BYD(SZ:002594) Zhong Guo Zheng Quan Bao·2025-08-14 20:17Core Insights - The dependency of the new energy vehicle (NEV) industry on subsidies is gradually decreasing as the industry matures and develops its own capabilities [1][4][5] Group 1: Subsidy Overview - The total amount of subsidies for the promotion of NEVs from 2016 to 2020 reached 1.654 billion yuan, while the pre-allocated subsidies for 2021-2022 are 168 million yuan, showing a significant decline from the peak years of 2017 and 2018 [1][2] - The highest subsidy amounts for 2021-2022 were awarded to companies in Shaanxi (37.91 million yuan), Shenzhen (35.56 million yuan), and Shanghai (35.18 million yuan), which are also the top regions for NEV production [2] Group 2: Company-Specific Insights - BYD received the most subsidies, with 37.91 million yuan and 35.56 million yuan awarded to its subsidiaries in Shaanxi and Shenzhen respectively, while Tesla received 30.15 million yuan [2] - The only new energy vehicle startup to receive subsidies in this round was Leap Motor, which received 2.76 million yuan, indicating that traditional automakers dominate the subsidy distribution [2] Group 3: Compliance and Challenges - Common reasons for failing to pass subsidy clearance include non-compliance with documentation requirements and incorrect vehicle registration information, with Chery Auto facing a significantly higher deduction rate than the industry average [3] Group 4: Industry Maturity - From 2016 to 2020, the total number of NEVs reported by domestic manufacturers was 75,814, with a deduction of 21,725 vehicles, indicating a growing trend of subsidy deductions [4] - The NEV industry in China is projected to achieve self-sufficiency, with sales of new energy vehicles expected to account for 44.3% of total new car sales by mid-2025, reflecting a robust growth trajectory despite subsidy reductions [4] Group 5: Policy Evolution - The subsidy policy has evolved from simple purchase subsidies to a comprehensive strategy that includes technical standards, infrastructure support, and rules output, aiming to empower the entire industry chain [5] - The dynamic adjustment mechanism of the subsidy policy is designed to guide manufacturers towards technological advancements and global expansion [5]