TapTechNews August 23rd news, the Ministry of Commerce held a regular press conference yesterday. He Yadong, the spokesperson of the Ministry of Commerce, said at the regular press conference that as of noon on the same day, the Ministry of Commerce's information platform for vehicle trade-in and renewal had received more than 680,000 applications for vehicle scrapping and renewal subsidies.
He Yadong indicated that in the past nearly one month, there have been about 340,000 new subsidy applications. The vehicle scrapping and renewal policy has led to a rapid increase in the amount of scrapped vehicles recovered. From January to July, 3.509 million scrapped vehicles were recovered nationwide, an increase of 37.4% year-on-year, among which in May, June, and July, they increased by 55.6%, 72.9%, and 93.7% respectively.
In terms of vehicle trade-in and renewal, the main policy adjustments are as follows:
Increase the standard: The subsidy standard has been increased from 10,000 yuan for subsidy of scrapping and renewing new energy vehicles and 7,000 yuan for scrapping and renewing fuel vehicles to 20,000 yuan and 15,000 yuan respectively.
Retroactive: For all subsidy applications for vehicle scrapping and renewal that meet the conditions, they will all be implemented in accordance with the new subsidy standards; for the subsidies that have already been issued, the difference will also be made up.
Optimize the process: Cooperate with relevant departments to optimize the subsidy application review and fund disbursement process, and strive to allow consumers to receive the subsidy as soon as possible. While carrying out vehicle scrapping and renewal, we will also guide all localities to make good use of the central government's support funds and reasonably formulate and issue subsidy policies for vehicle replacement and renewal, and continuously expand the effectiveness of the vehicle trade-in and renewal policy.
According to TapTechNews' previous report, on June 3 this year, the Ministry of Finance allocated 6.44 billion yuan of financial discount and award subsidy funds in 2024 for the advance payment of central financial subsidy funds for vehicle trade-in and renewal in 2024.
On August 16, 7 departments including the Ministry of Commerce increased the subsidy standard for vehicle scrapping and renewal. Those who scrap qualified old vehicles and purchase new energy passenger vehicles can get a subsidy of 20,000 yuan.
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Ministry of Commerce and other 7 departments increase the subsidy standard for vehicle scrapping and renewal: up to 20,000 yuan can be subsidized