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Applications for auto trade-in subsidies exceed 10 mln in China(Xinhua) 09:37, May 13, 2025
BEIJING, May 12 (Xinhua) -- The total number of applications for auto trade-in subsidies in China exceeded 10 million by Sunday, under a mass renewal program initiated in 2024, the Ministry of Commerce said on Monday.
Of that total, applications made in 2025 amounted to 3.23 million, with consumers scrapping nearly 1.04 million cars and purchasing 2.19 million new vehicles with auto trade-in subsidies. New energy vehicles (NEVs) accounted for more than 53 percent of all auto trade-ins since the beginning of the year.
The program aims to expand domestic demand and shore up the Chinese economy through equipment upgrades and trade-ins of consumer goods.
China's auto market maintained robust growth from January to April, with sales rising 10.8 percent to 10.06 million units, the China Association of Automobile Manufacturers said on Monday.
Notably, NEVs posted strong growth. NEV production surged 48.3 percent year on year to nearly 4.43 million units in the first four months, with sales up 46.2 percent year on year to 4.3 million units.
(Web editor: Zhang Kaiwei, Liang Jun)
