Inspenet, July 1, 2023.
China will extend tax breaks for new energy vehicles. The Asian authorities announced that they will restore tax exemptions and reductions on the purchase of new energy vehicles until 2027 and will publish a catalog with the vehicle models that will benefit from these policies.
According to a joint statement from the Ministry of Finance, the Ministry of Industry and Technology and the Tax Administration, the new energy vehicles (including electric or hydrogen) purchased between January 1, 2024 and December 31, 2025 will once again enjoy a purchase tax exemption, capped at $4,200 per car.
Likewise, those purchased between January 1, 2026 and December 31, 2027 will have a 50% tax reduction, with a maximum limit of $2,080 per unit.
This action seeks to support the development of the industry of this type of vehicle, promote consumption and facilitate ecological construction.
The subsidies that China grants to these vehicles came into effect in 2009 and disappeared in 2022, causing electric sales in the world’s largest market to drop in January by almost half (-48%) than in the last month of 2022. .
new energy vehicles
Chinese electric exports doubled (+120%) in 2022 to 679,000 units, so potential EV buyers have decided to wait for further subsidies.
According to analysts quoted by the Chinese press, the uncertainty about the end of the subsidies encouraged manufacturers to look for possible ways of expanding abroad, especially in Europe, where the ban on the sale of gasoline and diesel vehicles from 2035 could represent an opportunity for electricity producers in the Asian country.
Likewise, the Chinese authorities launched a promotional campaign in three rural areas: Wuxi, Qionghai and Jingmen, which will run from June to December, according to the Ministry of Industry and Information Technology, one of the five government departments that started.
China has published a guide to help people living in rural areas to boost the construction of charging infrastructure.
New energy car sales expanded 60.2% year-on-year to reach 717,000 units in May, while their production hit 713,000 units last month.
Fountain: https://thelogisticsworld.com/actualidad-logistica/china-extiende-las-exenciones-fiscales-para-vehiculos-de-nuevas-energias-hasta-2027/
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