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Jun 2, 2022
Beijing Plans Subsidies for EV Buyers to Boost Covid-hit Economy
(Bloomberg) -- Beijing will offer subsidies to consumers who buy new energy vehicles to replace older cars as the city seeks to stabilize and economy hit by Covid outbreaks and control measures.
Those who retire a car registered in the city more than 1 year ago and purchase a new energy vehicle by the end of 2022 will receive a subsidy of as much as 10,000 yuan ($1,499), according to a plan issued by the municipal government Thursday. The measures follows moves by the central government to halve the purchase tax on some low-emission passenger vehicles and implement tax reductions for cars of 60 billion yuan.
As part of its economic revival plan, the city will also offer three months of rent relief for small and individual businesses using state-owned properties. Renters in medium- and high-risk areas could receive six months of benefits. Beijing will also subsidize restaurant expenses incurred due to the city’s ban on in-door dining.
©2022 Bloomberg L.P.
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