Transportation
China Renews Car Trade-In Subsidy to Boost Hybrid, EV Sales
- Buyers who scrap old cars for new EVs to get up to $2,730
- Rebate is part of a broader policy to stimulate consumption
Automakers such as Nio Inc. and Li Auto Inc. offered incentives in early January to match the rebate so customers would continue to spend while waiting for the policy announcement.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China has renewed a trade-in subsidy of up to 20,000 yuan ($2,730) to help underpin sales of fuel-efficient vehicles, including electric cars and hybrids.
Buyers who trade in an old car for a new EV or plug-in hybrid will receive a 20,000 yuan subsidy, while people who purchase a gasoline car with an engine smaller than 2 liters will get a 15,000 yuan rebate. The pool of old vehicles that qualify for the program has also been widened, according to a policy document published Wednesday.