Hainan to offer incentives of up to about $1,550 to consumers who buy new energy vehicles
On top of the subsidies that car companies receive for the sale of new energy vehicles, China's southernmost province of Hainan is giving additional rewards to consumers who buy such models in an effort to boost auto consumption.
The measures announced by the Hainan Provincial Department of Commerce on April 30 show that consumers who buy new energy vehicles in Hainan this year can receive up to 10,000 yuan ($1,550) in incentives per vehicle.
Specifically, if the purchase price of the vehicle is less than 100,000 yuan, consumers can get a bonus of RMB 6,000 yuan.
If the vehicle purchase price is between 100,000 yuan and 200,000 yuan, the incentive amount is RMB 8,000 yuan.
If the purchase price of the vehicle is above 200,000 RMB, the reward amount is RMB 10,000 yuan.
The measure will be implemented throughout this year, with the total number of incentives not exceeding 25,000 vehicles.
In addition to this, Hainan has relaxed restrictions on consumers purchasing ordinary cars this year and will offer 180,000 credits, a 50% increase from 120,000 in 2020.
China's current subsidies for new energy vehicle companies were rolled back at the end of April last year.
Under current policy, new energy passenger cars priced at 300,000 yuan and below are able to qualify for state subsidies, but NIO's battery swap-enabled models are not subject to this restriction.
In addition to Hainan, China's eastern coastal city of Shanghai today released measures to promote the city's new buses and cruising cabs with new energy vehicles.