Data map.

Photo by Wu Jing

  Zhongxin Finance, June 2 (Ge Cheng) Recently, the auto industry policy has issued a series of "big moves", phased reduction of passenger car purchase tax, new energy vehicles to the countryside, and the complete cancellation of used car relocation restrictions. Good news has come one after another. .

  Among many policies, the policy of "reducing the purchase tax of some passenger cars by 60 billion yuan in stages" can be called the biggest "gift package".

A number of industry insiders agreed that the policy has far exceeded industry expectations and is expected to change the lukewarm situation in the auto market.

The policy benefits vehicles or exceeds 10 million

  Since late March, the epidemic has caused the suspension of the relevant automobile industry chain in Shanghai, which has directly affected the production and sales of automobiles.

Data show that in April 2022, the retail sales of automobiles was 256.7 billion yuan, a year-on-year decrease of 31.6%, and the production and sales of automobiles dropped by more than 40%.

  Now, just in time for the rain!

On May 31, the Ministry of Finance and the State Administration of Taxation issued a notice on the reduction of vehicle purchase tax for some passenger cars.

  Different from the previous two tax reduction policies that only targeted vehicles with a displacement of 1.6 liters and below, this tax reduction policy covers models with a displacement of 2.0 liters and below for the first time, and the price of a bicycle (excluding VAT) does not exceed 300,000 yuan models can enjoy the policy.

  Liu Bin, chief expert of finance, taxation and finance at China Automotive Technology Research Center, said in an interview with Zhongxin Finance reporter: "At present, models with 2.0 liters and below account for about 90% of the total passenger cars.

From this point of view, the tax reduction policy benefits Vehicles will likely exceed 10 million, with additional vehicle sales driven by more than 1.5 million.

  Chen Shihua, deputy secretary-general of the China Automobile Association, told the China-News Financial Reporter: "This tax reduction policy has the characteristics of being very timely, powerful and stimulating." He predicted that starting from June, the terminal will set off a wave of consumption. climax.

It is expected to leverage the "big cake" of 300 billion yuan

  In Liu Bin's view, reducing the purchase tax of some passenger cars is an important part of the State Council's package of policies to stabilize the economy.

He believes that the

value of real estate is high, the amount of home appliances is too small, and the car is in between, so it can become an important commodity to stimulate consumption.

Therefore, with the automobile as the fulcrum, the effect of implementing relevant tax reduction policies will be more significant.

  After the announcement of the policy to reduce the purchase tax of some passenger cars, car companies also moved quickly to introduce corporate subsidies.

  At present, more than 20 joint ventures and autonomous car companies, including SAIC Volkswagen, Dongfeng Nissan, Changan Automobile, and Geely, have successively introduced relevant policies. On the basis of halving the purchase tax, car companies have provided additional subsidies.

For example, consumers who purchase some popular models will subsidize the remaining purchase tax amount in a "partial exemption" or "complete exemption".

  According to Chen Shihua's forecast, under the influence of the "combination punch" of relevant departments and car companies' policies,

the additional car consumption may exceed 300 billion yuan


The 300 billion yuan of additional auto consumption will bring greater benefits to upstream parts manufacturers and downstream insurance and financial service providers.

Upstream steel and downstream finance will benefit from it

  After the introduction of the tax cut policy, industry insiders are not only concerned about the role of the tax cut policy itself, but also whether the policy will adversely affect the future development of the auto industry.

  In response to this issue, Chen Shihua told a reporter from Zhongxin Finance and Economics: "Historically, the policy of halving the purchase tax was implemented twice in 2009 and 2015. This policy can indeed play a role in stimulating the growth of automobile consumption in the short term, but After the withdrawal of the relevant preferential policies, it has also brought side effects. Previously, the automobile industry experienced a three-year decline period due to this.”

  However, Chen Shihua believes that the automobile industry should play a role in the growth of the industrial economy and make due contributions.

Therefore, although there will be side effects, the relevant policies of tax reduction are already "on the ropes".

  Chen Shihua emphasized: "The automobile industry has the characteristics of a long industrial chain. The growth of this industry will inevitably lead to the common growth of the upstream and downstream industrial chains. The tax reduction policy can not only stimulate automobile consumption, but also promote the growth of the entire industrial economy. From the perspective, both the upstream steel industry, the non-ferrous metal industry, and the downstream insurance and financial services industries will benefit from it."

Will tax cuts have an impact on new energy vehicles?

  In the view of many industry experts, the tax reduction policy has limited impact on the development of new energy vehicles.

  "It is impossible to have no impact, but the key question is how big the impact will be." Chen Shihua said that the impact will only exist in the short term, so it will not be particularly large.

  He explained: "At present, the new energy vehicle industry is in a period of rapid growth. On the one hand, the quality and performance of new energy vehicles are on the rise, and various functions have been gradually improved; As an important direction of industrial transformation, the strategy will not change rapidly due to policies."

  In Liu Bin's view, after the implementation of the tax reduction policy, the impact on plug-in hybrid models may be greater, while pure electric models will not be greatly affected.

"The main reason is that the customer bases of electric vehicles and fuel vehicles are not exactly the same, and the price range of electric vehicles and fuel vehicles are also different." (End)