China's Ministry of Commerce will be extending its vehicle replacement subsidy for the trade-in of old, less fuel efficient vehicles for newer more environmentally friendly vehicles from May 31 to end of 2010. This follows the unveiling of new incentives for purchases of fuel-efficient and electric battery cars earlier this month. Most of the vehicles that fall under this replacement scheme are light trucks and utility vehicles.
As a manufacturer of diesel engines, China Yuchai, which is 27.5% owned by HL Asia, will a beneficiary of the subsidy extension.
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