Shanghai New Energy Vehicle Replacement Subsidy Policy: Up to 15,000 yuan plus state subsidy

Shanghai New Energy Vehicle Replacement Subsidy Policy: Up to 15,000 yuan plus state subsidy

Recently, Shanghai has introduced a major policy to further promote the popularization of new energy vehicles and consumption upgrading. According to the latest "Shanghai Action Plan for Accelerating Economic Recovery and Revitalization", Shanghai will implement a new energy vehicle replacement subsidy policy.You can enjoy a maximum subsidy of 15,000 yuan, and can be superimposed on relevant subsidies at the national level. This policy undoubtedly brings double benefits to consumers and car companies, and also injects a shot in the national new energy vehicle market.

1. Core content of policy

Shanghai's new energy vehicle replacement subsidy policy is mainly aimed at consumers who replace fuel vehicles with pure electric vehicles or plug-in hybrid vehicles (PHEVs). The specific subsidy standards are as follows:

In addition, this policy can be used in conjunction with national-level new energy vehicle purchase subsidies to further reduce consumers' car purchase costs. For example, if a consumer purchases a pure electric vehicle that meets the criteria, the highest enjoyment15,000 yuan local subsidy + national subsidy (depending on the vehicle model), the total subsidy amount may exceed 20,000 yuan.

2. Policy background and market impact

In recent years, the new energy vehicle market has continued to heat up, but due to factors such as the epidemic, the overall growth rate of automobile consumption has slowed down. Shanghai has launched a replacement subsidy policy this time, aiming to stimulate consumer demand and accelerate the popularization of new energy vehicles. According to industry data, from January to May 2023, Shanghai's new energy vehicle sales increased by 35% year-on-year, but were still below the national average. The introduction of this policy is expected to significantly increase the market penetration rate of new energy vehicles.

The following is the sales of new energy vehicles in Shanghai in 2023 (January-May):

3. How do consumers apply for subsidies?

Consumers who meet the following conditions can apply for subsidies:

1. An individual or enterprise owns a Shanghai-licensed fuel vehicle (requires registration for more than 1 year).
2. After scrapping or transferring old cars, purchase new energy vehicles that meet the conditions.
3. New cars must be registered in Shanghai and a car purchase invoice is issued.

The application process is as follows:

4. Car company response and market expectations

Many new energy vehicle brands have quickly responded to policies and launched superimposed discount activities. For example:

-Tesla: Launched a "exclusive replacement gift package" for Model 3/Y, including rights and interests such as overcharge.
-BYD: Some models can enjoy the dual discount of "local subsidy + manufacturer subsidy".
-NIO: Launch a combination plan of "old car replacement + battery rental" to further lower the threshold for car purchase.

Industry experts predict that this policy will promote the sales of new energy vehicles in Shanghai to grow by more than 50% in the second half of 2023, and drive the development of related industrial chains such as charging piles and battery recycling.

5. Summary

The introduction of Shanghai's new energy vehicle replacement subsidy policy not only provides consumers with real car purchase discounts, but also provides strong impetus for the continued growth of the new energy vehicle market. With the release of policy dividends, it is expected that Shanghai's new energy vehicle penetration rate will further increase in the next few months, helping to achieve the "dual carbon" goal. For consumers who are interested in replacing new energy vehicles, now is undoubtedly an excellent time.