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China's subsidies to fast-track development of fuel cell vehicles

Toyota expects windfall from program, which does not exclude foreign automakers

Chinese government subsidies for fuel cell vehicles will target mostly buses and other commercial vehicles. (photo from local TV news report)

BEIJING -- The Chinese government said Monday it will roll out subsidies to companies developing core fuel cell technology in a bid to boost the country's competitive advantage in producing the hydrogen-propelled autos.

The new program will replace existing purchase assistance and is slated to last for four years. The central government will select development proposals submitted by local governments, which will use the subsidies to fund FCV technology developers in their areas.

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