China will lower the VAT export rebate rate for new energy vehicles from 13% to 9%, effective April 1, 2027, covering battery electric and plug-in hybrid passenger cars as well as electric commercial vehicles. The broker views the policy as manageable for leading automakers with overseas production and cost pass-through ability.
The export tax rebate reduction is a modest headwind for Chinese NEV exports, but the broker remains constructive on automakers with overseas localization and pricing power.
Free preview — more China A-share & HK research · About Us · Legal & Privacy