Core Viewpoint - The article discusses the recent trend of automotive companies in China, such as Xiaomi, Li Auto, and NIO, launching subsidy plans to mitigate the impact of the upcoming reduction in the new energy vehicle (NEV) purchase tax, which is set to be halved in 2026. This strategy aims to secure consumer demand and stabilize cash flow amid changing policies and production challenges [3][4][5]. Group 1: Policy Changes and Industry Response - The NEV purchase tax exemption will continue until 2027, but the reduction will gradually adjust, with a full exemption until 2025 and a 50% reduction from 2026 [3][4]. - Automotive companies are implementing "purchase tax subsidy" plans to lock in orders before the tax changes take effect, with the aim of stabilizing production and cash flow [4][5]. - The Chinese automotive market is expected to see significant growth, with predictions of a 7% year-on-year increase in retail sales, reaching 24.5 million units in 2023 [3][11]. Group 2: Company Strategies and Market Dynamics - Companies like Xiaomi and Li Auto are offering subsidies that cover the purchase tax for vehicles ordered by the end of 2025, which will be delivered in 2026, effectively allowing consumers to benefit from the current tax exemption [5][6]. - The push for these subsidy plans is linked to the need for companies to manage production ramp-up and long delivery times, as well as to counteract potential consumer hesitation due to increased costs from the tax changes [7][8]. - The fourth quarter is traditionally a peak sales period, and companies are intensifying promotional efforts to meet annual sales targets, with expectations of increased market activity [9][10]. Group 3: Market Performance and Future Outlook - In the first nine months of 2023, the automotive industry in China saw production and sales growth of 13.3% and 12.9%, respectively, with NEV sales reaching 46.1% of total new car sales [11][12]. - The industry aims for a total vehicle sales target of approximately 32.3 million units in 2025, with NEV sales projected to reach around 1.55 million units, reflecting a 20% year-on-year increase [11]. - The introduction of stricter technical requirements for NEVs is expected to drive companies to accelerate promotions and clear out lower-range inventory in anticipation of the new regulations [10].

Core Viewpoint - The impending expiration of the new energy vehicle (NEV) purchase tax exemption policy by the end of 2025 has prompted various automakers to introduce subsidy schemes to secure potential consumer demand [2][4]. Group 1: Policy Changes and Impacts - The NEV purchase tax exemption will continue until 2027, but the level of exemption will gradually decrease. From 2024 to 2025, the exemption will be up to 30,000 yuan per vehicle, while from 2026 to 2027, it will be halved to a maximum of 15,000 yuan [2]. - The China Automobile Dealers Association anticipates that the car market may achieve unexpected growth this year, with a projected retail volume of 24.5 million passenger vehicles, representing a year-on-year increase of over 7% [2]. Group 2: Automaker Strategies - Multiple automakers, including Xiaomi, Li Auto, and NIO, have launched purchase tax subsidy plans aimed at locking in orders before the end of 2025, with subsidies applicable for vehicles delivered in 2026 [4][5]. - The subsidy schemes are seen as a defensive strategy to stabilize cash flow and mitigate the impact of future policy changes, allowing companies to secure customer commitments in advance [5][6]. Group 3: Market Dynamics - As the fourth quarter approaches, traditional promotional activities are expected to intensify, with manufacturers and dealers preparing to boost sales to meet annual targets [6]. - The new technical requirements for NEV purchase tax exemptions, which include a minimum electric range for plug-in hybrid vehicles, are pressuring automakers to accelerate promotions and clear out low-range inventory [7].

Core Viewpoint - Xiaomi Auto has introduced a year-end purchase tax subsidy plan to alleviate concerns among car owners regarding potential reductions in tax benefits due to vehicle delivery delays into the next year [1] Group 1: Subsidy Details - The subsidy can reach up to 15,000 yuan for eligible users who complete their order by November 30, 2025, but experience delays in vehicle delivery until 2026 due to production or transportation issues [1] - The subsidy applies to specific models including the Xiaomi SU7 series, Xiaomi YU7 series, and Xiaomi SU7 Ultra series [1] - The subsidy amount will be calculated based on the tax difference between the 2025 and 2026 policies, and will be issued as a reduction in the final payment for the vehicle [1]