China Offers Subsidies for New EV and Low-Emission Gasoline Vehicle Trade-Ins

After a sluggish early start to the year for new vehicle sales, China's regulatory authorities have launched subsidies worth thousands of yuan to prospective buyers to stimulate demand for electric and low-emission gasoline vehicles by encouraging consumers to trade in old cars for new ones.

Seven central government ministries, including the Ministry of Commerce and Ministry of Finance, on Friday issued a set of initiatives that will see consumers who scrap certain gasoline or new energy passenger cars and then purchase new electric cars receive subsidies of 10,000 yuan ($1,409).