(ECNS) -- Latest data released by the Ministry of Commerce (MOC) on Monday shows that since the implementation of the 2024 vehicle trade-in policy, subsidy applications have exceeded 10 million.
As of Sunday, the number of subsidy applications for the 2025 vehicle trade-in program reached 3.225 million, including 1.035 million for vehicle scrapping and replacement, and 2.19 million for trade-in upgrades. New energy vehicles accounted for over 53% of the applications.
The ministry stated that the vehicle trade-in policy has effectively boosted consumption, green transformation, and resource recycling.
From January to April, domestic passenger vehicle retail sales reached 6.872 million, up 7.9% year on year.
During the same period, retail sales of new energy passenger vehicles totaled 3.324 million, a 35.7% year-on-year increase, with a market penetration rate of 48.4%, while 2.767 million end-of-life vehicles were recycled, up 65% year on year, according to MOC.
(By Zhang Dongfang)
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