City consumption in fast lane with subsidies, discounts
Shot by Ding Yining. Edited by Ding Yining.
Shanghai has released its latest incentive measures for electric vehicles and smart home appliances to shore up consumer sentiment and push industry upgrades.
City-wide cash subsidies will be available for personal trade-ins of non-commercial purpose vehicles to bolster industry upgrades until the end of this year.
Individual consumers who trade in new entirely electric vehicles to replace old cars will receive a financial subsidy of 10,000 yuan (US$1,480) for each new vehicle, and those to trade up fossil fuel vehicles get a 2,800 yuan of subsidy.
A new round of incentives for energy saving and smart home appliances are also offered for purchases between March 30 and the end of year.
In addition to vehicle trade-in subsidies, a one-off 10 percent discount of no more than 1,000 yuan is offered for purchases across more than a dozen categories such as air conditioners, refrigerators, washing machines, televisions, air purifiers and cookers.
As part of the spring session of the city's year-long consumption incentive campaign, a weekend bazaar is being staged at the outdoor space of the landmark Oriental Pearl TV, showcasing more than a dozen vehicle vendors.
A total of 11 demonstration zones for vehicle purchase have staged series of promotional activities in recent months featuring latest models from local and foreign brands including Tesla, NIO, BYD, Mercedez-Benz and Audi.
City officials open the spring session of the consumption incentive campaign.
A latest white paper by the Shanghai Commerce Commission and Shanghai Economic Information Center suggests local brands now take 43.4 percent of market share in the city's car market, doubling from nearly 21 percent in 2019.
New-energy vehicles now account for more than half of new personal passenger car purchases.
A separate trend report by the Shanghai Commercial Trade Association of Household Electric and Electronic Appliances also suggests that integrated washing and drying machines, dishwashers and floor cleaner machines have taken up a majority of market share.
Home appliances makers have also adopted energy saving features and smart functions to reflect the shifting demands of modern households.
