NIO (NYSE: NIO, HKG: 9866, SGX: NIO) shares traded in Hong Kong continued to rise today, up 5.68 percent to HK$199.2 at press time, to a new all-time high.
NIO's previous all-time high in Hong Kong was HK$196 on April 4.
Beijing yesterday launched a new policy to encourage residents to replace their existing vehicles with new energy vehicles (NEVs).
The Beijing government will provide subsidies of up to 10,000 yuan ($1,500) to individual car owners who scrap or transfer a passenger car they have owned for more than a year and purchase a NEV, valid from June 1 to December 31.
The policy is aimed at consumers who already own a car in Beijing, a group that is apparently larger than first-time buyers, given the extreme difficulty of obtaining new license plates in the city.
Eligible new energy vehicles include pure electric vehicles, fuel cell vehicles, and extended-range electric vehicles (EREVs).
Last week, the Shanghai government introduced a similar policy, but it was limited to pure electric vehicles, with EREVs as well as PHEVs excluded.
From June 1 to December 31, individuals who scrap or transfer their cars owned in Shanghai and purchase pure EVs locally will receive a subsidy of 10,000 yuan, according to an announcement from the Shanghai government on June 17.
The announcement of the subsidy in Shanghai comes after Jiading District, where NIO's global headquarters is located, announced policies to stimulate vehicle consumption in the district, including NEVs and ICEs.
Residents of Jiading District will receive a subsidy of RMB 10,000 for cars purchased locally for less than RMB 150,000, or RMB 20,000 if the car costs RMB 150,000 or more.
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