China's Car Trade-in Subsidies Total RMB 510 Mln in Sep

BEIJING, Oct. 13 -- The subsidies of China's old-for-new car program totaled RMB 510 million or US$76.35 million in September, said the Ministry of Commerce on Oct. 8.

The country sold 36,000 of under-the-program autos last month, reflecting a month-on-month increase of 50%.

In the first nine months of this year, RMB 3.5 billion worth of subsidies were provided for 250,000 units of old-for-new car purchases, which were valued at RMB 28.6 billion, and 44% of the subsidies were offered to sedan buyers. 

The central government in early June increased the program's subsidies, which include RMB 60,000 for each electric auto buyer and RMB 3,000 for every buyer with new car equipped with 1.6-liter or smaller engine, sources reported.