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China Extends EV Subsidy to Boost Sales, Maintaining Current Incentive Levels for 2024

share-iconWednesday, January 08 comment-icon2 weeks ago 10 views
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China Extends EV Subsidy to Boost Sales, Maintaining Current Incentive Levels for 2024

Credited from: SCMP

  • China has renewed its trade-in subsidy to encourage electric vehicle (EV) sales, with a 20,000 yuan award for EV purchases.
  • Petrol car buyers can receive 15,000 yuan for vehicles with engines smaller than 2 litres.
  • In 2024, 3.7 million buyers utilized the trade-in program, with expectations for a 38% increase in EV sales to 10.68 million units.
  • The subsidy is seen as a crucial factor in maintaining consumer interest amid intense competition in the market.
  • Despite the subsidy, manufacturers have issued significant discounts, leading to an average price drop for EVs of 10% last year.

For more details, visit the original article here.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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