Guangzhou highlights subsidy for NEV purchase to boost auto sales

Shanghai (Gasgoo)- Guangzhou municipal government has set forth a set of measures to augment people's automobile spending, including subsidizing the purchase of new energy vehicles and the replacement of pre-owned cars.

The measures came along with the local government's approval over a document about resolutely fighting against the coronavirus epidemic and striving to realize the annual goal of economic and social development.

Meanwhile, Guangzhou's authority also proposed to act faster to use up the vehicle license plate quota the government added last year.

As a response to a central government's call to ease vehicle purchase restriction for boost auto sales, authorities in Guangzhou announced in last June the plan to increase the quota of car license plates by 100,000 from June 2019 to December 2020, with half for auction by potential petrol car buyers, and the other half for lottery by potential new-energy vehicle buyers. Before that, it capped the quota at 120,000 per year.

On Feb. 21, the provincial government of Guangdong put forward the spirit of encouraging Guangzhou and Shenzhen to further add the quotas of public lottery and auction for consumers to get new car-license plates.

Furthermore, Guangdong also stated it will push eligible regions to launch the subsidy policies for promoting the scrapping and replacement of old and used motor vehicles.

Both provincial and municipal governments of the coastal region in South China are hampering out plans to promote vehicle transaction. Foshan, a prefecture-level city in Guangdong, leads country in launching substantial policies and incentives to encourage people to buy more cars. Local government announced that a consumer who buys vehicles that meet the China Ⅵ emission standard will be granted subsidy of RMB2,000-5,000 per vehicle.