The Guangzhou Baiyun (Yongping) Auto Festival, held at the Donggu Center Plaza, has achieved sales of 250 million yuan ($35.37 million). Since its launch on Sept 28, the festival has leveraged the "trade-in" subsidy policy, engaging 25 local automotive companies to invigorate car consumption.

The main event occurred at the Donggu Center, with sub-venues at various 4S dealerships along Baiyun Avenue. Each brand offered many discounts, marking the largest subsidy effort in recent years. By Oct 7, a total of 1,188 vehicles had been sold, contributing to the impressive sales figure. Some companies reported a year-on-year sales increase of over 40 percent.

Yongping Street's automotive industry boasts annual sales exceeding 20 billion yuan, with 27 automotive brands and 25 major enterprises. This year alone, the area has seen nearly 15 billion yuan in investments and output value. Baiyun's automotive sales account for two-thirds of Guangzhou's total, highlighting the area's scale effect.

The event also introduced the opening of the Greater Bay Area's first Auto Industry Innovation and Exhibition Center. This 2,000-square-meter center aims to showcase the achievements and innovations of Guangzhou's automotive industry. The center will engage in collaborative efforts with manufacturers, dealer groups, and industry associations to advance the automotive ecosystem in Guangzhou and the Guangdong-Hong Kong-Macao Greater Bay Area.

Guangzhou Baiyun (Yongping) Auto Festival. [Photo/WeChat account: gz_baiyunfabu]