"Shanghai just announced the new policy this morning, and the number of consumers coming to inquire about the new policy in the afternoon has increased significantly." At around 4 p.m. on April 12, a salesperson in a store in Pudong, Shanghai told the First Financial reporter.

On the same day, although the Shanghai Central Meteorological Observatory issued a yellow warning for strong winds, there were many consumers visiting cars in a shopping mall in Pudong, Shanghai where new energy vehicles were sold.

On the morning of April 12, the official Weibo of "Shanghai Business" announced that it will further improve the work of the city's old-for-new automobile exchange in 2025, and expand the scope of automobile replacement and renewal subsidies to foreign-licensed old cars. In January this year, the Shanghai Municipal Commerce Commission issued a policy on increasing its support for the old-for-new car in 2025, and stipulated the scope of subsidies as "the passenger car registered in Shanghai under my name", and now it has further expanded to "the passenger car registered in other provinces and cities under my name".

This policy provides great convenience for many foreign-licensed car owners in Shanghai to exchange old and new, and is of great significance to boosting and activate the automobile consumer market.

A foreign-licensed car owner in Shanghai told reporters that if a foreign-licensed car wants to enjoy the old-for-new policy, he needs to go back to the registered place to purchase the car, which undoubtedly increases the cost of buying a car and is inconvenient. However, as soon as Shanghai's new policy was released, foreign-licensed old cars could directly enjoy the old-for-new subsidy policy in Shanghai. In addition, the current preferential policies and new products were frequently released, so he had the idea of ​​changing cars.

Information from the Shanghai Commerce Commission shows that from January 1, 2025 to December 31, 2025, individual consumers purchase new new energy passenger cars of more than 100,000 yuan (including) and transfer the passenger cars registered in other provinces and cities under their name within the prescribed period, and give a one-time subsidy of 15,000 yuan; individual consumers purchase new fuel passenger cars of more than 100,000 yuan (including) of National VI b emission standards, and transfer the fuel passenger cars registered in other provinces and cities under their name within the prescribed period, and give a one-time subsidy of 13,000 yuan.

In the past year, the old-for-new policy has had a significant effect on boosting the automobile consumer market. According to data released by the Shanghai Municipal Commerce Commission, as of November 28, 2024, the total number of applications for participating in the national automobile scrapping and renewal, as well as the number of applications for the old-for-new automobile in Shanghai, has exceeded 100,000, driving new car sales of more than 20 billion yuan. From January to October this year, Shanghai's scrapped motor vehicles achieved double-digit growth year-on-year, especially since July last year, the number of scrapped motor vehicles increased by more than 70% year-on-year, and the number of second-hand car transfer transactions has gradually increased.

According to data from China Automobile Digital Research, in February this year, the sales of new energy vehicles in Shanghai were 15,000, a year-on-year increase of 75.8%, and the penetration rate of new energy vehicles reached 54.2%. In the first two months of this year, Shanghai's new energy vehicle sales were nearly 33,000.

Shanghai's new policy will further release the vitality of replacement of foreign-licensed old cars, and the automobile consumer market is expected to usher in a small spring. According to the "2024 Shanghai Comprehensive Transportation Development Analysis Report" released by the Shanghai Institute of Urban and Rural Development and Transportation Development, as of the end of 2024, there were about 1.05 million license plates in provinces and cities other than Shanghai for a long time.