Shenzhen offers big sales subsidy for BYD hybrids
In an effort to help hometown automaker BYD Auto Co., the Shenzhen city government has raised its local subsidy for plug-in hybrids to 30,000 yuan ($4,425) per vehicle, up from 20,000 yuan previously.
The south China municipality also will offer a 60,000 yuan subsidy to anyone who buys a "pure" electric vehicle, according to information posted on the Shenzhen government's Web site.
These local subsidies are in addition to incentives announced last month by the central government for buyers of EVs and plug-in hybrids in Shenzhen, Shanghai, Changchun, Hefei and Hanzhou.
Under the central government's program, consumers in those cities will be offered a maximum subsidy of 50,000 yuan for purchasing a plug-in, and up to 60,000 yuan for buying an EV.
The central government also encouraged local governments in those five cities to offer their own subsidies. Shenzhen is the first to do so, and the other four cities are expected to follow suit.
Added together, the subsidies amount to a huge incentive. Take BYD's F3 plug-in, which carries a price tag of 170,000 yuan. Consumers will pay only 70,000 yuan.
