Developing "Range" for New Energy Vehicles (Rui Finance)
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The State Council executive meeting held on June 2nd pointed out that new energy vehicles are the main direction for the transformation and upgrading of the automotive industry, and the development space is very broad. In order to unleash the consumption potential of new energy vehicles to a greater extent, the meeting proposed to consolidate and expand the development advantages of new energy vehicles, and further optimize the industrial layout
The State Council executive meeting held on June 2nd pointed out that new energy vehicles are the main direction for the transformation and upgrading of the automotive industry, and the development space is very broad. In order to unleash the consumption potential of new energy vehicles to a greater extent, the meeting proposed to consolidate and expand the development advantages of new energy vehicles, and further optimize the industrial layout. At the same time, the meeting clarified the continuation and optimization of the new energy vehicle purchase tax reduction policy.
Effective reduction and exemption policies
The policy of exempting vehicle purchase tax on new energy vehicles has been implemented since September 2014. After implementation, it has played a positive role in promoting the consumption of new energy vehicles and promoting the development of the new energy vehicle industry. It has been extended three times and will be implemented until the end of 2023.
The China Automotive Strategy and Policy Research Center (hereinafter referred to as "China Automotive Policy Research") stated that after the implementation of this policy, it has formed a joint force with the subsidy policy for new energy vehicle procurement, significantly reducing the cost of new energy vehicle procurement and effectively assisting China's new energy vehicle industry in obtaining a first mover advantage.
From the perspective of implementation process, the exemption from purchase tax policy sets technical requirements for new energy vehicle products and implements directory management. Vehicle models that meet technical requirements can be directly exempted from tax after being applied for by the enterprise and reviewed by the competent department into the "Catalogue of New Energy Vehicle Models Exempted from Vehicle Purchase Tax". The implementation process is simple.
From the perspective of implementation, the exemption from purchase tax policy is directly aimed at consumers, which is immediately effective during the purchase process, has high consumer perception, and has a significant effect on promoting consumption.
From the perspective of policy coverage, the exemption from purchase tax policy is positioned as an inclusive policy, and the technical requirements set by the policy are relatively low. Since the implementation of the policy, the market share of new energy vehicle models that have entered the category of exempt vehicle purchase tax is generally high. According to the calculation of China National Automobile Corporation, in 2022, the sales market of new energy vehicles that enjoy exemption from vehicle purchase tax accounted for over 99%, and the policy has a wide range of benefits.
From the perspective of financial investment, according to data from the State Administration of Taxation, the total number of new energy vehicles eligible for exemption from purchase tax in 2022 was approximately 5.681 million, with a total tax exemption of 87.9 billion yuan, which is close to a ratio of 1:3 to the vehicle purchase tax revenue of that year. According to calculations from China Automotive Corporation, it is expected that the total tax exemption amount will exceed 100 billion yuan in 2023.
Cui Dongshu, Secretary General of the National Passenger Car Market Information Joint Conference, stated that the subsidy rebate has a significant impact on the new energy vehicle industry. Continuation and optimization of the new energy vehicle purchase tax reduction policy will further unleash the consumption potential of new energy vehicles.
Industrial development still faces challenges
China National Automobile Corporation pointed out that there are still "three major challenges" in the development of China's new energy vehicle industry, and policies need to continue to play a guiding role in promoting high-quality development of the industry.
The market development is facing the challenge of industry profitability pressure. At present, China's new energy vehicle industry is still in its early stages of development, and most new energy vehicle enterprises have not yet formed economies of scale. According to research conducted by Zhongqi Political Research Institute, traditional car companies have a single car loss of between 10000 and 30000 yuan, while new power companies have a loss of about 40000 to 120000 yuan. Compared with traditional fuel vehicles, new energy vehicles have not yet formed cost competition and alternative advantages. According to statistics and analysis by China Automotive Corporation, the overall cost of pure electric passenger vehicles in 2022 is still about 20-30% higher than that of gasoline vehicles of the same level. It is expected that by 2025, the purchase cost of new energy vehicles will still be slightly higher than that of gasoline vehicles.
Industrial development faces challenges of imbalance and inadequacy. China's new energy vehicles have entered a new stage of large-scale and rapid development. The overall market penetration rate is more than 25%, but there is still a problem of uneven development in the market segments and regional markets. Some scenes and regions do not have the conditions to promote new energy vehicles on a large scale. For example, in 2022, the market penetration rate of new energy vehicles in the passenger car sector will reach 27.8%, while that in the truck sector will be less than 10%; The sales of new energy vehicles in the East China region account for 41% of the national sales, while the sales in the Northwest and Northeast regions are less than 5%.
In addition, industrial policies also face challenges from foreign policy implementation or escalation, such as the United States and Japan increasing tax incentives and support policies for electric vehicles, and Germany and the Netherlands clarifying the time frame for tax incentives to decline.
Overall, the continuation plan announced this time not only meets the national industrial development goals, but also effectively meets the development needs of the industry and enterprises, which is conducive to maintaining stable growth in China's new energy vehicle market and further consolidating the first mover advantage.
Consolidate and expand development advantages
According to data from the China Association of Automobile Manufacturers, from January to April this year, the production and sales of new energy vehicles exceeded 2.2 million units, with a market share of 27%; Export of 348000 new energy vehicles, a year-on-year increase of 170%.
The meeting pointed out that it is necessary to consolidate and expand the development advantages of new energy vehicles, further optimize industrial layout, strengthen key core technology research in key areas such as power battery systems, new chassis architectures, and intelligent driving systems, coordinate the development and utilization of domestic and international resources, improve the power pool recycling and utilization system, build an industrial ecosystem that integrates the development of "vehicle energy, road, and cloud", and enhance the independent and controllable ability and green development level of the entire industrial chain.
China National Automobile Corporation pointed out that there are still shortcomings in some core technologies, key mineral resources, battery recycling, vehicle network integration, infrastructure construction, and other aspects of China's new energy vehicles, which restrict the upgrading of China's new energy vehicle industry. This meeting aims to address the problems faced by the industry and comprehensively promote the high-quality development of new energy vehicles, which is conducive to further consolidating China's competitive advantage in the industry.
In this regard, China National Automobile Research Group suggests establishing a higher-level coordination mechanism for the development of new energy vehicles, and promoting the efficient implementation of safety management systems in automotive enterprises. Intensify the research and development of key core technologies, encourage enterprises to focus on technology directions such as power battery systems, new chassis architectures, and intelligent driving systems, increase policy support, and cultivate new advantages in industrial development. Effectively enhance the independent and controllable ability of the entire industrial chain, encourage leading enterprises to drive the integration and development of large and small enterprises, focus on strengthening weak links in the industrial chain, and establish an independent and controllable industrial system. Increase support for vehicle promotion and application, carry out pilot work on comprehensive electrification pilot areas for public sector vehicles, encourage demonstration applications such as battery swapping and fuel cells, strengthen infrastructure support capabilities, and promote high-quality growth of the new energy vehicle market.
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Tag: Developing Range for New Energy Vehicles Rui Finance
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