Shanghai boosting automobile consumption

Shanghai launched a campaign promoting consumption of automobiles, offering extra discounts for popular models of various brands.

A three-day event is being held under the Oriental Pearl TV Tower Square in Lujiazui, exhibiting and selling the latest luxury cars or new-energy vehicles from carmakers including the SAIC Group, Tesla, NIO, Xpeng, Lixiang, BYD, Mercedes-Benz, BMW and Audi.

On-site orders will be given special discounts or benefits, in addition to the city's official cash subsidies for electric car replacements which are given until June 30.

Today's event also highlighted six districts that have made outstanding contributions to the city's promotion of auto consumption in 2022, which are, the Pudong New Area and Jiading, Minhang, Changning, Xuhui and Putuo districts.

In 2022, the bestsellers among fossil fuel vehicles in Shanghai were Buick GL8, Mercedes-Benz GLC SUV, Volkswagen Tiguan L, Mercedes-Benz C-Class and Volkswagen Passat, according to data from the Shanghai Economic Information Center.

The top five NEV models sold in the city last year were Tesla Model Y, BYD Song Plus, Tesla Model 3, Roewe eRX5 and BYD Song Pro.

The sales of automobiles accounted for 12.5 percent of Shanghai's total social retail sales of consumer goods, said Liu Min, deputy director of the city's commission of commerce.

This is why the city launched the activity mainly focused on encouraging car purchases, aimed at further promoting auto consumption, while stabilizing the development of the entire consumer market, Liu said.

She also revealed that five more such campaigns will take place this year, giving a boost to consumption.