China Auto Body Seeks Subsidy Extension as EV Exports Take Hit
- The manufacturers association urged Beijing to renew incentive
- China’s EV exports fell 29% as trade tensions worsen
This article is for subscribers only.
China’s biggest industry group for automobile makers urged the government to extend concessions for trading in older vehicles, as part of measures to spur domestic car sales amid a drop in electric vehicle exports.
The vehicle trade-in policy, which offered a subsidy payment as high as 20,000 yuan ($2,752.3), was credited for record high auto production and sales in November, with many consumers rushing to buy cars before the policy ends this month, according to the China Association of Automobile Manufacturers. While the Ministry of Commerce is studying a similar program for next year, it’s not clear yet whether it would be extended, said Chen Shihua, an official for the industry lobby, said at a briefing Wednesday.