Car firms roll out discounts across China

Geely Automobile (0175) is offering purchase sweeteners and extending a reduction in purchase tax with a subsidy of up to 30,000 yuan (HK$34,305).

The campaign runs till March 31 nationwide, and requires customers to spend 99 yuan to purchase coupons on Geely's mobile application to participate.

Shares of Geely dropped 2 percent to close at HK$9.28 yesterday.

Earlier this month, Hubei province kicked off "the biggest car-sale subsidy season" with cash-back offers starting from 5,000 yuan.

Piggybacking off the campaign, state-backed Dongfeng Motor (0489) has begun offering further discounts on several of its Citroen, Nissan and Honda models. The Citroen C6 offers the highest cash-back amount at 90,000 yuan when both the provincial subsidy and the Dongfeng promotion are utilized in conjunction, according to local media reports.