Consumption vouchers give a boost to Beijing's auto market

Beijing is seeing a boost in its automotive market due to its auto consumption voucher program, which has driven the city's vehicle sales and regional economic growth.

The Beijing Economic-Technological Development Area has witnessed a surge in automotive consumption thanks to its auto voucher program from late January to early this month.

According to statistics from the BDA's commerce and finance bureau, as of Feb 5, 14 participating automakers have collectively secured 637 vehicle orders during the Spring Festival period. This has resulted in nearly 1.8 billion yuan ($247.8 million) in sales, reaching a milestone for the program.

At a Xiaomi Auto exhibition in a shopping center in BDA, a large number of consumers have been lining up to test-drive. The company said that the consumption vouchers have significantly boosted consumer enthusiasm for vehicle purchases during the Spring Festival, with a month-on-month growth rate of 15 percent.

Other automakers have also noted a substantial increase in orders compared to usual periods. They attribute this surge to the impact of the consumption vouchers, which have effectively heightened consumer willingness to purchase vehicles.