The Chinese Government handed out 6.41 billion yuan ($972.9 million) in subsidies to new car buyers under the old-for-new trade-in auto program in 2010, the Ministry of Commerce (MOFCOM) said on January 5.

Sales of 459,000 vehicles were subsidized in 2010 as part of the subsidy program, which spurred 49.6 billion yuan ($7.49 billion) in sales of new autos, MOFCOM said.

The auto trade-in subsidy program was launched in July 2009 to boost new auto sales and help cut emissions.

The old-for-new auto subsidy program and the promotion of auto sales in rural areas came to an end on December 31, 2010.