BYD Co Ltd‘s BYDDY BYDDF chairman has reportedly called on China to extend the purchase tax exemption on new energy vehicles till 2025.
What Happened: BYD Chairman and President Wang Chuanfu called upon China to extend the purchase tax exemption for new energy vehicles till 2025, reported CnEVPost. Chuanfu was speaking at the China EV 100 Forum. The exemption is set to expire by the end of this year.
China employed several incentives to support the electric vehicle industry using subsidies and exemptions before 2023, the report added.
Both subsidies and exemptions expired to the end of last year. Though subsidies were entirely withdrawn, purchase tax exemption was extended for a year more.
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Volkswagen AG VWAGY China Head of Sales Meng Xia too called for a purchase tax exemption extension at the forum, CnEVPost added.
In the U.S., meanwhile, several EV makers are looking at losing EV tax credits on their vehicles after the Treasury issued new, stricter guidance on the Inflation Reduction Act on Friday.
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Read More: Warren Buffett-Backed BYD Posts 91% Jump in March EV Deliveries
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