vat rebate cut

China to Cut NEV Export Tax Rebates From 13% to 9% in 2027, Pressuring Automaker Overseas Profits

China will lower the export VAT rebate rate for new energy vehicles from 13% to 9% starting April 1, 2027, scaling back tax support as overseas sales become a key growth driver. Deutsche Bank estimates the change will cut BYD's net profit by about 5,000 yuan ($743) per exported vehicle, with pressure also falling on Chery, Geely, SAIC and other exporters.