In Sichuan province, applications for automobile replacements have reached 163,000, driving automotive consumption of 27.5 billion yuan. Among the replacement products, new energy vehicles accounted for 51.2%.
Provincially, applications for mobile phones, smartwatches and bands, and tablet computers increased by 28%, 18%, and 7% respectively year-on-year.
As of June 1st, data from the provincial commerce department reveals that the subsidy payout rate for automobile replacements in the first five months reached 90.9%, ranking first among China's ten major economic provinces. Concurrently, spurred by initiatives like benefits for new product launches and promotional invoice lotteries, the province's consumer goods replacement program received 8.132 million applications, ranking fifth among all provinces, autonomous regions, and municipalities. This has accelerated the "dual downflow" of high-quality goods and supply chains.
Automobiles continue to represent the largest share of consumption value across all categories in the consumer goods replacement program. Data shows that in the first five months, Sichuan recorded 163,000 applications for vehicle replacements, stimulating 27.5 billion yuan in automotive consumption. Among these, new energy vehicle applications numbered 83,000, constituting 51.2% of the total, solidifying their role as the main driver in the automotive consumption sector.
Market players are actively contributing. This year, many automakers have combined the effects of "launch economy" with the "replacement" program, significantly enhancing the appeal of car purchases. On May 15, Li Auto (ASX: LI) simultaneously launched its global flagship new product, the Embodied Intelligence flagship SUV, in Chengdu. A representative from Li Auto stated that Chengdu is one of the company's most crucial strategic markets nationwide. Cumulative deliveries in Sichuan have surpassed 110,000 units, with over 80,000 delivered in Chengdu alone, firmly positioning it among the top markets nationally. Tesla reported that in the Sichuan market, specifically for replacement sales, its May sales increased by 10% compared to the previous month.
Digital products are also performing robustly. In the first five months, provincial applications for mobile phones, smartwatches/bands, and tablet computers grew by 28%, 18%, and 7% year-on-year, respectively. Smart glasses, included in the subsidy scheme for the first time, have seen 3,500 units sold, generating 9 million yuan in consumption.
Driven by the combined use of voucher and lottery policies, as of May 31st, the number of participants in the national promotional invoice pilot cities of Chengdu and Luzhou exceeded 4.9 million, with uploaded invoice amounts reaching 22.42 billion yuan. Prizes totaling 325 million yuan have been distributed, continuously unleashing consumption potential.
On May 26th, Sichuan officially launched its provincial-level promotional invoice pilot. This initiative covers 18 cities and prefectures, with individual invoice prizes capped at 10,000 yuan, paid out after deducting personal income tax. Currently, Guang'an has taken the lead in implementing the pilot within the province, with full rollout across participating cities expected by early June.
Moving forward, Sichuan's commerce authorities will persist in promoting the consumer goods replacement program by taking it "into communities, households, government offices, enterprises, universities, and townships" to comprehensively expand policy coverage.
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