China extends preferential purchase tax policy for NEVs

BEIJING, June 21 (Xinhua) -- China will extend its preferential purchase tax policy for new energy vehicles (NEVs) to the end of 2027, Chinese authorities have said.

Purchase tax will be exempted for NEVs bought in 2024 and 2025, and it will be halved for NEVs bought in 2026 and 2027, according to a statement released by the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology.

The move seeks to support the NEVs sector's development and stimulate automobile consumption, the statement said.