Monday, May 30, 2022 8:23:17 PM
Consumers will also receive rebates of RMB 10,000 ($1,503) per car for any trade-in of gasoline vehicles for new electric vehicles (EVs) for the rest of the year, as stated on the notice of the municipal government’s official WeChat account.
Cui Dongshu, Secretary General of the China Passenger Car Association, on Monday told Jiemian News (in Chinese) that he expects Shanghai’s stimulus package to increase sales of passenger vehicles by around 150,000 units, of which two-thirds could be new energy vehicles, which includes all-electric vehicles and plug-in hybrids.
On Monday, a Nio spokesperson told Chinese media The Paper on Monday that the company expects the stimulus measures to accelerate EV adoption, adding that orders for its models in the city have increased “significantly” in May (our translation).
A number of local authorities also released similar cash subsidies for people to buy cars. Shenzhen on Thursday announced (in Chinese) plans to lift its limits on the number of new vehicles allowed on the city’s roads by allocating 20,000 new license plates to quotas and providing incentives of up to RMB 20,000 for new car purchases.
Both the central Chinese city of Zhengzhou and Shenyang, the capital city of the northeastern Liaoning province, announced new voucher programs of RMB 100 million to boost vehicle buying earlier this month. Meanwhile, car buyers in the central city of Wuhan could receive a subsidy of RMB 8,000 or RMB 3,000 for each trade-in of new energy vehicles or combustion engine vehicles, respectively.
Context: China’s central government has pledged to strengthen the current state subsidy to EV makers to encourage auto sales, as the latest wave of Covid-19 cases has disrupted auto parts supply chains and forced carmakers to drop their outlooks for the year.
During a State Council executive meeting on May 23, Beijing unveiled dozens of new stimulus measures, including cutting car purchase taxes by RMB 60 billion, in the hope of helping the industry withstand the impact of the pandemic, SCMP reported.
China’s auto sales dropped by nearly half to 1.18 million units in April compared to the same time a year earlier, according to official figures. Major automakers such as Tesla were hit hard by supply-chain constraints and a month-long production shutdown.
Local EV upstarts Xpeng and Li Auto earlier this month issued a gloomy outlook for the second quarter of this year, after reporting record declines in vehicle deliveries for April.
Recent XPEV News
- XPENG to Report First Quarter 2024 Financial Results on Tuesday, May 21, 2024 • GlobeNewswire Inc. • 05/07/2024 09:00:25 AM
- XPENG Announces Vehicle Delivery Results for April 2024 • GlobeNewswire Inc. • 05/01/2024 09:00:27 AM
- BHP Bids $38.8 Billion for Anglo American; Biden Unveils Historic Micron Technology Deal, and More News • IH Market News • 04/25/2024 11:48:40 AM
- XPENG to Showcase AI-powered Smart EV innovations at Beijing Auto Show 2024 • GlobeNewswire Inc. • 04/22/2024 04:30:02 AM
- XPENG Publishes 2023 Environmental, Social and Governance Report • GlobeNewswire Inc. • 04/17/2024 10:35:00 AM
- XPENG Files 2023 Annual Report on Form 20-F • GlobeNewswire Inc. • 04/17/2024 10:30:00 AM
- XPENG and the Volkswagen Group Announce Entry into the Framework Agreement on E/E Architecture Technical Collaboration • GlobeNewswire Inc. • 04/17/2024 08:19:01 AM
- XPENG Expands Footprint with Entry Into Hong Kong and Macau • GlobeNewswire Inc. • 04/10/2024 07:11:37 AM
- XPENG Announces Vehicle Delivery Results for March and First Quarter 2024 • GlobeNewswire Inc. • 04/01/2024 09:00:00 AM
- Unilever Initiates Ice Cream Division Spin-Off and Announces Job Cuts; Berkshire Ramps Up Share Buyback Efforts, and More • IH Market News • 03/19/2024 11:33:10 AM
- US Index Futures Decline Ahead of Federal Reserve Meeting, Oil Prices Retreat • IH Market News • 03/19/2024 11:27:29 AM
- XPENG Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results • GlobeNewswire Inc. • 03/19/2024 10:00:00 AM
- Apple & Google in Talks for Gemini AI on iPhone, Nvidia’s GTC Conference Today, and Latest News • IH Market News • 03/18/2024 11:10:46 AM
- XPENG Announces Vehicle Delivery Results for February 2024 • GlobeNewswire Inc. • 03/01/2024 09:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/29/2024 11:04:59 AM
- XPENG and the Volkswagen Group Announce Entry into Master Agreement on Strategic Technical Collaboration and Joint Sourcing Program • GlobeNewswire Inc. • 02/29/2024 12:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/26/2024 09:11:37 PM
- XPENG to Report Fourth Quarter and Fiscal Year 2023 Financial Results on Tuesday, March 19, 2024 • GlobeNewswire Inc. • 02/26/2024 09:00:00 AM
- Barclays Surges with Cost Reductions and Billion-Dollar Shareholder Returns, Capital One Eyes Discover Acquisition, and More • IH Market News • 02/20/2024 10:35:39 AM
- XPENG Announces Vehicle Delivery Results for January 2024 • GlobeNewswire Inc. • 02/01/2024 09:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/31/2024 05:06:51 PM
- Wall Street Highlights: Intel’s Disappointing Quarterly Forecast, PayPal’s New AI Solutions for Merchants, and More • IH Market News • 01/26/2024 01:45:22 PM
- Tesla Price Cuts Send European, Chinese Auto Stocks Lower • Dow Jones News • 01/17/2024 12:51:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/02/2024 09:12:28 PM
- XPENG Launches X9 Ultra Smart Large Seven-seater in China • GlobeNewswire Inc. • 01/01/2024 02:01:49 PM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM