Subsidies given out to hybrid car buyers

Subsidies given out to hybrid car buyers

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A program promoted jointly by the Ministry of Finance, Ministry of Science, Ministry of Industry and Information, and the National Development And Reform Commission will give Shenzhen residents up to 120,000 yuan in subsidies if  they will purchase hybrid or electric cars.

This program will also cover parts of Hangzhou, Hefei, Changchun and Shanghai, this is done in a bid to reduce or cut down emissions in the world’s biggest automotive market. Local governments in the said cities are encouraged to offer these subsidies to entice purchases of green vehicles. The state is giving out the maximum subsidy to those who are planning to buy a hybrid card is 50,000 yuan, while fully electric cars goes up to 60,000 yuan.

But instead of giving the subsidies directly to the consumers, the government will allocate the money to the carmakers, who in turn will lower the prices of certain car models.

The Shenzhen government will provide an additional 30,000 yuan subsidy for hybrid cars and 60,000 yuan subsidy for fully electric cars on top of the Central Government incentives.

Instead of handing out subsidies to consumers directly, the government will allocate the money to carmakers, who will then lower the prices of relevant models accordingly.

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