Yamato: Maintaining a positive view of China's automobile industry, overseas markets are still the main driving force for growth

The Zhitong Finance App learned that Yamato released a research report saying that the mainland has issued rules on car trade-in subsidies in 2026, which will take effect on January 1 of this year, clarifying the two types of subsidy channels for individual car buyers. The bank maintains a positive view of the Chinese automobile industry and continues to view domestic policy support (including this trade-in program) as being able to stabilize demand for car exchanges and cushion the impact of cyclical weakness, while overseas markets (export and international expansion) are still the main growth engine for Chinese automakers.

Yamato believes that the scale of this subsidy is very similar to last year, which dispels market concerns that the government will drastically cut the amount of subsidies this year.