China releases latest NEV catalogue eligible for purchase tax exemption

People try out new vehicle models powered by Huawei's Harmony Intelligent Mobility Alliance (HIMA), in Shenzhen, south China's Guangdong Province, Sept. 10, 2024. China's technology giant Huawei unveiled the world's first commercial tri-fold smartphone, the Mate XT, during a new products release event here Tuesday. A new edition of Aito M9 and the newly released Luxeed R7, both powered by Huawei's Harmony Intelligent Mobility Alliance (HIMA), were also released during the event. (Photo: Xinhua)

China's Ministry of Industry and Information Technology (MIIT) unveiled its latest catalog of new energy vehicle (NEV) models exempted from vehicle purchase tax on Thursday. The latest update includes the market's most popular NEV models.

The new catalog includes a wide range of NEVs, including pure electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles (FCVs).

Notable entries come from leading domestic and international manufacturers featuring Chery Luxeed R7 powered by Harmony Intelligent Mobility Alliance (HIMA) and EX90 from Volvo, providing consumers with broader options.

All NEVs listed in the catalog are eligible for either a full tax exemption or a 50-percent reduction in vehicle purchase tax for purchases made from January 1, 2024, to December 31, 2025.

Meanwhile, a newcomer to the NEV market, Xiaomi's first NEV model, the SU7, recorded over 20,000 units delivered for the second consecutive month, the company announced recently.

On Sunday, several A-share-listed automakers released their latest monthly sales figures, showcasing robust growth in the NEV sector. Seres and BAIC, both of which have formed close partnerships with Huawei Technologies, reported remarkable growth in November sales.

BYD, the leader in the NEV market, also posted impressive results, selling over 500,000 electric vehicles in November, a 67.92 percent increase year-on-year.

On November 18, BYD achieved a major milestone by delivering its 10 millionth new energy vehicle (NEV) annually, becoming the first country to accomplish this milestone.

China's NEV production for 2024 surpassed 10 million units in November, making it the first country to achieve such a feat, according to the MIIT.