SOFTBANK about to go AI crazy
China unveils $72 billion tax break for EVs, other green cars to spur demand-
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A electric car charging station is pictured in a parking lot in Shanghai
BEIJING/SHANGHAI (Reuters) -China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry as it seeks to boost slower auto sales growth.
Weakening sales growth in the world's biggest auto market has raised concern over China's economic growth and while financial support was widely expected after an earlier government pledge to promote the industry, shares in major automakers jumped after the details were released.
"The extension by another four years beat market expectations," said Cui Dongshu, secretary general of the China Passenger Car Association.
New energy vehicles (NEVs) purchased in 2024 and 2025 will be exempted from purchase tax amounting to as much as 30,000 yuan ($4,170) per vehicle. The exemption will be halved and capped at 15,000 yuan for purchases made in 2026 and 2027, the Ministry of Finance said in a statement.
China had also previously offered a subsidy for EV purchases for more than a decade but the programme ended last year.
Chinese auto shares rallied after the announcement, with EV makers NIO and Xpeng rising 6.1% and 5.5% respectively, versus a 1.9% drop in Hong Kong's benchmark index. Li Auto also surged 3.5%.
Rivian Stoney!
$15.80
Hold till lunch

$8---> $9.75Stoney you know I don't like the WSB's mania stocks... but if we're gonna have China Week, should we not put NIO in there too?

I told you I saw an suv. It looked better than the truck.ran into a Rivian I really have a problem with the headlights// that was a dumb idea.
The rest looks pretty good but from the front.![]()