Shenzhen Launches Automobile 'Replacement and Renewal' Subsidy Program

TapTechNews May 25th news, according to the message of 'Shenzhen Release', Shenzhen has launched a subsidy project for automobiles' 'eplacement and renewal'. Individual consumers who transfer their vehicles under their names in Guangdong and newly purchase new energy vehicles or fuel vehicles that meet the National VI emission standards in Shenzhen will be given a one-time car purchase subsidy.

For those who purchase qualified small cars through the 'eplacement and renewal' method and complete the registration, subsidies will be given according to the principle of classification and categorization due to the limited total amount of financial funds. The subsidy is distributed on a first-come, first-served basis.

TapTechNews attached the specific subsidies as follows:

The first category: When the purchase price is $10,000 (inclusive) to $22,000 (exclusive), the subsidy for purchasing a new energy vehicle is $440/vehicle, and the subsidy for a fuel vehicle is $320/vehicle.

The second category: When the purchase price is $22,000 (inclusive) to $36,000 (exclusive), the subsidy for purchasing a new energy vehicle is $720/vehicle, and the subsidy for a fuel vehicle is $580/vehicle.

The third category: When the purchase price is $36,000 (inclusive) or more, the subsidy for new energy vehicles is $1170/vehicle, and the subsidy for a fuel vehicle is $1000/vehicle.

Requirements for subsidy recipients:

The subsidy recipients are individual consumers;

The vehicle to be transferred needs to be registered under the person's name before December 31, 2023, and the ownership transfer occurs during the period from April 1, 2024, to December 31, 2024;

The date of the newly purchased vehicle needs to be during the period from April 20, 2024, to December 31, 2024, and the date of vehicle registration needs to be before January 31, 2025;

Purchase a vehicle at a qualified automotive distribution enterprise (the list will be dynamically updated according to the enterprise's application and review situation) and obtain a unified sales invoice for motor vehicles;

Not be included in the list of 'Credit China' dishonored persons subject to enforcement, and within the restricted period.

Requirements for vehicles:

The newly purchased vehicle is a new energy vehicle that has not been registered before and a fuel vehicle that meets the National VI emission standards;

The newly purchased vehicle conforms to the regulations of the motor vehicle specification term classification table in the 'Road Traffic Management - Motor Vehicle Types' (GA802-2019) of the Ministry of Public Security, which is a small or micro passenger car;

The registered usage nature of both the transferred and newly purchased vehicles is non-commercial passenger vehicles, and neither includes police, fire, ambulance, engineering rescue, operation-to-non-operation transfer, rental-to-non-operation transfer, or reservation rental-to-non-operation transfer.