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Car Trade-in Less Than 10% Of Transactions

CHINA PRESS
MNI (BEIJING)
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Car dealers have reported less than 20% of customers inquire about the old-for-new trade in policy, with an actual transaction rate of less than 10%, according to Fan Yu, a senior leader at the China Automobile Dealers Association. Fan expects passenger vehicle sales to reach around 1.75 million in June, a slight increase from May, and noted the current price war trend was intensifying, with pressure on luxury and imported brands more prominent. Policy effects would gradually be released in H2 and provide a driving effect on the entire market, Fan continued. (Source: Yicai)

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Car dealers have reported less than 20% of customers inquire about the old-for-new trade in policy, with an actual transaction rate of less than 10%, according to Fan Yu, a senior leader at the China Automobile Dealers Association. Fan expects passenger vehicle sales to reach around 1.75 million in June, a slight increase from May, and noted the current price war trend was intensifying, with pressure on luxury and imported brands more prominent. Policy effects would gradually be released in H2 and provide a driving effect on the entire market, Fan continued. (Source: Yicai)