Form a market-oriented mechanism to promote the coordinated development of energy-saving and new energy vehicles——

New Energy Vehicle Credit Regulations Introduced (Rui Finance)

Reporter Li Jie

Recently, the Ministry of Industry and Information Technology and other five departments issued the "Decision on Revising the "Passenger Car Enterprise Average Fuel Consumption and New Energy Vehicle Credit Parallel Management Measures", adjusting the calculation method of new energy vehicle credits, which will be implemented from August 8 this year. The relevant person in charge of the Ministry of Industry and Information Technology said that the adjustment effect of this revision on the supply and demand of the points market and the price of points will be significantly enhanced, which will promote the high-quality development of the energy-saving and new energy vehicle industry.

Establishment of a market-oriented trading mechanism for points

In order to promote energy conservation, emission reduction and green development of the automotive industry, the Ministry of Industry and Information Technology and other five departments issued the Measures for the Parallel Management of Average Fuel Consumption of Passenger Vehicle Enterprises and New Energy Vehicle Credits (hereinafter referred to as the "Points Method") in September 2017, the essence of which is to form a market-oriented mechanism to promote the coordinated development of energy conservation and new energy vehicles through the establishment of a points trading mechanism.

For example, the new energy vehicle credits of a passenger car enterprise are the difference between the actual value of the company's new energy vehicle points and the standard value. Actual values above the standard value produce positive integrals, and lower than the standard value produce negative integrals. The Ministry of Industry and Information Technology has established a platform for the management of automobile fuel consumption and new energy vehicle points, and coordinated the promotion of points disclosure, transfer and trading.

The relevant person in charge of the First Department of Equipment Industry of the Ministry of Industry and Information Technology introduced that after the issuance and implementation of the "Points Measures", five points transactions were organized and implemented, "industry enterprises generally increased investment in research and development, the level of product technology continued to improve, the scale of new energy vehicles expanded rapidly, and the development of energy-saving and new energy vehicles showed a good trend".

In 2022, the average fuel consumption of passenger cars will decrease by 2016.40% compared to 8. The production of new energy passenger vehicles was 603.6 million units (including the number of credit accounts), an increase of 2016 times from 33,5 units in 17, and the average driving range and average power consumption of pure electric passenger vehicles increased by 2016.106% and decreased by 8.21% respectively compared with 5.

Since 2021, the scale of production and sales of new energy vehicles in China has increased rapidly, and the development of China's energy-saving and new energy vehicle industry is facing new situations and new requirements. "At the same time, in the implementation of the Points Measures, there are problems such as inflexible mechanisms, insufficient market supply and demand adjustment capabilities, and large fluctuations in the price of points." The relevant person in charge of the Department of Industrial Policy and Regulation of the Ministry of Industry and Information Technology said that in order to promote the high-quality development of the energy-saving and new energy vehicle industry, it is urgent to revise the "Points Method" again.

Added new energy vehicle credit pool management

What's changed this time?

-- Adjusting the credit calculation method for new energy vehicles. The score of the standard model of new energy passenger vehicles in 2024-2025 will be reduced by an average of about 40% compared with the previous stage, and the point calculation method and the upper limit of the point value will be adjusted accordingly.

The relevant person in charge of the First Department of Equipment Industry of the Ministry of Industry and Information Technology introduced that this adjustment is to ensure the achievement of the 2025 fuel consumption target and the new energy vehicle development goal of the "New Energy Vehicle Industry Development Plan (2021-2035)", comprehensively considering technological progress, cost reduction and changes in the cost of credit compliance, and calculated repeatedly in accordance with the principle of balance of supply and demand of points.

-- Establishing a flexible trading mechanism for points and exploring the establishment of a points pool system. The above-mentioned person in charge introduced that since the supply and demand of points will change due to technological progress and changes in market structure, after fully soliciting the opinions of industry enterprises, it was decided to set up a points pool to regulate the supply and demand of the points market.

Specifically, when the annual supply and demand ratio of positive credits for new energy vehicles exceeds 200%, the credit pool storage is started, allowing enterprises to store positive credits for new energy vehicles in the credit pool on a voluntary basis; When the annual positive credit supply and demand ratio of new energy vehicles is less than 150%, enterprises are allowed to withdraw stored positive points.

-- Optimizing other points management systems. This includes increasing the requirements for publicizing the average carbon emission level of enterprises, and proposing timely research to establish a linkage mechanism with other carbon emission reduction systems; Extend the submission time of the negative point compensation report and the completion of the negative point compensation zero time; Improve the flexibility of point trading, stipulating that positive points purchased by enterprises can be offset and carried forward; Adjust the vehicle statistical benchmark for the accounting year, etc.

The oversupply of the points market will improve

What impact is this revision expected to have on the points market?

The relevant person in charge of the First Department of Equipment Industry of the Ministry of Industry and Information Technology analyzed that because the essence of the operation of the "Points Measures" is to establish a market-oriented trading mechanism, fluctuations in the price of points in the process are inevitable, but in the previous implementation process, there were large price fluctuations and low point prices.

For example, since 2019, the assessment of the credit ratio of new energy vehicles, coupled with the impact of the epidemic in 2020, has led to a decrease in the supply of new energy positive points, a tightening of the supply and demand of points, and a higher price of points. Since 2021, China's new energy vehicle market has developed rapidly, and the supply of positive credits for new energy vehicles has been sufficient, while due to the switch of test conditions, the average fuel consumption of enterprises has changed better than expected, and the scale of negative fuel consumption points has decreased, resulting in abundant supply of positive credits for new energy vehicles and lower credit prices.

According to reports, the revision of the "Points Measures" fully considers the above situation. In particular, considering the "relaxation" of the fuel consumption target value in the early working condition switch, the fuel consumption target value and implementation requirements in the next stage need to be optimized and adjusted, and the company is expected to make full use of the credit pool to pre-deposit points for withdrawal and use after 2025.

"In general, with the tightening of the new energy vehicle point assessment and the implementation of the point pool system, the oversupply of the points market will be improved, and the point transaction price will gradually stabilize and tend to a reasonable level." The relevant person in charge of the First Department of Equipment Industry of the Ministry of Industry and Information Technology said that according to preliminary understanding, enterprises have expectations for this, and believe that the adjustment effect on the supply and demand of the points market and the price of points will be significantly enhanced. (People's Daily Overseas Edition)