The implementation of the new policy of exempting new energy vehicles from purchase tax The reporter visited the store: the impact on the mid-range models is small

Cover News Reporter Zhu Ning

In accordance with the announcement of the Ministry of Finance, the State Administration of Taxation and the Ministry of Industry and Information Technology on the continuation and optimization of the vehicle purchase tax reduction and exemption policy for new energy vehicles (Ministry of Finance, State Administration of Taxation Announcement No. 10 of 2023 of the Ministry of Industry and Information Technology stipulates that new energy vehicles with a purchase date between January 1, 2024 and December 31, 2025 will be exempted from vehicle purchase tax, of which the tax exemption for each new energy passenger vehicle shall not exceed 30,000 yuan, and the vehicle purchase tax will be halved for new energy vehicles purchased between January 1, 2026 and December 31, 2027, of which the tax reduction for each new energy passenger vehicle shall not exceed 15,000 yuan.

According to the current calculation method of motor vehicle purchase tax: purchase price/(1+13%)× purchase tax rate (10%), we can calculate that new energy vehicles with a ticket price of less than 339,000 yuan do not need to pay purchase tax.

On January 4, 2024, the reporter visited a number of new energy vehicle stores to understand the situation.

It will have little impact on mid-range new energy vehicles

Before the implementation of the new policy, some consumers rushed to buy cars

"When the 'countdown' of the new energy vehicle purchase tax reduction and exemption was a year ago, the sales volume increased significantly compared with the past. The reporter visited the new energy vehicle market and learned that in November 2023, the sales of some new energy brands have increased.

"Some consumers are still very concerned about the purchase tax, especially some consumers who are ready to buy high-priced new energy vehicles, and in this case, they have made up their minds to buy a car. The sales staff of Xiaopeng Motors told reporters that at the end of 2023, some consumers will actively buy cars, and sales will also increase significantly.

Xpeng Motors stores

However, AVATR Automobile sales staff said that the impact on some new energy vehicles with a price of close to one million yuan will be relatively large, and consumers who choose new energy vehicles in the price range of 300,000 yuan to 400,000 yuan are not very difficult to accept the purchase tax. "Taking the price of the car in the store as an example of 400,800 yuan, it only needs more than 5,000 yuan of purchase tax. The salesperson said.

AVATR Auto Store

"The new deal has a great impact on high-priced new energy vehicles, and it basically has no impact on us. Fan Xiaoping, general manager of BYD, told reporters that from the overall sales of new energy vehicles, the sales of less than 300,000 yuan accounted for more, so the impact was not very large, and the sales volume was also growing steadily, without obvious changes in policy.

In terms of data, a few days ago, the Passenger Association announced the sales rankings of various model categories in November 2023, and the sales of new energy vehicles in the month reached 841,000 units, an increase of 39.8% year-on-year and 8.9% month-on-month. Cumulatively, from January to November 2023, the cumulative sales of new energy vehicles reached 6.808 million units, a year-on-year increase of 35.2%.

More than 339,000 yuan are subject to purchase tax

It has a great impact on some new energy vehicles

Vehicle acquisition tax refers to a tax paid by units and individuals who purchase specified vehicles within the territory of the mainland. As a consumer, you need to pay this tax when you own a new car, whether it is purchased, imported, self-produced, gifted, awarded, etc.

Since September 2014, the mainland has implemented a vehicle purchase tax exemption policy for new energy vehicles. This policy is coordinated with preferential policies such as financial subsidies for the promotion and application of new energy vehicles, which has played a vital role in rapidly cultivating the new energy vehicle consumer market and driving industrial development.

However, from 2024 onwards, higher-priced NEVs will require consumers to bear the purchase tax.

According to the current calculation method of motor vehicle purchase tax: purchase price/(1+13%)× purchase tax rate (10%), we can calculate that as long as the invoice price is higher than 339,000 yuan for new energy vehicles, the owner needs to pay purchase tax.

For example, if the invoice price of a new energy vehicle is 500,000 yuan, then you should have paid about 44,247 yuan in purchase tax, but if you buy a car in 2024 and 2025, you can be exempted from 30,000 yuan in purchase tax and only need to pay 14,247 yuan. If you buy in 2026 and 2027, you will have to pay 44,247/2+7,123 (after subtracting the tax exemption of 15,000 yuan, you will have to pay back) about 29,246 yuan.

It should be pointed out that the duty-free price "dividing line" of 339,000 yuan has little impact on most of the low-end new energy vehicles, while the new forces of high-priced brands and mid-to-high-end new energy models may be affected to varying degrees. Some high-end models will lose the benefits of the purchase tax deduction, which could lead to a decline in sales, especially those that rely on the purchase tax deduction to attract consumers.

The implementation of the new deal also has a great impact on some models with low technical content, insufficient product innovation and poor endurance - the new deal has increased the requirements of existing technical indicators such as vehicle energy consumption, driving range, and energy density of power battery systems. In terms of fuel cell vehicles, combined with the progress of fuel cell vehicle demonstration work, the index requirements such as pure hydrogen driving range, system rated power, and the ratio of system rated power to drive motor rated power of fuel cell vehicles have been optimized, and the requirements for fuel cell starting temperature, fuel cell stack rated power density, system rated power density and other indicators have been supplemented.

The new policy clearly stipulates the technical conditions and implementation requirements applicable to the vehicle purchase tax reduction and exemption policy for new energy vehicles, among which: the maximum speed of pure electric passenger cars in 30 minutes shall not be less than 100km/h, the driving range of pure electric passenger vehicles will be increased from not less than 100km to 200km, and the mass energy density of power battery systems of pure electric passenger vehicles will be increased from no less than 95Wh/kg to 125Wh/kg.

The New Deal has a positive effect on the new energy industry

Companies should adapt their strategies to market changes

"For the new energy vehicle industry, this policy has a positive role in promoting. Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, told reporters that the exemption from purchase tax will reduce the sales price of new energy vehicles, further stimulate market vitality, encourage enterprises to increase R&D investment and productivity, and accelerate the healthy development of the new energy vehicle industry. At the same time, the policy of halving the purchase tax will also reduce the burden of consumers to buy cars to a certain extent and improve the market competitiveness of new energy vehicles.

"For higher-priced new energy vehicles, consumers need to bear the purchase tax. Bai Wenxi said that with 339,000 yuan as the boundary, new energy vehicle owners who are higher than the price need to pay purchase tax. This policy may have an impact on some car brands. However, with policy encouragement, the overall demand for new energy vehicles will continue to grow, and brands can enhance their competitiveness by improving product performance and optimizing after-sales services.

Finally, Bai Wenxi believes that the purchase tax exemption policy for new energy vehicles is of positive significance to the industry and consumers, which is conducive to the prosperity and development of the new energy vehicle market.