[SMM Analysis] Jiangsu Province Adjusts 2025 Automobile Trade-in Subsidies

Following consultations with relevant provincial departments, Jiangsu Province has now made the following adjustments to the 2025 vehicle trade-in policy:

I. Suspension of the Vehicle Replacement and Renewal Policy

(1) The vehicle replacement subsidy policy is suspended effective 24:00 on September 28, 2025.

(2) Consumers who obtained the new vehicle's "Motor Vehicle Sales Uniform Invoice" during the period from January 1, 2025 (inclusive) to September 28, 2025, and meet the application conditions for the vehicle replacement subsidy policy (based on the invoice issuance time), should submit complete application materials through the vehicle replacement and renewal application on the "Su Xin Consumption Jiangsu Consumer Goods Trade-in Platform" WeChat mini-program or the "Su Fu Ban" APP by 24:00 on October 20, 2025.

(3) Consumers who have submitted applications on time are advised to closely monitor the review progress through the vehicle replacement and renewal platform. If application materials need to be modified or supplemented, submissions must be completed by 24:00 on October 31, 2025; failure to complete modifications or supplements as required by the deadline will be deemed as voluntary withdrawal of the application.

II. Implementation of Quota Management for Vehicle Retirement and Renewal

(1) Effective 00:00 on September 29, 2025, the vehicle retirement and renewal subsidy policy will be implemented using a "qualification acquisition first, subsidy application later" approach (based on the issuance time of the new vehicle's "Motor Vehicle Sales Uniform Invoice"). Specific implementation measures and methods for qualification acquisition will be announced separately.

(2) Consumers who obtained the new vehicle's "Motor Vehicle Sales Uniform Invoice" before September 28, 2025 (based on the invoice issuance time), can still submit applications and receive acceptance normally according to the pre-adjustment policy through the National Automobile Circulation Information Management System website or the "Automobile Trade-in" WeChat mini-program.

SMM believes that the adjustments to the trade-in policy generally impose stricter requirements on vehicle retirement and offer weaker subsidies, which, to some extent, will dampen subsequent consumer enthusiasm for new energy vehicles and reduce the supply of scrap lithium batteries.

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