Understanding the Market | Automotive Stocks Continue to Decline, XPENG-W Drops Nearly 4%, Increased Tax Exemption Threshold for New Energy Vehicles May Bring Q4 Peak Season

Zhitong
2025.10.13 02:35
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Automobile stocks continued to decline. As of the time of writing, XPeng-W fell by 3.73%, trading at HKD 83.8; Li Auto-W fell by 2.66%, trading at HKD 89.7; GAC Group fell by 2.43%, trading at HKD 3.21; Great Wall Motor fell by 1.86%, trading at HKD 16.34. In terms of news, the Ministry of Industry and Information Technology previously announced the technical requirements for the exemption of purchase tax in 2026. Minsheng Securities released a research report stating that the policy meets expectations, and the currently available pure electric models basically meet the requirements for purchase tax subsidies; the improvement in the range of plug-in hybrids is expected to enhance the ASP of the domestic passenger car market, while inefficient models will no longer enjoy tax exemptions, forcing car manufacturers to improve the efficiency of their three-electric systems. Shenwan Hongyuan recently released a research report stating that the fourth batch of "trade-in" funds has been allocated, and automobile subsidies are gradually coming to an end; starting next year, the exemption of purchase tax for new energy vehicles will end, to be replaced by a 50% reduction, with each vehicle requiring an additional payment of up to HKD 15,000 in taxes. For consumers purchasing models over HKD 300,000, the cost of buying a car will significantly increase, which may lead to a wave of market rush for purchases as we enter the fourth quarter

According to Zhitong Finance APP, automotive stocks continue to decline. As of the time of publication, XPeng-W (09868) is down 3.73%, trading at HKD 83.8; Li Auto-W (02015) is down 2.66%, trading at HKD 89.7; GAC Group (02238) is down 2.43%, trading at HKD 3.21; Great Wall Motor (02333) is down 1.86%, trading at HKD 16.34.

In terms of news, the Ministry of Industry and Information Technology previously announced the technical requirements for the exemption of purchase tax by 2026. Minsheng Securities released a research report stating that the policy meets expectations, and the currently available pure electric models basically meet the requirements for purchase tax subsidies; the improvement in the range of plug-in hybrids is expected to enhance the ASP of the domestic passenger car market, while inefficient models will no longer enjoy tax exemptions, forcing car manufacturers to improve the efficiency of their three-electric systems.

Shenwan Hongyuan recently released a research report stating that the fourth batch of "trade-in" funds has been allocated, and automotive subsidies are gradually coming to an end; starting next year, the exemption of purchase tax for new energy vehicles will end, to be replaced by a 50% reduction in tax, with each vehicle requiring an additional payment of up to 15,000 yuan in taxes. Consumers purchasing vehicles over 300,000 yuan will see a significant increase in purchase costs, which may lead to a wave of market rush for purchases as we enter the fourth quarter

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