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China’s New Energy Vehicle (NEV) Policy Evolution January
February
April
Reforming NEV Insurance
Focusing on a Green Supply Chain
Standardising Future Technologies
Introduced risk-based premiums and new platforms to solve high costs and coverage gaps.
Emphasised improving NEV battery recycling to enhance the industry's competitive advantage.
Advanced new standards for AI in cars, solid-state batteries, and battery swapping.
July
August
September
Curbing Irrational' Market Competition
Exceeding National Sales Targets
Setting New Growth & Stimulus Goals
Implemented measures to monitor pricing and product consistency to ensure fair industry conduct.
The 20% market share goal for 2025 was surpassed ahead of schedule.
Announced a new 2025 sales target of 15.5 million NEVs.
Source: 中国政府网.政务, State Taxation Administration of the People’s Republic of China
Key Provisions on Vehicle Acquisition Tax Relief (2024–2027) Preferential Tax Policies
2024–2025: Full exemption from Vehicle Acquisition Tax
Cap: RMB 30,000 per NEV passenger vehicle
2026–2027: 50% tax reduction
Cap: RMB 15,000 per NEV passenger vehicle
Acquisition date: Determined by issuance date of statutory sales or import documentation Eligible Vehicles
Vehicle types: Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs, incl. EREVs), Fuel Cell Electric Vehicles (FCEVs)
Passenger vehicle definition: ≤9 seats (including driver), designed primarily for passenger transport
Technical criteria: Jointly formulated and updated by MIIT, MOF, and STA Battery Swap Mode (BSM) Provision
Tax base: Vehicle price excluding the power battery where the battery is invoiced separately
Condition: Compliance with battery-swap technical standards and availability of swap services by OEM or authorized operators Administration & Compliance
Eligibility control: Model inclusion in the official NEV Tax Exemption/Reduction Catalogue
Data reporting: OEMs/importers submit validated electronic vehicle information (tax status and BSM identifiers)
Enforcement: Tax relief granted based on MIIT-validated data; violations penalized under PRC tax law
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