Chongqing, a bustling metropolis in southwestern China, has announced a continuation of its 2024 Vehicle Replacement and Update Subsidy Policy, with an additional injection of 2.5 billion yuan. This decision comes in response to the soaring enthusiasm and robust potential in the city’s automotive market, as revealed by IT Home, a leading tech news portal.
According to IT Home, the Chongqing Commerce Commission released a notice on the continuation of the policy, stating that since the joint issuance of the Notice on Optimizing and Upgrading the 2024 Vehicle Replacement and Update Subsidy Policy on August 20, the entire city has seen a surge in automotive consumption, effectively releasing the market’s potential.
As of September 9, the initial 2.5 billion yuan allocated for the subsidy policy has been fully allocated. The Chongqing Commerce Commission announced that, in order to better adapt to the current situation of the automotive consumption market and further stimulate the market’s vitality, the municipal government has agreed to continue implementing the 2024 Vehicle Replacement and Update Subsidy Policy. Based on the fact that the initial 2.5 billion yuan has been fully allocated, an additional 2.5 billion yuan will be added to the subsidy policy fund, with the policy continuing until the funds are exhausted or the policy expires.
The subsidy policy will remain unchanged in terms of applicable time, object conditions, subsidy standards, subsidy methods, application channels, material requirements, application procedures, supporting policies, and relevant work requirements. The notice also calls for local commerce departments in all districts and autonomous counties to further increase the social publicity of the Chongqing Vehicle Replacement and Update Subsidy Policy, expand public awareness, and orderly promote the implementation of the policy to vigorously promote automotive consumption, stabilize market expectations, and maintain the current strong consumer market.
The subsidy policy, released in August this year, provides the following information: for those who purchase new energy vehicles, the policy is aligned with the existing Vehicle Replacement and Update Subsidy Policy, covering the period from 0:00 on May 21, 2024, to 24:00 on December 31, 2024. For those who purchase fuel vehicles, the policy covers the period from 0:00 on August 20, 2024, to 24:00 on December 31, 2024. Eligible applicants are required to actively apply for subsidies according to the relevant requirements of the application materials and fixed application channels. After passing the review process, those who purchase new energy passenger vehicles will receive subsidies of 6% of the unadjusted vehicle price (indicating the total amount of tax and fee on the Vehicle Sales Unified Invoice, etc.), rounded to the nearest ten and not less than 3,000 yuan, but not exceeding 12,000 yuan. For those who purchase fuel passenger vehicles, subsidies of 5% of the unadjusted vehicle price, rounded to the nearest ten and not less than 2,000 yuan, but not exceeding 10,000 yuan, will be provided. The subsidies will be distributed in cash to the eligible applicants’ bank debit cards.
This initiative by Chongqing not only reflects the city’s commitment to promoting sustainable and eco-friendly transportation solutions but also demonstrates its dedication to supporting the local automotive industry and driving economic growth. As the world continues to grapple with the challenges of climate change and the transition to renewable energy, such policies are crucial in fostering a greener future for all.
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