BEIJING – China’s vehicle trade-ins in November jumped 66 percent from October to 63,000 units through the ongoing vehicle trade-in subsidy program, according to the latest data from the Ministry of Commerce (MOFCOM).
That was the most number of vehicles traded-in in a single month since the program began in June 2009.
In the first 11 months, vehicle trade-ins totaled nearly 347,000 units. Almost ¥5 billion ($753 million) in subsidies were provided for these trade-ins, which in turn drove up new vehicle consumption by ¥38.2 billion.
The program, which provides as much as ¥18,000 per vehicle, will end by December 31. The spike in November trade-ins may be the result of speculation that the program will not continue in 2011.