Group 1 - Chery Automobile has launched a new purchase tax subsidy plan to address user concerns regarding potential tax benefits reduction due to vehicle invoicing and delivery delays [2][3] - The company reported a record sales milestone, with global cumulative vehicle sales reaching 2,007,768 units from January to September 2025, marking the fastest pace to surpass 2 million units in a year [2] - Chery Automobile officially listed on the main board of the Hong Kong Stock Exchange on September 25, 2025, marking a new chapter in connecting with global capital markets [2] Group 2 - The subsidy plan applies to all eligible models under Chery's five brands, including pure electric and plug-in hybrid vehicles that meet the 2026 tax reduction requirements [3] - Users must complete a successful order lock by November 30, 2025, to qualify for the subsidy [3] - The maximum subsidy amount per vehicle is capped at 15,000 yuan, calculated based on the tax difference arising from policy changes due to delayed invoicing [3]

Core Viewpoint - The announcement by the Ministry of Industry and Information Technology and other departments outlines new technical requirements for electric vehicles to qualify for tax exemptions, aiming to promote the development of high-performance new energy vehicles in China [1][2]. Group 1: Tax Policy Changes - From January 1, 2026, vehicles listed in the directory for tax exemption must meet the new technical requirements outlined in the announcement [1]. - In 2026 and 2027, new energy vehicles will be subject to a 50% reduction in vehicle purchase tax, with a maximum tax reduction of 15,000 yuan per vehicle [1]. Group 2: Technical Requirements - The new standards require pure electric passenger vehicles to have a maximum energy consumption of 11% lower than previous standards, effective from January 1, 2024 [2]. - The pure electric range for plug-in hybrid vehicles has been increased from 43 kilometers to 100 kilometers, with stricter limits on fuel and energy consumption [2][3]. Group 3: Industry Impact - Nearly 47% of plug-in hybrid models weighing over 2,510 kg do not meet the new requirements, indicating a need for improvements in battery capacity, electric drive system efficiency, and engine thermal efficiency [3]. - The new technical requirements are expected to drive manufacturers to enhance R&D investments and produce higher-performance models to meet consumer demands for longer range and lower energy consumption [3]. Group 4: Market Response - Despite the upcoming tax changes, there has not been a surge in consumer purchases, as many buyers anticipated the tax reduction and are not delaying their purchases [4]. - Some automakers, like NIO, have proactively announced plans to absorb the additional costs from the tax reduction, which may mitigate the impact on the market in the first quarter of next year [4].

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have jointly announced adjustments to the technical requirements for electric vehicles and plug-in hybrid vehicles eligible for vehicle purchase tax exemptions from 2026 to 2027 [1] Group 1: Adjustments to Technical Requirements - For pure electric passenger vehicles, the new regulations stipulate that the energy consumption for traveling 100 kilometers must not exceed the national energy consumption limit for similar vehicles [3] - For plug-in hybrid vehicles, including those that can be charged and fueled, the new regulations set three conditions: a minimum effective range of 100 kilometers on electric power, stricter fuel and energy consumption requirements when running on fuel, and adherence to the 3.5-ton weight standard for heavier vehicles [6] Group 2: Impact on Consumers and Manufacturers - Consumers may face changes in purchase costs as models that do not meet the new technical requirements will no longer qualify for tax exemptions, potentially reducing the range of available models in the short term [8] - The new regulations are expected to drive technological upgrades in battery capacity and hybrid systems, enhancing driving experience and product safety, while promoting higher performance models to meet consumer demands for longer range and lower energy consumption [8] - The adjustments are anticipated to help phase out outdated production capacities and elevate the overall technical level of new energy vehicles [8]

Core Points - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration jointly announced a vehicle purchase tax exemption for new energy vehicles from 2026 to 2027 [1][2] - The announcement includes adjustments to technical requirements for pure electric passenger vehicles and plug-in hybrid vehicles, including specific energy consumption limits [1] Group 1: Tax Exemption Policy - From January 1, 2026, vehicles listed in the "Directory of New Energy Vehicles Eligible for Vehicle Purchase Tax Exemption" must comply with the new requirements [2] - After the release of the tax exemption directory in 2026 and beyond, purchasing vehicles listed in the directory will allow for tax exemption benefits [2] Group 2: Technical Requirements - For pure electric passenger vehicles, the energy consumption per 100 kilometers must not exceed the limits specified in the "Energy Consumption Limits for Electric Vehicles Part 1: Passenger Vehicles" [1] - For plug-in hybrid vehicles, the pure electric range must meet a minimum of 100 kilometers under certain conditions, with specific fuel consumption and energy consumption limits based on vehicle weight [1]

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have jointly announced adjustments to the technical requirements for electric vehicles and plug-in hybrid vehicles eligible for vehicle purchase tax exemptions from 2026 to 2027, aiming to enhance the overall quality and performance of new energy vehicles in the market [1]. Summary by Category Adjustments to Technical Requirements - For pure electric vehicles, the new regulations stipulate that the energy consumption for traveling 100 kilometers must not exceed the national standard for similar vehicles. Heavier vehicles (over 3.5 tons) will be held to stricter energy consumption standards based on the 3.5-ton model [3]. - For plug-in hybrid vehicles, including those that can be charged and fueled, the new rules require that: - The effective electric range must be at least 100 kilometers when running solely on electricity. - The fuel and electricity consumption must be lower than the national standards when running on fuel alone. - Similar to pure electric vehicles, heavier models must adhere to the standards set for 3.5-ton vehicles [4]. Implementation Timeline - Starting January 1, 2026, vehicles listed in the "Directory of New Energy Vehicles Eligible for Vehicle Purchase Tax Exemption" must comply with the new requirements. Vehicles already listed before December 31, 2025, that meet the new standards will automatically transition to the 2026 first period directory, while those that do not will be removed [6]. - Vehicles that do not meet the new requirements but wish to be included in the 2026 first period directory must complete their application by December 12, 2025. Removed vehicles can reapply for inclusion [7]. Impact on Consumers and Industry - Consumers may face changes in purchase costs as models that do not meet the new technical requirements will no longer qualify for tax exemptions. This could lead to a temporary reduction in available models, but in the long term, it is expected to encourage the market to offer higher-quality products [9]. - Industry experts believe that the new regulations will drive technological upgrades in battery capacity and hybrid systems, enhancing driving experience and safety. Stricter standards are anticipated to promote the introduction of higher-performance models, meeting consumer demands for longer range and lower energy consumption, thus supporting both industrial and consumer upgrades [9].

Core Points - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration jointly announced adjustments to the technical requirements for energy-saving and new energy vehicles, effective from January 1, 2026 [1] Group 1: New Energy Vehicle Technical Requirements - The technical requirements for plug-in hybrid electric vehicles (including range-extended) have been adjusted to require a pure electric driving range of no less than 100 kilometers under conditional equivalent all-electric range [2] - The fuel consumption limits for plug-in hybrid electric vehicles in electric power maintenance mode must be less than 70% for vehicles with a curb weight below 2510 kg and less than 75% for those above 2510 kg, compared to the limits specified in GB 19578-2024 [2][21] - The energy consumption limits for plug-in hybrid electric vehicles in electric power consumption mode must be less than 140% for vehicles with a curb weight below 2510 kg and less than 145% for those above 2510 kg, according to GB 36980.1-2025 [3][22] Group 2: Fuel Consumption Limits for Commercial Vehicles - The comprehensive fuel consumption limits for energy-saving light commercial vehicles are specified in various tables, with limits varying based on the vehicle's test mass and fuel type [6][7][8] - For energy-saving heavy commercial vehicles, the fuel consumption limits are categorized by maximum design gross vehicle weight (GVW), with specific limits set for different weight ranges [10][11][12][13][14][15][16][17][18][19][20]

Core Viewpoint - The announcement by the Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration regarding the exemption of vehicle purchase tax for new energy vehicles (NEVs) from 2026 to 2027 outlines new technical requirements for NEVs to qualify for tax exemptions [1][3][6]. Summary by Sections Technical Requirements for Pure Electric Passenger Vehicles - The energy consumption per 100 kilometers for pure electric passenger vehicles must not exceed the limits set in GB 36980.1-2025 for corresponding models [3]. - For passenger vehicles with a maximum design total mass exceeding 3500 kg, the energy consumption limits will follow the same standards as those for 3500 kg vehicles [3]. Technical Requirements for Plug-in Hybrid (Including Extended Range) Passenger Vehicles - The pure electric driving range for plug-in hybrid vehicles must meet a conditional equivalent all-electric range of no less than 100 kilometers [4]. - Fuel consumption limits for plug-in hybrids must be less than 70% for vehicles with a curb weight below 2510 kg and less than 75% for those at or above 2510 kg, compared to the limits in GB 19578-2024 [4]. - The energy consumption limits for plug-in hybrids must be less than 140% for vehicles below 2510 kg and less than 145% for those at or above 2510 kg, following the standards in GB 36980.1-2025 [5]. Implementation Timeline and Compliance - From January 1, 2026, vehicles listed in the "Directory of Exempt Vehicles Purchase Tax for New Energy Vehicles" must comply with the new technical requirements [6]. - Vehicles already listed before December 31, 2025, that meet the new requirements will automatically transition to the 2026 directory, while those that do not will be removed [6]. - Applications for vehicles not meeting the requirements must be submitted by December 12, 2025, for reconsideration [6].

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration of China jointly issued an announcement regarding the adjustment of technical requirements for new energy vehicles (NEVs) eligible for vehicle purchase tax exemptions, effective from January 1, 2026 [1][2]. Group 1: Policy Changes - From January 1, 2026, NEVs listed in the directory for vehicle purchase tax exemptions must meet the new technical requirements outlined in the announcement [1]. - The minimum pure electric range for plug-in hybrid vehicles (including range-extended) has been significantly increased from 43 kilometers to 100 kilometers, representing a 132.6% increase [1][2]. Group 2: Technical Requirements - New technical requirements for plug-in hybrid vehicles are categorized based on vehicle curb weight. For vehicles under 2510 kg, fuel consumption must be less than 70% of the limit, while for those 2510 kg and above, it must be less than 75% [2]. - In terms of energy consumption, vehicles under 2510 kg must consume less than 140% of the energy limit, while those 2510 kg and above must consume less than 145% [2]. Group 3: Market Insights - In the first half of this year, pure electric vehicles held a market share of approximately 60.9%, plug-in hybrids accounted for about 29.3%, and range-extended vehicles made up around 9.8% of the domestic NEV market [2]. - The chairman of SAIC Group, Wang Xiaoqiu, projected that by 2030, the penetration rate of NEVs in China will rise to 70%, with a market development structure of 4:3:3 for hybrid, pure electric, and fuel vehicles [2]. Group 4: Industry Implications - The adjustments aim to align with the rapid advancements in NEV range and engine technology, ensuring that policies keep pace with technological developments [3]. - By raising technical standards, the policy encourages companies to increase R&D investments, phase out outdated products, and shift the industry focus from scale expansion to high-quality development, stabilizing long-term expectations for businesses [3].

Core Viewpoint - The announcement from the Ministry of Industry and Information Technology and other departments adjusts the technical requirements for new energy vehicles (NEVs) in response to the planned halving of the vehicle purchase tax in 2026, aiming to enhance the overall technical standards and promote high-quality development in the industry [1][2][3] Group 1: Technical Adjustments - The electric range requirement for plug-in hybrid electric vehicles (PHEVs), including range-extended models, has been significantly increased from 43 kilometers to no less than 100 kilometers, marking a 132% increase [1][2] - The new technical requirements for PHEVs will be categorized based on vehicle curb weight, introducing a new category for vehicles weighing 2510 kg and above to ensure energy consumption standards are met [2] - The energy consumption limit for pure electric passenger vehicles has been updated from the 2021 standard to the 2025 version, which will take effect on January 1, 2026 [1] Group 2: Market Impact - In the first nine months of 2025, approximately 2.94 million plug-in hybrid vehicles were sold in China, accounting for 30.7% of total NEV sales, with range-extended hybrids making up 8.7% [2] - The adjustments are expected to help phase out outdated production capacity and elevate the overall technical level of new energy vehicles [3] - The announcement does not impose fuel consumption requirements on non-gasoline plug-in hybrid vehicles, allowing for diverse development paths in new energy technologies [3]

Core Viewpoint - The announcement by the Ministry of Industry and Information Technology, Ministry of Finance, and State Taxation Administration regarding the adjustment of technical requirements for new energy vehicles (NEVs) aims to enhance the standards for electric and plug-in hybrid vehicles, effective from January 1, 2026 [2][3]. Group 1: Policy Changes - The new technical requirements for plug-in hybrid vehicles include a significant increase in the pure electric driving range, which must now meet a minimum of 100 kilometers, up from the previous requirement of 43 kilometers, representing a 132.6% increase [2][3]. - Vehicles listed in the directory for tax exemption must comply with the new technical standards starting January 1, 2026, allowing them to benefit from vehicle purchase tax exemptions [2]. Group 2: Market Insights - In the first half of this year, the market share of pure electric vehicles in China's NEV market was approximately 60.9%, while plug-in hybrid vehicles accounted for about 29.3%, and range-extended vehicles made up around 9.8% [3]. - The chairman of SAIC Group predicts that by 2030, the penetration rate of NEVs in China will rise to 70%, establishing a market development structure of 4:3:3 among hybrid, pure electric, and fuel vehicles [3]. Group 3: Industry Implications - The adjustments are intended to align with the rapid advancements in NEV range and engine technology, ensuring that policies keep pace with technological developments [4]. - By raising technical barriers, the policy aims to encourage companies to increase R&D investments, phase out outdated products, and shift the industry focus from scale expansion to high-quality development [4].