Perhaps seeing the huge success of central China's Hefei city in its investment in Nio, another Chinese city is upping the ante on the new energy vehicle industry.
The city of Jinan in eastern China's Shandong province is offering RMB 1 million ($155,142) for each new energy vehicle model released by a company in the region.
Yang Futao, deputy director of the Bureau of Industry and Information Technology in Jinan, announced the plan at a press conference Friday, saying the new energy and energy-saving vehicle and parts industry is an important pillar industry in Jinan, which will further increase support.
There are currently three new energy vehicle manufacturers in Jinan, namely China National Heavy Duty Truck Group, Shandong Haoche Intelligent Vehicle Co, and Geely Automobile's Jinan base.
Yang said the city will increase investment support for new energy vehicles fixed assets and will give a one-time incentive of 20% for investment projects in new energy vehicles and their key components.
Jinan encourages local vehicle manufacturers to actively develop new models. For each new energy vehicle production qualification, RMB 1 million yuan will be rewarded and the annual reward for a single enterprise will not exceed RMB 10 million yuan.
For new fuel cell vehicles registered with the Jinan Public Security Vehicle Management Department, including buses, garden special vehicles and heavy trucks, a 1:1 local purchase subsidy will be given in accordance with the provincial financial subsidy standard for the same period.
The city launched a campaign to bring new energy vehicles into the countryside. During the campaign period, rural users who purchase pure electric commercial vehicles with a full load mass of 1.5 tons or less are given charging cost subsidies, with RMB 5,000 yuan per vehicle.
NeoPark by NIO and Hefei starts construction with initial investment of RMB 50 billion
