Beijing will subsidize vehicle sales in rural areas to stabilize market, report says Automotive News


Source: autonews.com autonews.com

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Beijing is expected to offer subsidies to spur vehicle sales in rural areas, bidding to shore up an auto market that sank to a ten-year low in April amid resurging coronavirus outbreaks, according to an official media report. Beginning in June, consumers that purchase vehicles priced at 150,000 and below will qualify for 3,000 yuan ($444) to 5,000 yuan in subsidies, China Securities, a financial newspaper run by state-owned Xinhua news agency, reported this week. The subsidy will be available to buyers of gasoline-powered vehicles as well as electrified vehicles , the Beijing-based newspaper noted. Shanghai and the northeast city...