Boosting Electric Vehicle Sales Through Enhanced Policies in Guangxi

Policy Intensification Boosts New Energy Vehicle Consumption
On April 16, 2025, Guangxi Province is actively promoting a series of policies aimed at expanding domestic demand and stimulating consumption, particularly in the new energy vehicle (NEV) sector. The ongoing implementation of the “trade-in” policy for consumer goods has led to a notable increase in the NEV market across the region. On April 13, reporters visiting the Wuling Automobile dealership in Nanning observed a steady stream of customers looking to purchase vehicles.

At the new car delivery site, delivery specialist Tian Qifan was explaining the various features of a vehicle to a young couple, Zeng Gaoxian and his wife. The couple listened intently, their eyes reflecting excitement for their future. “We had been planning to buy a new energy vehicle for a while. Last month, we learned about the financing incentives from the Construction Bank, so we decided to place an order at the 4S dealership for this NEV,” Zeng shared. He calculated that, after factoring in various subsidies and bank discounts, they would save 27,000 yuan on their purchase. “The current favorable policies not only lower our entry barrier for buying a car but also reduce our monthly repayment pressure. It’s the perfect time to buy!”

The reporter found that many consumers, like Zeng, are benefiting from these policy incentives.

This year, Guangxi has actively expanded its trade-in subsidy policy, creating a synergistic effect with low down payment and long-term financing options offered by major financial institutions.

According to Chen Haifang, General Manager of Nanning Yuanxun Automobile Sales Co., Ltd., sales at the dealership have significantly increased compared to the same period in 2024. The proportion of customers utilizing the trade-in program has risen from less than 30% to nearly 60%. “Banks have optimized their loan policies and processes, reducing down payment ratios and interest rates. The Construction Bank has also issued additional car purchase coupons, which have stimulated consumer interest and boosted our sales,” Chen explained.

At the GAC Motor Nanning Lijunhui dealership, the new “Chuanqi Xiangwang” series has attracted many consumers. “After the series of promotional measures were implemented, we noticed a significant shift in our NEV sales,” said Deng Guoming, Chairman of Nanning Lijunhui Automobile Sales Service Co., Ltd. He pointed out that recent financial innovations have enabled consumers to select higher-end models with lower monthly payments, resulting in a noticeable increase in customer conversion rates.

“In addition to offering car purchase coupons and trade-in subsidies as required by policy, we are providing low-interest loans for consumers. We are also collaborating with car dealerships to create offline test drive experiences, along with online-offline promotional activities to attract more customers,” said Pang Huaijin, a customer manager at the Construction Bank's Nanning Yuanhu branch. The bank is also offering flexible financing options, including zero-interest and low-interest installment plans for selected models and brands, to alleviate repayment pressure for consumers.

“The financial industry is actively responding to calls for expanding domestic demand and promoting consumption by developing a series of credit solutions that lower the entry barriers for consumers. This is beneficial for consumers. In an increasingly competitive consumer finance market, financial institutions are innovating their services by integrating specific consumption scenarios and products, which reflects an upgrade in financial service quality,” said Liu Qianwen, an associate professor at Guangxi University’s School of Economics. He also cautioned that the implementation of these financial support policies might lead to some irrational consumption, potentially introducing new risks for banks. He suggested that financial institutions should focus on risk management while promoting relevant services and emphasize financial education for consumers to foster sound consumption concepts.