China granted 2.955 billion yuan of subsidies to replace old vehicles with new vehicles in the first eight months, of which 340 million yuan was granted in August, reports yicai.com, citing the Ministry of Commerce.
In the first eight months, 210,000 units of old vehicles were replaced with new vehicles, including 24,000 vehicles replaced in August.
The old-for-new replacement program brought about 25.3 billion yuan worth of vehicle purchases in the first eight months.
A total of 90,000 passenger cars were replaced in the first eight months, accounting for 42 percent of total subsidized vehicles.
The number of replaced large and medium passenger buses and light trucks accounted for 30 percent and 17 percent respectively of total replaced vehicles.
Shares of SAIC Motor (600104) were up 0.74 percent to close at 17.6 yuan yesterday.
