Shanghai had registered nearly 1.3 million new energy vehicles by the end of 2023, making it the city with the largest NEV ownership in the world.

That's according to an annual report on the development of the automobile industry in Shanghai, released on March 2.

The report, jointly released by the Shanghai Municipal Commission of Commerce and the Shanghai Economic Information Center, highlights the strong growth of NEVs in Shanghai, with 354,000 new energy vehicles registered in the city last year alone.

Private new vehicle registrations saw a significant increase in pure electric vehicles, accounting for over 50 percent of new private car sales.

This achievement not only put Shanghai ahead of schedule in achieving its green and low-carbon transportation goals, but also made it the city with the largest NEV fleet globally, with a total of 1.288 million units at the end of 2023.

All in all, Shanghai has been dedicated to promoting green transportation and low-carbon living. The city's commerce commission has announced a new round of subsidies for both low-emission vehicles and new energy vehicles, effective through the end of 2024.

Under the new subsidy scheme, individual consumers who replace their cars registered in Shanghai and purchase new vehicles meeting the country's highest emission standard can apply for a one-time subsidy of 2,800 yuan ($388.93). Those who opt for pure electric NEVs can claim a subsidy of 10,000 yuan.

Additionally, Shanghai also offers subsidies for green smart home appliances, covering 16 categories – including air conditioners, refrigerators, washing machines, televisions and range hoods.

Consumers can enjoy a 10 percent instant discount on the purchase price of these appliances, with a maximum subsidy amount of 1,000 yuan.