaller, fuel efficient cars by 2012, as part of broader plans to cut fuel emissions in the world's biggest auto market, the country's top economic planning agency said on Thursday.

Beijing unveiled plans this week to offer nationwide subsidies of 3,000 yuan for purchases of cars with 1.6 liter engines or smaller and which consume 20 percent less fuel than current standards."

Fang Yan and Jacqueline Wong report for Reuters June 4, 2010.

China To Spend $1.8 Billion On Green Car Subsidies By 2012 [2]

See Also:

"Nissan Says Electric Car Is Sold Out for This Year" (New York Times) [3]