Beijing Plans Subsidies for EV Buyers to Boost Covid-hit Economy

Beijing will offer subsidies to consumers who buy new energy vehicles to replace older cars as the city seeks to stabilize and economy hit by Covid outbreaks and control measures.

Those who retire a car registered in the city more than 1 year ago and purchase a new energy vehicle by the end of 2022 will receive a subsidy of as much as 10,000 yuan ($1,499), according to a plan issued by the municipal government Thursday. The measures follows moves by the central government to halve the purchase tax on some low-emission passenger vehicles and implement tax reductions for cars of 60 billion yuan.