China Auto Daily丨 China Plans New Car Trade-In Policies for 2025

MOFCOM to Implement New Car Trade-In Policies for 2025

During the 2024 Automotive Finance Industry Summit, Song Yingjie, Deputy Researcher of the Consumption Promotion Department at the Ministry of Commerce (MOFCOM), revealed plans for next year's car trade-in policies. As of now, the nation has seen over 2 million applications each for vehicle scrappage and replacement, totaling more than 4 million. This has led to a more than 50% year-on-year increase in recycled vehicles from January to October.

In light of these figures, Song emphasized that the department would thoroughly evaluate the effectiveness of this year’s policies and plan next year’s car trade-in policies well in advance. This initiative aims to stabilize market expectations and focus on continuous improvement of automotive-related policies, thereby promoting easier and more reliable trading of second-hand cars.

Passenger Car Retail Market Forecast for November

The China Passenger Car Association (CPCA) has projected that the retail sales of narrow-scope passenger cars will reach around 2.4 million vehicles in November, reflecting a year-on-year growth of 15.4% and a month-on-month increase of 6.1%. The sales of new energy vehicles (NEVs) are expected to hit 1.28 million units, with a penetration rate of approximately 53.3%.

Xiaomi's Second Car Set for Early 2025 Release

An internal source at Xiaomi disclosed that the company plans to launch its second vehicle model between February and March 2025. This news was corroborated by another individual close to Xiaomi Automobile, who mentioned that the release timeline for this new model would align with the launch schedule of the previous Xiaomi SU7 series. However, specific details about the new vehicle's features and specifications remain under wraps.