Consumers can get a RMB 20,000 subsidy for scrapping an old car and buying an NEV, and a RMB 15,000 subsidy for buying a fuel car of 2.0 L or less, both doubled from previous levels.
(A Zeekr 001 on display at the June 2024 Shanghai new energy vehicle show. Image credit: CnEVPost)China has updated a policy aimed at boosting car purchases by doubling the amount of subsidies.
China's Development and Reform Commission and Ministry of Finance jointly issued a new announcement today to add support for large-scale equipment replacement and consumer goods trade-in.
The policy is an update of one that was issued in late April and involves support for the replacement of agricultural machinery, new energy buses, cars, and home appliances.
Specifically, individual consumers can enjoy double the amount of subsidies when replacing old vehicles with new ones, compared to what was previously announced.
