Guan Cha Zhe Wang·2025-08-22 07:38Core Insights - The transition of subsidy allocation for new energy vehicles in China has shifted from state-owned enterprises to leading automotive manufacturers and emerging startups [1][4] - The total subsidy amount for the 2016-2020 period reached 1.655 billion yuan, with Beijing New Energy receiving the highest share of 556 million yuan [1][3] - For the 2021-2022 period, a total of 168 million yuan in subsidies will be pre-allocated, significantly lower than the peak amounts in previous years [3][4] Subsidy Distribution - The top recipients of the 2016-2020 subsidies included Beijing New Energy (556 million yuan), Chery Automobile (34.66 million yuan), Dongfeng Motor (25.59 million yuan), and Geely Automobile (16.43 million yuan) [1][3] - BYD received only 15.74 million yuan, while Tesla, which applied for subsidies for the first time in 2020, received 3.59 million yuan [3][4] Market Dynamics - The total number of new energy vehicles reported by domestic manufacturers during 2016-2020 was approximately 75,800, with a verified promotion number of 54,100, resulting in a reduction of 21,700 vehicles [3] - The 2021-2022 subsidies primarily favored traditional automakers, with companies like FAW-Volkswagen and SAIC Volkswagen receiving subsidies in the 1 million yuan range [4] Future Outlook - Experts suggest that the changes in subsidy distribution indicate a transition towards a more diversified market for new energy vehicles in China, favoring industry leaders and new entrants [4] - The subsidy policy for 2023-2024 has not yet been announced, but it is anticipated that subsidies will gradually decrease, with a potential phase-out by around 2027, contingent on new energy vehicle sales maintaining or exceeding 50% of total vehicle sales [4] Industry Performance - Data from the China Association of Automobile Manufacturers indicates that from January to July this year, the production and sales of new energy vehicles reached 8.232 million and 8.22 million units, respectively, representing year-on-year growth of 39.2% and 38.5%, with new energy vehicle sales accounting for 45% of total vehicle sales [5]