Revisions to China NEV (New Energy Vehicle) Credit Policy
Revised CAFC/NEV credits to be in effect from January 2021: Tesla's credit points rise in 2019
In July 2019, a solicitation for public comments on revisions to the “Corporate Average Fuel Consumption and New Energy Vehicle Credits Joint Management Method Regulation” (also known as the double-credit NEV Credit Regulation, hereinafter referred to NEV Credit Regulation) promulgated in September 2017 was released. In June 2020, five Chinese ministries and government offices (the Ministry of Industry and Information Technology (MIIT), Ministry of Finance (MoF), Ministry of Commerce (MoC), Tax Bureau, and Market Supervision and Administration Bureau) formally issued revisions to the NEV Credit Regulation with effect from January 2021. The main changes include incentives for fuel-efficient passenger cars in addition to New Energy Vehicles (NEVs), the scope of the carry-over of credits, and changes to the method of calculating NEV credits.
In addition, at the end of June 2020, the FY 2019 credit status of each company was published. BYD Automobile Co., Ltd. (BYD), which has introduced many electric vehicles, was in the top position with high points for both average fuel consumption and NEVs. Among foreign-capitalized OEMs, Tesla (Beijing) Co., Ltd., which handles imported Tesla vehicles, acquired the most credit points.
This report outlines the revisions to the NEV Credit Regulation released in June 2020 and presents the “FY 2019 Passenger Vehicle Corporate Average Fuel Consumption and NEV Credit Calculation Status Chart”.
NEV Industry Development Plan: China accelerating the sophistication of the NEV industry (Mar. 2020)
FY 2018 NEV Credit/ Corporate Average Fuel Consumption Credit of OEMs (Aug. 2019)
China NEV Alliances (Aug. 2019)
SAE China 2018：NEV industry and related policies (Jan. 2019)
Electrification, Intelligence, and Drivetrains of China's NEV Market (Nov. 2018)
The current situation of China’s NEV market (Jan. 2018)