GO
| HSI1 | 22,934.68 | 0.00 | -- |
| HSCEI1 | 7,689.19 | 0.00 | -- |
| Back Zoom + Zoom - Block Traded | |
|
2026-10-13 17:12:51 BOC International published a research report stating that China's Ministry of Finance and State Taxation Administration announced adjustments to export tax rebate policies for certain products. The VAT export tax rebate rate for new energy vehicles (NEVs) will be reduced from 13% to 9%, effective from 1 Apr 2027. The broker believes the move continues the direction of gradually withdrawing policy support for the "new three items" including photovoltaics and batteries, while shifting toward market-driven growth. The broker noted that the reduction for NEVs from 13% to 9% is in line with the first-round adjustments for photovoltaics and batteries, but the transition period is more accommodative. Automakers will have nearly six months to prepare, helping them readjust export pricing, optimize order structures and localize production capacity deployment, thereby easing short-term pressure. The adjustment covers both passenger and commercial NEVs, broader than previous market expectations that passenger vehicles would be affected first. Fuel vehicles are not included in the rebate reduction scope, which will help alleviate pressure on traditional automakers. The broker expects NEV export growth to slow rather than decline absolutely. If automakers fully absorb the additional costs themselves, export gross margins will come under pressure. In the medium term, the lower rebate rate will also encourage automakers to shift from exporting China-made vehicles to overseas production and localization. Industry leaders with stronger competitiveness, better cost control and stronger overseas manufacturing capabilities are expected to adapt more easily, potentially accelerating industry consolidation. In terms of export structure, Chery, GEELY AUTO (00175.HK) and GWMOTOR (02333.HK) are relatively buffered due to their higher exposure to fuel vehicles and hybrid models. Pure NEV exporters such as BYD COMPANY (01211.HK), LEAPMOTOR (09863.HK) and XPENG-W (09868.HK) will face more direct pressure, although leading players may still mitigate the impact through retail repricing, supply chain cost sharing and accelerating overseas factory construction.(su/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |