China annnounces cash-for-vehicles program
Published on June 9, 2011 by Tycho de Feijter
Chinese ministries announced Wednesday the details of the country’s new cash-for-vehicles program, which will allow automobile owners to receive up to 18,000 yuan ($2,769) for scrapping their unused vehicles this year.
Motorists will receive a state subsidy worth between 11,000 and 18,000 yuan if their vehicles are registered to be scrapped in 2011, according to a statement from the Ministry of Commerce and Ministry of Finance.
The program covers rural passenger vehicles between 6 and 15 years old, city buses between 8 and 15 years old and heavy trucks between 10 and 15 years old, the ministries said.
China ended an old-for-new automobile exchange program at the end of last year, which allowed motorists to exchange their old vehicles for subsidies on new vehicle purchases.
The exchange program covered a larger range of vehicles than the cash-for-car program, including light trucks and passenger cars. The exchange program was created to boost sales of new automobiles and cut emissions.