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<Research>Daiwa: Suspension of Auto Trade-in Subsidies in Some CN Cities to Slow Down Sales in ST; Mkt Sentiment Expected to Recover by End-3Q
Foreign media reported that at least six cities across mainland China have suspended trade-in subsidies for vehicle this month, according to a research report published by Daiwa. A...
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<Research>Daiwa: Suspension of Auto Trade-in Subsidies in Some CN Cities to Slow Down Sales in ST; Mkt Sentiment Expected to Recover by End-3Q
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Foreign media reported that at least six cities across mainland China have suspended trade-in subsidies for vehicle this month, according to a research report published by Daiwa.

Although it is not known when a new round of subsidies will be disbursed, the National Development and Reform Commission (NDRC) said that the subsidies will continue until the end of the year.

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Daiwa expected that the suspension of the subsidy will slow down auto sales in the short term, but once the central government effectively disburses the second round of subsidies of RMB138 billion, auto sales are expected to accelerate, probably from the end of 3Q25.

Therefore, the broker projected the auto industry to remain under pressure in the short term until July, while market sentiment may recover by the end of 3Q25.

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