Auto Trade-in in China Over 1.5M Registered Users and 1M Subsidy Applications

TapTechNews September 14th news, according to the Shanghai Securities News report, the reporter learned from the Ministry of Commerce that as of 0:00 on September 14th, the cumulative number of registered users on the auto trade-in information platform exceeded 1.5 million, and the number of applications for auto scrap and renewal subsidies exceeded 1 million.

TapTechNews noticed that at the 2024 Teda Automobile Forum held on August 31st, Geng Hongzhou, a first-class inspector of the Consumption Promotion Department of the Ministry of Commerce, once disclosed that according to the data of the national auto trade-in platform, as of 10 a.m. on August 31st, more than 800,000 applications for auto scrap and renewal subsidies had been received. That is to say, in half a month, the number of applications for auto scrap and renewal subsidies increased by about 200,000.

TapTechNews previously reported that on August 16th, seven departments including the Ministry of Commerce officially released the Notice on Further Improving the Auto Trade-in Work, and a new round of auto trade-in was officially launched. This auto trade-in policy raised the subsidy standard for scrap and renewal. For qualified auto scrap and renewal, the subsidy standard was increased from 10,000 yuan for purchasing new energy passenger cars and 7,000 yuan for purchasing fuel passenger cars to 20,000 yuan and 15,000 yuan respectively.