购置税退坡在即！车企奋力“兜底” 难挽年末市场降温……

Core Viewpoint - The exemption policy for new energy vehicle (NEV) purchase tax, in place for ten years, will end on December 31, 2025, transitioning to a 50% tax reduction starting January 1, 2026, with the maximum exemption amount decreasing from 30,000 yuan to 15,000 yuan [1] Group 1: Policy Changes - The new purchase tax rate for NEVs will be 5% after the reduction, with specific calculations indicating that a 300,000 yuan vehicle will incur a tax of 15,000 yuan, while a 500,000 yuan vehicle will incur a tax of 35,000 yuan after the maximum deduction [1] - Major NEV manufacturers are introducing "purchase tax guarantee" solutions to mitigate consumer hesitation due to the policy change, with over twenty companies, including Li Auto, NIO, and Chery, launching such subsidy programs [1] Group 2: Company Responses - Xiaomi Auto has announced a year-end purchase tax subsidy plan, offering up to 15,000 yuan for users who lock in orders by November 30, 2025, with similar commitments from GAC Group and XPeng [2] - The core framework of these subsidy plans is consistent across manufacturers, focusing on compensating consumers for tax differences if vehicle delivery is delayed into 2026 due to manufacturer issues [2] Group 3: Market Trends - Despite the introduction of tax guarantee policies, the expected market boost has not materialized, with November retail sales of passenger vehicles dropping by 8.1% year-on-year, and fuel vehicle sales declining by 22% [4] - Sales personnel report a general market slowdown, attributing it to consumer hesitation stemming from the cessation of national subsidies and uncertainty regarding future policies [4] Group 4: Sales Performance - A review of sales targets for the first eleven months of the year shows varying completion rates among manufacturers, with XPeng achieving its annual target, while NIO and Li Auto are significantly behind at 62.6% and 56.6% completion rates, respectively [5] - The overall sales target completion rate for Changan Auto stands at 88.6%, indicating pressure on several manufacturers to meet their goals as the year-end approaches [5]