Chery has become the latest automaker to pledge subsidies to mitigate the impact of China's purchase tax incentive phase-out.
Chery (HKG: 9973) has introduced subsidies to mitigate the impact of China's phased-out purchase tax incentives, as the current policy expires at year-end.
For Chinese customers purchasing its models on or before November 30, Chery will subsidize up to RMB 15,000 ($2,110) if non-customer factors like production or transportation delays prevent them from receiving this year's purchase tax benefits.
The program applies to all models under its brands -- Zhongheng, Exeed, Jetour, and iCar --that meet the 2026 purchase tax reduction requirements.
The subsidy will be applied as a deduction against the final vehicle payment, according to the company.
Chery ranks among China's largest automakers, selling 2.6 million vehicles in 2024 -- a 38 percent year-on-year increase.
It exported 1,144,588 vehicles in 2024, a 21.4 percent increase year-on-year. The company sold 583,569 NEVs in 2024, marking a 232.7 percent year-on-year surge.
Chery's full-year revenue for 2024 reached RMB 480 billion, representing over 50 percent growth year-on-year.
Chery made its debut on the Hong Kong stock market on September 25, marking the largest automotive IPO on the Hong Kong market this year.
($1 = RMB 7.1115)
