China launched a new preferential policy for energy-saving cars and new energy vehicles (NEVs) recently, which will benefit 2,299 car models by reducing or exempting them from vehicle and vessel taxes.
According to the catalogue of the third batch of energy-saving cars and NEVs to enjoy the reduction and exemption of vehicle and vessel taxes, the 2,299 car models include 1,734 energy-saving cars and 565 NEVs. In detail, the 1,734 energy-saving cars include 301 passenger cars and 1,433 heavy commercial cars; and the 565 NEVs include 13 plug-in hybrid power passenger cars, 491 pure electric commercial cars and 61 plug-in hybrid power commercial cars.
China will halve vehicle and vessel taxes on the 1,734 energy-saving cars and exempt the 565 NEVs from the taxes. A group of carmakers are beneficiaries of the new policy.
They include Shanghai Volkswagen, Chery, BYD (002594.SZ), Changan Suzuki, FAW Volkswagen, Foton (600166.SH), Ankai (000868.SZ), Yaxing Motor (600213.SH), Yutong Bus (600066.SH) and FAW Group. The catalogue was jointly publicized by the Ministry of Finance, the State Administration of Taxation and the Ministry of Industry and Information Technology in September and came into effect as of the date of publication.
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