Cui Dongshu New energy vehicle purchase tax exemption new policy long-term benefits new energy market

New policy exempts tax on new energy vehicle purchase, benefiting the long-term new energy market

【PhoneAuto News】On June 21st, PhoneAuto learned that three departments jointly issued the “Announcement on the Continuation and Optimization of the Policy of Tax Reduction and Exemption for New Energy Vehicle Purchases”. Regarding this, Cui Dongshu, the secretary-general of the China Passenger Car Association, believes that as it is “two exemptions and two reductions” for the purchase tax of new energy vehicles, it has a certain policy stability and will benefit new energy vehicles in the long run. It is expected to reach an annual tax-free scale of nearly 200 billion yuan. The extremely strong tax-free policy reflects the unexpected support of the national policy.

At the same time, Cui Dongshu also stated that the policy of two exemptions and two reductions in the purchase tax of new energy vehicles did not have a significant impact on the auto market this year. The development of the new energy vehicle market will be relatively stable, and the growth rate of the auto market next year is expected to be more optimistic. The expected competition in the plug-in hybrid market will also be more intense.

It is reported that the “Announcement on the Continuation and Optimization of the Policy of Tax Reduction and Exemption for New Energy Vehicle Purchases” issued by the Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology pointed out that during the period from January 1, 2024 to December 31, 2025, new energy vehicles purchased will be exempt from vehicle purchase tax, and the tax exemption amount for each new energy passenger car shall not exceed 30,000 yuan; during the period from January 1, 2026 to December 31, 2027, new energy vehicles purchased will be subject to a halved vehicle purchase tax, and the tax reduction amount for each new energy passenger car shall not exceed 15,000 yuan.

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The latest data released by the China Passenger Car Association shows that the wholesale sales of new energy passenger vehicles reached 673,000 units in May this year, an increase of 59.4% year-on-year and 11.5% month-on-month. Since the beginning of this year, a total of 2.778 million vehicles have been sold wholesale, a year-on-year increase of 46.5%. On the other hand, the retail sales of new energy vehicles in May were 580,000 units, an increase of 60.9% year-on-year and 10.5% month-on-month. Since the beginning of this year, the cumulative retail sales reached 2.421 million units, a year-on-year increase of 41.1%.

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