Written by Cláudio Afonso | LinkedIn | X
Beijing will double subsidies for residents trading in old vehicles for new energy vehicles (NEVs) as part of its 2025 trade-in program, the city’s commerce bureau announced.
In 2025, residents scrapping eligible old vehicles and purchasing new NEVs will receive a subsidy of 20,000 yuan ($2,745), up from 10,000 yuan previously.
For those trading in qualified vehicles for internal combustion engine cars with engines of 2.0 liters or smaller, the subsidy will rise to 15,000 yuan from 7,000 yuan.
The program covers vehicles registered under the owner’s name on or before July 25, 2024. The trade-in policy will run from September 1, 2024, to December 31, 2024, the bureau said.
To qualify for the new incentives, applicants must transfer a vehicle registered under their name in Beijing for at least one year and purchase a new NEV from an authorized dealer in the city.
A total of 292,600 new energy vehicles (NEVs) were sold in Beijing in 2024, achieving a penetration rate of 44.9% in the Chinese capital.
Nearly half of all new vehicle sales in Beijing were NEVs, which include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and extended-range electric vehicles (EREVs).
Guangdong ranked as the Chinese province with the highest NEV sales, exceeding 1.23 million units, while its penetration rate reached 48.3%.
As reported earlier this week, China’s Ministry of Industry and Information Technology (MIIT) said it is preparing to draft guidelines promoting the battery swapping technology as part of a broader plan to sustain the growth of the NEV industry in the country.
At a press conference held by the State Council Information Office, Vice Minister Zhang Yunming said efforts would focus on advancing research and development in key technologies such as next-generation batteries.
In December, China recorded sales of 762,000 all-electric cars, representing 58.5% of total new energy vehicle (NEV) retail sales.
Overall, retail sales of passenger NEVs reached 1.302 million units for the month, marking the fifth consecutive month surpassing 1 million units and reflecting a 37.5% year-on-year increase.
The Ministry is also working on refining policies to manage automakers’ emissions credits and is exploring systems to monitor carbon emissions and battery carbon footprints. This includes plans to develop standards for international recognition.
Written by Cláudio Afonso | LinkedIn | X
