China announces subsidies for 71 energy-saving vehicle models

China has released a list of energy-saving cars that will get government subsidies of 3,000 yuan (US$442) per vehicle. The list includes 71 models from 16 automakers in the country. Fuel consumption of these vehicles is about 20% lower than current models. SAIC Motor Corp. Ltd., turned out to be the biggest beneficiary in the government-backed initiative, with 25 models from its subsidiaries included in the list. Other models in the list include vehicles from Anhui Jianghuai Automobile Co. Ltd., Chongqing Chang’an Automobile Co. Ltd. and Cherry Automobile Co. Ltd. (July 1, 2010)