SAIC Motor Corp. is spending 3.3 billion yuan ($466 million) on discounts and other incentives to spur demand for gasoline-powered Roewe vehicles from April 24 to June 30.
The incentives — price discounts and subsidies for sales taxes and interest payments on auto loans – will be offered on five gasoline-powered models, the state-owned Chinese automaker said.
In addition to those five vehicles — the i5 and i6 Plus sedans and the RX3, RX5 and RX8 crossovers — SAIC builds and markets plug-in hybrid and electric vehicles under the Roewe and MG brands.
First-quarter combined sales at the two brands slipped 34 percent to 99,397, reflecting the impact of the coronavirus outbreak, with many dealers and factories idled. SAIC didn’t disclose separate sales for the two brands.
SAIC is not the only Chinese carmaker seeking to attract car shoppers with incentives in the wake of the pandemic.
Chery Automobile Co., another state-owned automaker, announced last week that it will spend 100 million yuan ($14 million) on incentives – mostly price discounts and vehicle insurance subsidies — on gasoline models during the May 1-5 Labor Day holiday.