Major auto shows have been held in many Chinese cities for the ongoing National Day holiday, attracting a lot of interested customers to sign orders for new energy vehicles with strong discounts provided by car companies and the national trade-in subsidies.
The China Motor Show 2024 is being held from Sept 29 to 0ct 5 at the National Convention and Exhibition Center in north China's Tianjin Municipality. The exhibition was bustling and hustling on Tuesday, the first day of the week-long National Day holiday.
The seven-day auto show has brought together nearly 100 car brands from across China and all over the world. About half of the vehicles on display are new energy powered. New products and technologies featuring the concept of "green and energy saving" are particularly attractive to possible buyers.
China has been promoting a nationwide trade-in program to support consumers to replace old cars that are high in energy consumption, emissions and safety risks with new energy vehicles or energy-saving ones.
The country rolled out a new round of trade-in policies to further raise subsidies for purchasing passenger cars in late August. Subsidy for trade-ins of new energy passenger vehicles has doubled from 10,000 yuan (about 1,418 U.S. dollars) -- a figure stipulated in an April document -- to 20,000 yuan, and subsidy for trade-ins of fuel passenger vehicles has also risen from 7,000 yuan to 15,000 yuan.
Posters introducing the trade-in policies can be seen everywhere at the motor show in Tianjin. If the buyers order on the spot, they can enjoy both reduced prices and state subsidies.
"We have targeted a car online. There is a motor show right here in Tianjin during the National Day holiday, so we especially come here to learn more about the car. It happened that the country has expanded the trade-in subsidies, so we decide to buy it here today as it is much cheaper," said Sun Mingyue, a local.
The six-day 2024 International Automobile Trade Fair was kicked off on Sunday in Shenyang City, northeast China's Liaoning Province. The event has seen the launch of nearly 30 new car models.
New energy vehicles have occupied most of the booths and also recorded more trading orders at the event.
"New energy vehicles give me a strong sense of science and technology, very cool. And they have lower costs. The government has subsidies, and the car companies have big discounts for each model. So I have placed a decisive order for a car that I like and have a pretty appearance," said Li Man, a local resident.
Trade-in subsidies, benefits from car companies and special discounts at the exhibition have combined to attract more than 450,000 visitors until Friday, with the transaction value exceeding 2.1 billion yuan (about 298 million U.S. dollars).
New energy vehicles highly favored at auto shows across China
