SHENZHEN unveiled comprehensive measures to promote the high-quality development of both new energy vehicles (NEVs) and intelligent connected vehicles (ICVs).

The initiatives, jointly released by eight government departments, are strategically devised to capitalize on the ongoing restructuring of the automotive industry, positioning Shenzhen as a key player in driving innovation and excellence within the sector. The overarching goal is to propel the city’s NEV and ICV industries to the forefront of national and international prominence.

The measures were introduced in recognition of the growing importance of the new energy and ICV industries, which are set to play a pivotal role in capturing a significant share of the global new energy market amidst the backdrop of the country’s “dual carbon” goals.

Leveraging its robust foundation in the NEV supply chain, market scale, and business environment, Shenzhen aspires to establish itself as a world-class auto city, characterized by the convergence of cutting-edge technologies and top talents.

The multifaceted measures primarily concentrate on elevating research and development efforts in key technologies, constructing modern auto industry systems, enhancing advanced manufacturing capabilities, amplifying the promotion of NEVs and ICVs, facilitating domestic and international market expansion for enterprises, and optimizing the spatial layout of related industries.

Subsidies of up to 10 million yuan (US$1.4 million) will be allocated for breakthroughs in key areas such as advanced power batteries, on-board cameras, high-precision maps and positioning, and intelligent cockpits.

Additionally, enterprises, institutions, and social organizations participating in formulating or revising domestic or foreign standards stand to receive subsidies amounting to 1 million yuan per project.

Incentives are also available for hosting NEV and ICV-related international exhibitions, forums, competitions, and other activities with positive industrial implications, as per the measures.

The measures took effect Monday and will remain in force for three years.

(Wang Jingli)