Chinese provinces step in with EV subsidies
We’ve all heard about the unwinding of Chinese national subsidies on EVs that are responsible for the strong growth in sales in recent years. Subsidies at one point reached Rmb60,000 (US$8,700) per vehicle, but have been gradually unwound over recent years. Now it looks like regional governments are stepping in to fill the gaps. Shanghai residents can get a Rmb10,000 (US$1500) scrapping rebate when they buy a new EV to replace an ICE; Beijing residents Rmb8-10,000 for similar; Hubei residents can get Rmb5,000 in cash back; Shandong buyers get a Rmb7,000 scrapping rebate; and Hunan Rmb5,000 scrapping.