China raises trade-in subsidy threshold, squeezing low-cost EV makers – report [Yahoo! Finance]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance
Under the revised cash-for-clunkers scheme, buyers of eligible electric and hybrid vehicles can receive a 12% rebate capped at 20,000 yuan ($2,858). To qualify, they must scrap a gasoline car or EV registered before 2019 at an approved dismantling site. Consumers who replace an older vehicle with a more fuel-efficient petrol model or switch to a newer EV will qualify for rebates of between 6% and 10%. The subsidies are capped at 15,000 yuan, according to a Ministry of Commerce document. To access the full 20,000 yuan incentive, the new vehicle must be priced at a minimum of 166,700 yuan. The higher threshold is expected to favour more expensive models while weighing on mass-market brands such as BYD, Zhejiang Leapmotor Technology and Geely Automobile Holdings. BYD's average selling price stood at 107,000 yuan in November, according to China Auto Market data. Although the extension of the scheme maintains policy backing for the sector, the revised terms introduce uncerta
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