China Auto Manufacturers_ CPCA Expert Call Takeaways_ Policy and Demand Update
Audi·2025-01-16 07:53
10 Jan 2025 06:28:21 ET │ 10 pages Effects of 2024 Old-for-New Policy — (1) National scrap replacement met Cui's expectations. According to Cui, 2024 national scrap replacement declarations reached 2.9mn units by 31-Dec-2024, with FY volume likely reaching 3mn after accounting for pending approvals by 11-Jan-2025. Daily activity slowed to c.6k units in the final week of Dec-24, as consumers had acted early to meet 2024 policy deadlines. Cui estimates the program's total subsidy at Rmb60-70bn (c. Rmb20k/unit ...