Multiple Tax Incentives for New Energy Vehicles to Be Phased Out

Starting September 1, 2026, mature battery products such as lithium-ion storage batteries will be subject to a consumption tax at a rate of 2%, which will increase to 4% beginning September 1, 2027. Additionally, effective January 1, 2027, fuel-efficient vehicles and certain new-energy vehicles will no longer be eligible for the vehicle and vessel tax exemption.