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China’s vehicle trade-ins hits record 63,000 units in November, says MOFCOM

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.

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