China introduces trade-in policies for polluting vehicles, boosting automotive market demand by 1 trillion yuan ($138bn).
Automakers and local governments in China have introduced preferential policies and activities to help trade-in of vehicles, boosting market demand by 1 trillion yuan ($138bn), according to industry experts. China rolled out measures in April to assist trade-ins of polluting vehicles for new energy or fuel-efficient cars, offering up to 10,000 yuan subsidy for buyers trading in older cars before year-end. The old-for-new promotional campaign is driving the automotive market, with a scale of 6-7 million units.
May 27, 2024
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