Changes in Hong Kong stocks | Automobile stocks collectively lower the VAT export rebate rate for new energy vehicles to 9% in the short term or increase export costs

The Zhitong Finance App learned that auto stocks fell collectively. As of press release, Xiaopeng Group-W (09868) fell 4.16% to HK$36.88; Ideal Automobile-W (02015) fell 2.00% to HK$44; and Great Wall Motor (02333) fell 1.54% to HK$7.055.

According to the news, the Ministry of Finance and the State Administration of Taxation announced that the VAT export rebate rate for new energy vehicles will be reduced from 13% to 9% starting April 1, 2027. Cui Dongshu, head of the Passenger Transport Federation branch, said that the export tax rebate rate for NEVs has been lowered from 13% to 9%, with a long buffer period. This is an expected structural policy optimization. The consumption tax rebate policy remains unchanged, and export support has not been fully tightened.

“In the short term, a 4 percentage point reduction in the tax rebate rate will increase export costs. Low-margin and affordable models will be under greater pressure, and industry differentiation will intensify.” According to Cui Dongshu's judgment, although it poses challenges to the industry in the short term, China's NEV export growth is based on the competitiveness of the industrial chain, the three electricity systems, and intelligence. It is not a tax rebate dividend, and the growth trend in the export market will not be reversed.