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China Launches Major Tax Breaks For Electric Vehicles

CHINA-EU

MNI London: Reuters has reported that China has unveiled, "a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars..."

  • Reuters: "Analysts said the cap on the purchase tax exemption would help drive growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers."
  • The package may impact German auto exports which slumped in Q1 2023 and comes in the wake of Chinese Premier Li Qiang's trip to Germany where he, "called for preserving existing supply chains and expanding cooperation on issues like smart manufacturing, electric cars and technological exchange," according to Politico.
  • The IW institute in Cologne published a report yesterday noting that German exports to China dropped 26% year-on-year in Q1 2023, stating: “There appear to be strong disruptions playing out in the automotive sector, especially regarding China’s increasing importance as an exporter of electric cars.”
  • Oilprice.com notes that the "slump in car and engine exports accounted for nearly half of the total drop in German exports to China."
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