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Guangzhou grants NEV buyers subsidy of RMB10,000 per car

Monika From Gasgoo| March 03 , 2020 16:12 BJT

Shanghai (Gasgoo)- After conveying the determination to bolster auto consumption, Guangzhou municipal government rapidly honored its promise by launching a set of materialized policies.

From March to December 2020, the consumers who buy new energy vehicles will be given the combined subsidy of RMB10,000 per car, the government stated in an official file issued on March 1. To promote the vehicle upgrading and replacement, the consumers who replace or scrap used cars and the locally registered auto sales companies that purchase new vehicles befitting the China Ⅵ emission standard will be granted subsidy of RMB3,000 per car.

Guangzhou NEV subsidy, Foshan auto spending subsidy, China automotive news

The epidemic may trigger rising demands of private cars as consumers consider that driving their self-owned cars will be much safer than using public transportation tools like bus and subway. For that reason, Guangzhou authorities will put forth greater efforts to digest the car license plate quota newly added in last June and is likely to further increase the quota as appropriate.

As a response to a state 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.

Guangzhou's announcement came after Foshan's decision to materialize the policy for boosting auto sales. Local government of the prefecture-level city claimed that the consumer who buy vehicles that meet the China Ⅵ emission standard would be offered subsidy of RMB2,000-5,000 per car.

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