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2 CN Govt Units Release Notice on Car Trade-in; NEV-PVs, ICE-PVs See Max. Subsidy RMB15K, RMB13K
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China's National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) issued a notice on the implementation of the policy of large-scale renewal of equipment and trade-in of consumables in 2025. The notice mentioned to improve the subsidy standard for automobile replacement and renewal. Individual consumers who transfer the registration of their own passenger vehicles and purchase new passenger vehicles (PVs) will be eligible for the vehicle replacement subsidy. The maximum amounts of subsidy for a single new energy vehicles (NEV-PVs) and internal combustion engines passenger vehicles (ICE-PVs) are RMB15,000 and RMB13,000 respectively. The notice also stated that the existing passenger vehicles (PVs) of consumers applying for the subsidy must be registered in their names no later than the date of publication of the notice. The implementation details of the subsidy for vehicle replacement and modernization are to be reasonably formulated by each region in accordance with the requirements of the notice and in the light of the actual situation. AAStocks Financial News |
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