In the field of new energy, policy changes have often been unpredictable, creating challenges for many companies. While some interpretations of these policies have caused frustration, it's important to view them from a long-term perspective. These updates are helping to refine industry standards and ultimately push the sector toward more sustainable and rapid growth.
Looking back, the micro-electric vehicle market may face some headwinds. From 2017 to 2018, major policy shifts such as regulatory adjustments, subsidy reductions, and the implementation of the dual-credit system significantly altered the industry landscape. Wu Zhixin, deputy director of the China Automotive Technology and Research Center, mentioned that the new energy vehicle subsidy program was under review, with a four-month delay in adjustments to avoid market instability. During this period, vehicles already listed in the promotion catalog could still be sold and receive subsidies, albeit at reduced rates.
According to recent disclosures, electric vehicles with a range below 150 km may no longer qualify for national subsidies. The subsidies for different ranges vary: 10,000 yuan for 150–200 km models, 25,000 yuan for 200–250 km models, 34,000 yuan for 250–300 km models, 45,000 yuan for 300–400 km models, and 50,000 yuan for those over 400 km. Local subsidies cannot exceed 50% of the central government’s support. This raises concerns about whether low-range micro-electric vehicles like the Zotye E200, Zhidou D2, Beiqi EC series, or Chery eQ will gradually lose their competitive edge. However, these urban-focused models are still popular among first-time EV buyers, so there's no reason to panic just yet.
From a consumer standpoint, the new energy subsidy is crucial, but there's no need to worry too much. Starting January 1, 2018, the revised "Automobile Loan Management Measures" came into effect, offering higher loan limits for new energy vehicles—up to 85% for self-use models, compared to 80% for traditional vehicles. With young consumers dominating the market, increasing loan approvals for new energy cars can help stabilize the market and encourage more people to switch to electric vehicles.
The dual-credit policy has also intensified competition in the new energy sector. Faced with pressure to meet new energy credit requirements, many traditional automakers are now heavily investing in electric vehicles. This marks a shift from subsidy-driven growth to a more technology-focused and market-led approach.
What about foreign players? As early as June 28, 2017, the National Development and Reform Commission and the Ministry of Commerce announced that foreign investors could freely establish production facilities for pure electric vehicles in China. Volkswagen and JAC are prime examples. Under the dual-credit system, foreign automakers are entering the Chinese market through joint ventures, such as the collaboration between Zhongtai and Ford.
On November 9, the Ministry of Foreign Affairs announced further liberalization of foreign ownership in new energy vehicles within pilot free trade zones in 2018, encouraging investment in the sector. Compared to the highly competitive fuel vehicle market, the new energy sector is still evolving. While foreign investment brings increased competition, it also helps break down barriers and improve local technologies. Companies like Tesla, which aim to localize production, are now set to compete with domestic brands in the high-end electric vehicle market.
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