Auto Market Golden week: Subsidies Fuel Consumer Interest inโฃ New Vehicles
Beijing, October โ8th – โThe recent “Golden september and Silver October” โขperiod, coinciding with the national Day holiday, has seen a surge in auto market activity, driven โฃlargelyโ byโ government subsidies and aโ consumer appetite for new vehicles, especially from emerging brands.
NIO, Avita, and Xiaopeng Motors (XPEV) are among the manufacturers reporting increased foot traffic and sales, though maintaining consistent nationwide pricing.โ Representatives from thes companies emphasize a direct-sales model with fixed, clear pricing, supplemented by holiday-specific โฃgifts or lucky draws, effectively โacting as incentives.
The current market dynamic represents a shift from earlier this year, when intense “price wars” prompted regulatory intervention. According to a salespersonโ from a new โenergy vehicle (NEV) brand, promotions and price reductions have become more rational, with current discountsโ stemming primarily โคfrom state and local governmentโค subsidy programs.
These policies are proving effective. The Ministry of Commerce reports that, โas of September 10th, applications for the “old-for-new”โ car replacement program reached 8.3 million. โ Furthermore, provinces and cities like Handan, Zhengzhou, and Nanjing have introduced additional consumption coupons and subsidies to further stimulate demand.
The abilityโฃ to leverage these localized incentives is becoming a key strategy for dealerships.Beijing Newsโ Beike Financeโ reporters found that new energy vehicle brandsโข are assisting customers in identifying locations with the most advantageous subsidy policies to maximize savings.
The China Passenger Union Branch notes that โคthe combination โคof national subsidies and the implementation of local incentives โis releasing pent-upโค consumer โdemand,โข particularly during the traditional peak sales season of “Golden september and Silver October.” Some regional subsidies are offered on a first-come, first-served basis, adding a sense of urgency to purchases.
Geng Hongzhou, a first-level inspector of the market Operation and Consumption Promotion Department of the โMinistry of Commerce, highlighted the success of the “old-for-new” policy, stating itโ effectivelyโ promotesโ automobile consumption, industrial upgrading, and resource management.
Source: Beijing News
Author: Zhang Bing
Original Title: Auto Market Golden Week๏ฝNew cars attract “tasting new” consumers, and subsidy policies drive consumption to heat up
