Hangzhou releases new policies to boost vehicle trade-ins

Shanghai (Gasgoo)- Recently, the Hangzhou Municipal People's Government released a document introducing policies aimed at faciliating trade-ins for travel, transportation, and automobile sectors.

Photo credit: Hangzhou Municipal People's Government 

In terms of equipment renewal, by 2027, the Hangzhou government plans to increase investment in equipment across various sectors including industry, energy, construction, transportation, and agriculture by more than 30% compared to 2023.

Hangzhou is committed to accelerating the electrification of public transportation and road transportation equipment renewal. By 2027, the city aims to switch 95% of its public buses to  electric ones, with 100% of the buses operating in main urban areas being new energy buses. Additionally, by 2027, over 90% of newly added and renewed taxis (including online ride-hailing cars) should be new energy vehicles (NEVs), achieving an overall electrification rate of 90% for taxis.

Regarding consumer goods trade-ins, Hangzhou intends to see a cumulative total of 80,000 old vehicles exchanged for new ones by 2027, with annual sales of NEVs reaching 300,000 units, accounting for over 50% of the city's total sales volume. The city plans to host no less than 10 car exchange promotion and exhibition events annually. Car manufacturers are encouraged to offer trade-in programs and provide free charging piles with the purchase of NEVs.

In terms of recycling and reuse actions, the Hangzhou municipal government plans to increase the volume of used car transactions to over 300,000 vehicles, as well as scrap and recycle more than 30,000 vehicles.

In promoting high-level resource recycling, the Hangzhou municipal government plans to promote the classification and centralized disposal of recycled resources such as scrapped vehicles, retired photovoltaic components, used household appliances, old batteries, and used tires.