China announces extension of purchase tax break on NEVs until end-2027
BEIJING/SHANGHAI: China unveiled on Wednesday a 520 billion yuan package to boost sales of electric vehicles and other green cars over the next four years to prop up softening auto demand, sending shares of automakers sharply higher.
The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. Chinese auto shares rallied after the announcement, with EV makers NIO and Xpeng rising 6.1 per cent and 5.5 per cent respectively, versus a 2.4 per cent drop in Hong Kong's benchmark index. Li Auto also surged 3.5 per cent.
The government heavily promoted NEVs in recent years to curb air pollution, through incentives that supported the rise of local players such as Li Auto, NIO and BYD.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China announces extension of purchase tax break on NEVs until 2027BEIJING/SHANGHAI : China on Wednesday announced an extension of a purchase tax break on new energy vehicles (NEVs), a new pillar of the economy whose muted recovery has seen market watchers calling for more stimulus.The purchase tax on NEVs bought between Jan. 1, 2024 and the end of 2025 will be exempted,
Read more »
China announces extension of purchase tax break on NEVs until end-2027BEIJING/SHANGHAI :China on Wednesday announced an extension of a purchase tax break on new energy vehicles (NEVs), a new pillar of the economy whose muted recovery has seen market watchers calling for more stimulus.NEVs bought from Jan. 1, 2024 through the end of 2025 will be exempt from purchase tax amountin
Read more »
Sheffield Wednesday coach Moore leaves by mutual agreementSheffield Wednesday's manager Darren Moore has left by mutual consent despite guiding them back to the Championship (second tier) via a stunning playoff run in May, the club said on Monday.The 49-year-old Moore became manager of Wednesday in 2021, when they were in the Championship relegation zone. The te
Read more »
Cathay Pacific to hire cabin attendants from mainland ChinaIt will also launch initiatives to improve Mandarin language and cultural understanding. Read more at straitstimes.com.
Read more »
Goldman Sachs cuts China growth forecast as property slowdown bitesSINGAPORE : Goldman Sachs analysts have cut forecasts for China's economic growth, citing persistently weak confidence and the cloud over the property market as stronger-than-expected headwinds.The U.S. investment bank lowered its full-year real gross domestic product growth forecast for the world's secon
Read more »
China expected to release supportive NEV policy measures 'in coming days' - state mediaBEIJING : China is expected to release policy measures in the coming days that will promote development of the new-energy vehicle (NEV) sector, state media reported on Monday.Without elaborating on the specifics of the pro-NEV measures, the China Securities Journal article mentioned a cabinet meeting on J
Read more »