China's Ministry of Finance and State Taxation Administration announced on October 12 that the VAT export rebate rate for new energy vehicles will be cut from 13% to 9% effective April 1, 2027. CITIC Auto views the move as a phased, expected reduction and maintains a positive view on leading NEV exporters.
The NEV export tax rebate reduction is a known negative now materializing, but CITIC remains bullish on leading Chinese automakers' overseas expansion and advises accumulating on weakness.
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