Yunnan Province's Vehicle Trade-in Campaign Starts, with Multiple Supports

TapTechNews May 27th news, TapTechNews learned from the Yunnan Provincial Department of Commerce that the云南省(Yunnan Province)'s vehicle trade-in campaign officially kicked off last weekend. It is reported that as of 2023, the number of cars owned in Yunnan is 9.57 million, of which 2.41 million have been registered for more than 10 years, and the number of vehicle trade-ins in the province will exceed 100,000 this year.

The Yunnan Provincial Department of Commerce stated that this year it will increase its support for vehicle trade-ins. One is to support vehicle scrapping and renewal, and subsidize consumers who scrap old cars that meet the conditions and buy new cars with $1,000 or $1,400 in cash. From April 24, 2024 to December 31, 2024, subsidies will be given to individual consumers who scrap old cars that meet the conditions and buy new cars that meet the conditions.

For those who scrap old cars that meet the conditions and buy new energy vehicles, the subsidy is $1,400;

For those who scrap old cars that meet the conditions and buy fuel vehicles with a displacement of 2.0 liters and below, the subsidy is $1,000.

It is learned that local mobile phone users can apply through the 'Vehicle Trade-in' mini-program, and computer users can apply through the 'National Automobile Circulation Information Management' system webpage.

Second is to support vehicle replacement and renewal, and co-ordinate government and enterprise funds and resources to give preferences and subsidies to consumers who sell old cars and buy new cars, and encourage enterprises to stack various new car sales preferential policies.

Third is to support bank and insurance institutions to increase the preferential strength of auto consumption credit, insurance, etc., and encourage the innovation of financial products and services in subdivided scenarios to better meet the needs of auto consumption.

Fourth is to work in coordination with public security, taxation and other departments to facilitate vehicle trade-in transactions, registration and settlement, and enjoy various tax preferential policies at the same time.