Visitors look at a new-energy sports car displayed at the World Intelligence Expo 2024 in north China's Tianjin, June 22, 2024. [Photo/Xinhua]

China's auto trade-ins exceeded 5 million units as of Monday, under a mass renewal program initiated early this year, the Ministry of Commerce said Tuesday.

Of the total, consumers scrapped more than 2.44 million cars and purchased 2.59 million new cars with auto trade-in subsidies, which are part of a national program introduced in March.

The program aims to expand domestic demand and shore up the economy through equipment upgrades and consumer goods trade-ins.

Currently, consumers trading in an old car for a new energy vehicle are entitled to a 20,000 yuan (2,781 U.S. dollars) subsidy, while those opting for a new fuel-powered car will receive 15,000 yuan.

The policy has effectively stimulated the auto market. China's passenger auto sales rose 16.5 percent year on year to 2.42 million units last month. In the first 11 months, passenger car sales across the country hit 20.26 million units, up 4.7 percent year on year.

In November, the retail sales of new energy passenger cars in China hit 1.27 million units, up 50.5 percent year on year, accounting for 52.3 percent of the total retail sales of passenger cars in China. The number was 9.59 million units from January to November, up 41.2 percent year on year.

In November, China recycled 1.03 million scrapped cars, up 141.6 percent year on year. The number reached 6.88 million from January to November, up 64.6 percent year on year.

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