Policy

China's cumulative tax exemptions for NEVs exceed RMB 200 billion by the end of 2022.

China will still offer NEV purchase tax breaks from 2024 to 2027, but the intensity will diminish in steps.

China's State Council Information Office will hold a briefing at 10 am Beijing time on June 21 on promoting the development of the NEV industry.

The moves include holding auto festivals in 100 cities and promoting consumption of NEVs in rural areas.

China will further stabilize market expectations, optimize the consumption environment, and release the consumption potential of NEVs to a greater extent, the meeting also mentioned.

China is considering extending the tax exemption for NEVs priced below 300,000 yuan for another four years to spur consumer demand, Bloomberg reported.

A government document voices support for NEV development in rural areas in terms of NEV purchases, charging infrastructure development, and consumer education.

China will implement the China 6b emissions standard on July 1, although some models will be given a six-month sales transition period.

Automakers can voluntarily apply for storage of positive credits when the supply exceeds demand, and release credits when the supply is less than demand.

The world economy is currently in a difficult period of complexity and change, and dealing with risks and challenges requires firm confidence and stable expectations, Wang said.