China Increases Subsidies for Vehicle Trade-Ins to...
China News
August 22, 2024
China has ramped up subsidies for vehicle trade-ins, offering up to 20,000 yuan (around 2,800 US dollars) for new electric vehicles—double the previous subsidy. For new gas-powered cars, the subsidy has risen from 7,000 yuan to 15,000 yuan (approximately 2,100 US dollars). According to the senior manager for North China at BMW Brilliance, the trade-in market for 15-year-old vehicles has peaked, and foreign enterprises play a key role in stimulating domestic car demand.