The Public Announcement on Preliminary Examination of the Promotion Funds for the Promotion and Application of New Energy Vehicles in 2016 was released a few days ago. It involved 70 companies with a total of 491 models and subsidy funds of 16.764 billion yuan. According to industry sources, with the issuance of subsidies, business pressure has been released. Among them, the proportion of passenger vehicle subsidies was high, and Yutong Bus, Zhongtong Bus, Ankai Bus and other leading players benefited significantly.

Increased concentration

In this review list, bus companies accounted for a relatively high proportion. Among them, Yutong Bus, Zhongtong Bus, and Ankai Bus had 16,169 vehicles, 6,445 vehicles, and 2,282 vehicles that passed the audit and received subsidies of 5.853 billion yuan, 2.295 billion yuan, and 848 million yuan respectively. The total sum of subsidies for the three companies accounted for 53.66% of the total amount of subsidies.

According to industry insiders, with the tightening of policies, the leading enterprises of passenger cars receive a much higher share of subsidies than SMEs, and lower-end competitors are under greater pressure to operate. Leading companies’ market share will increase, and industry concentration will further increase.

On December 29, 2016, the Ministry of Industry and Information Technology issued the Notice on Adjusting the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles, which requires that the accumulated mileage of new energy vehicles purchased by non-private users exceed 30,000 km to obtain subsidies, and in 2017 It will be implemented from January 1.

As passenger buses are mostly used in bus areas where the operating mileage is more assured, the target requirements are easier to achieve, and it is more difficult for electric logistics vehicles to meet standards, so new energy bus companies get more subsidies.

Industry success and speed up the fittest

The contents of the publicity show that a total of 57,816 vehicles have been declared and promoted by enterprises, and enterprises have applied for funds of 16.84 billion yuan; the group of experts has approved and promoted 57,494 vehicles, with a subsidy of 16.76 billion yuan. Among them, 322 vehicles have not been approved by the expert group, involving Fujian Longma, Hebei Yujie, Zhengzhou Yutong, CSR Times, China First Automobile Group, Luzhou Local Boat, Jiangxi Boneng, Zhongtong Bus, BYD, and Chengdu Ace Commercial Vehicles. Enterprise. The main reason is that the declaration information is inconsistent with the announcement parameters, the subsidies for repeated declarations, and not the recommended list.

As of November 28, the Ministry of Industry and Information Technology announced three batches (including supplementary applications) of liquidation results for subsidies for the promotion and application of new energy vehicles, and 21.38 million vehicles had been approved for promotion, with 25.77 billion yuan in subsidies.

With the implementation of the double-integration policy, many companies have increased investment in new energy vehicles. Industry insiders believe that in the long run, the double-integration policy will promote the acceleration of the survival of the fittest in the industry, which will be conducive to the long-term healthy development of the industry.

Citic Securities pointed out that in 2017, sales of new energy vehicles will be approximately 690,000. As the proportion of passenger vehicles continues to increase, the market for pure electric vehicles will gradually increase. By 2020, sales of new energy vehicles will reach 2.01 million.

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