The stimulating effect of the old-for-new policy is beginning to show, and some car companies have released sales "battle reports" half a month in advance
2024-08-24
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As the news of the additional policy on old-for-new exchanges came into effect, market terminals also responded quickly.
Recently, SAIC-GM-Wuling announced its sales report half a month in advance. Under the old-for-new policy, SAIC-GM-Wuling's actual sales in early August increased by 30% month-on-month and 25% year-on-year, and its new energy vehicles grew more significantly. Among them, the actual sales of the Bingo family increased by 87% month-on-month and 73% year-on-year; the GSEV series products increased by 91% month-on-month and 88% year-on-year; Baojun Yunduo increased by 57% month-on-month and 97% year-on-year.
In fact, it is not just SAIC-GM-Wuling that has benefited from the policy. On August 21, the latest data released by the China Passenger Car Association showed that from August 1 to 18, the passenger car market sold 907,000 vehicles, an increase of 8% year-on-year and 16% month-on-month. The policy has a better effect on new energy vehicles. From August 1 to 18, the passenger car new energy market sold 490,000 vehicles, a year-on-year increase of 58%, higher than the year-on-year increase of 36% so far this year, and a month-on-month increase of 27%.
At the end of July, the National Development and Reform Commission and the Ministry of Finance issued the "Several Measures on Further Supporting Large-Scale Equipment Renewal and Consumer Goods Trade-in", which clearly stated that the subsidy standard for scrapped vehicles would be doubled. Individual consumers who scrap fuel passenger cars with National III emission standards or below, or new energy passenger cars registered before April 30, 2018, and purchase new energy passenger cars will receive a subsidy of 20,000 yuan, while those who purchase fuel passenger cars with a displacement of 2.0 liters or less will receive a subsidy of 15,000 yuan.
A reporter from China Business News learned from SAIC-GM-Wuling that after the policy was introduced, dealers stepped up the dissemination of the "National III" replacement policy and launched promotional activities such as door-to-door visits to users and "cars going to the countryside" in county and township markets. Judging from the sales data of dealers in various places, this policy has a great effect on stimulating new car consumption in Shandong, Henan and other places. SAIC-GM-Wuling Yantai Hengfeng system dealers said that the actual sales data in their region in early August increased by 125% month-on-month, setting a new monthly high in 2024, and increased by 225% year-on-year.
Bloomberg New Energy Finance's new energy vehicle analyst Mi Siyi told reporters that China's increased trade-in policy may release a new energy vehicle market worth US$26 billion (about RMB 185.6 billion). Compared with fuel-efficient vehicles, the plan favors new energy vehicles, and the relevant funds are expected to support the sales growth of 1.1 million new energy vehicles in 2024, and further promote China's annual sales of new energy vehicles to exceed 10 million this year.
(This article comes from China Business Network)
