China FY2020 NEV Credits: Tesla No. 1, Emerging EV OEM WM Motor ranks in top 10
Baidu-Geely joint venture and smartphone maker Xiaomi join NEV race
2021/10/22
- Summary
- Revisions to NEV Credit Regulation took effect in January 2021; some special measures established for credits in FY2020
- Tesla (Shanghai), BYD, and SAIC-GM-Wuling are the top three point earners
- Credit comparison list for FY2019 and FY2020
- Tech companies and consumer electronics firms entering the NEV business
Summary
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In June 2020, five Chinese ministries and government offices (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 “Corporate Average Fuel Consumption and New Energy Vehicle Credits Joint Management Method Regulation” (hereinafter referred to NEV Credit Regulation) with effect from January 2021. In February this year, a notice on the FY2020 credit was released. According to the notice, passenger car companies registered in Hubei Province that had been affected by COVID-19 will be able to receive a 20% reduction in average fuel consumption and NEV negative credits generated in 2020; in addition, a certain amount of fuel consumption can be reduced or exempted for models equipped with certain systems.
According to the "FY2020 Passenger Vehicle Corporate Average Fuel Consumption and NEV Credit Calculation Status Chart" released by the government in late June 2021, 93 companies have failed to meet their average fuel consumption credit targets. On the other hand, the company with the highest NEV credit points was Tesla (Shanghai) Co., Ltd. with sales of 137,000 units in China in 2020. In second place was BYD Auto Industry Co., Ltd. and in third place was SAIC-GM-Wuling Automobile Co., Ltd. whose small EV model, Hongguang MINIEV, became a big hit. The top three companies with the highest NEV credit points are also the companies with the highest average fuel consumption credit points.
Related reports:
China Energy-saving Vehicle & NEV Roadmap 2.0: Curbing Carbon Emissions for a Green Society (Apr. 2021)
China Emerging EV Automakers (Part 2): NEV Alliance Matrix for 3 Mid-sized Automakers (Apr. 2021)
Revisions to China NEV (New Energy Vehicle) Credit Policy (Sep. 2020)
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)
The current situation of China’s NEV market (Jan. 2018)
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