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China Offers $1,400 EV Subsidy, Showcases 278 NEVs, 80% New Models at Beijing Show

Apr 28, 2024, 09:27 AM

China is intensifying its push towards electric vehicles (EVs) with several initiatives announced during the 2024 Beijing International Automotive Exhibition. The Chinese government is offering a subsidy of up to $1,400 for car owners to trade in old vehicles for new ones, aimed at revitalizing demand in the world's largest EV market. This policy coincides with the exhibition showcasing a significant presence of new energy vehicles (NEVs), with 278 distinct models displayed and over 80 percent of the debut vehicles being new energy models. Nearly 20 new energy brands made their first appearance, highlighting China's commitment to expanding its EV market, despite concerns over production overcapacity and the potential for international market saturation.