China’s financial hub Shanghai released an action plan for accelerating automobile renewals between 2024 and 2027, in an effort to accelerate automobile consumption in the city.
Shanghai aims to reduce the average age of used vehicles by one year by 2027, according to the action plan.
The trading volume of used vehicles will reach 900,000 by 2027, rising by 50% from that in 2023; the export volume of used vehicles will reach 15,000 by then, rising by 100%; and the number recycled scrapped vehicles will reach 50,000, rising by 100%, showed the plan.
In 2024, a one-time fixed subsidy will be provided to individual consumers who scrap internal combustion engines passenger vehicles (ICEVs) with emission standards of National III or below or new energy passenger vehicles (NEVs) registered before 30 April 2018, and purchase eligible NEVs or ICEVs, it said
