FEV咨询-2025中国汽车产业分析报告 2025 China automotive industry analysis report

Beijing,Shanghai,Chongqing

FEVConsulting(China),FEVGroup

2025Chinaautomotiveindustryanalysisreport

2025Annualindustryreport

FCV

CONSULTING

AGENDA

MACROBACKGROUND

AUTOMOTIVEMARKETPERFORMANCE

INDUSTRYINSIGHTS

SUMMARY

2

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

AGENDA

MACROBACKGROUND

>MACROECONOMICSANDSITUATION>CHINESEPOLICIESANDREGULATIONS

3

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

In2025,facingcomplexchangesinChina’sandglobaleconomic

conditions,thenationaleconomyadvanced

underpressure,shiftedtowardinnovationandquality,andachievednewprogressin

high-quality

development,withallmajoreconomicandsocialtargetsfullymet

Accordingtoannual

datareleasedbytheNationalBureauof

Statistics,GDPfortheyearreached1,401,879CNY100m,up5.0%YoY

·2025

Keyfigures2025

140trillionCNY2025annualGDP

FCV

CONSULTING

GDPup5.0%

atconstantprice2)from2024

Large-scaleindustries1)grewby5.9%YOY,Manufacturingvalue-addgrewby6.4%YoY

TotalGDP(trillionCNY)Growthrate(%)

101

94

85

76

150

100

50

0

China’sGDPtrends2004-2025

15

10

5

0

117

104

50

42

140

135

129

123

66

60

36

55

70

32

22

27

16

19

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

4

1)Industrialenterpriseswithannualmainbusinessincomeover20millionCNY;2)ValueofgoodsandservicesafterremovingtheeffectsofinflationSource:NationalBureauofStatistics(NBS);FEV

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

In2025,China'sautomotiveindustrywasinfluencedbythreemainfactors:theinternationalsituation,consumption,andenergydemand

FCV

CONSULTING

2025KEYIMPACTFACTORS

Internationalsituation

•In2025,weakeningunipolarityandacceleratingmultipolaritykept

geopoliticalriskselevatedamidsustainedregionalconflictsandcross-borderfrictions

•Globalizationsufferedmajorsetbacksastariffwarsdisruptedtraderules.U.S.exportcontrolsandsanctionsonChinashiftedfromhigh-pressureescalationtopartial,phasedeasing.

•Geopoliticaltensionsexposedthe

vulnerabilityofpetrochemical-energysupplychains,increasingtheriskof

sharppriceswingsandeconomic

volatility,whilefurtherhighlightingthestrategicimportanceofnewenergy

Consumption

•In2025,the“two-new”policieswere

extendedandexpanded,continuingtosupportautomotiveconsumption.Afterthedemandreleasein2024,their

marginalimpacton2025salesmoderated.

•Chinesebrandscontinuedgaining

marketshare,drivenbytechnologyandvalue-for-moneyadvantages.Their

passenger-vehiclesharereached

69.5%in2025.BYD,Geelyandothers

retainedleadershipthroughfaster

productiterationandstronger

technicalcapability.JV-brandICEsalesdeclined,andthemarketkeptshiftingtowardNEVs.

Energydemand

•TheEnergyLawofthePeople'sRepublicofChinacameintoeffect,establishingaframeworkforgreenandlow-carbonenergytransition,acceleratingthe

restructuringofautomotiveenergysupplyandthediversificationof

technologypathways

•New-energyinfrastructurecontinuedtoimprove,anda“3-yeardoubling”

targetforchargingpointdeploymentwassettomeetNEVusage

requirements

•Chinafurtherrefinedregulationsforthebattery-recyclingindustryandissuedmanagementmeasuresclarifying

responsibilityscopes

5

Source:FEV

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

TheEUeasedtariffsonChineseEVswhiletheU.S.raisedtariffs,increasingpressureonChina’sexports

FCV

CONSULTING

CHANGESINWORLDTARIFFPOLICY(1/2)

In4/2025,theEUsuspendeditsanti-subsidytariffson

ChineseEVsandreplaced

themwitha“minimum-pricecommitment”mechanism

2025

TheU.S.tariffsimposedon

ChineseNEVshaveevolvedintoamulti-layered,compoundedtariffstructure

20242025

2024

100%

45.3%

Detailsofchangesintariffpolicies

•AsidefromtheU.S.invokingSection301inSep.2024toraisetariffsonChineseNEVsto100%,U.S.tariffpolicyhasshownclearphasedadjustmentsandlegaluncertainty

_InMar.2025,PresidentTrumpsignedanexecutiveordertoimposea25%tariffonallimportedvehicles

_InFeb.2026,theU.S.SupremeCourtruledthattheTrump

administration’stariffactionsbasedontheIEEPAexceeded

statutoryauthority,renderingthe10%“fentanyltariff”andthe10%“reciprocaltariff”invalid.Althoughtarifflevelsfellintheshortterm,theadministrationmaystillreimposetariffsusingotherlegaltools,leavingfutureactionshighlyuncertain

•InJan.2026,theEUformallyintroducedtheMinimumImportPrice(MIP)mechanism,allowingChineseOEMstosubmitprice

commitmentsbymodelandconfigurationtoreplace

anti-subsidytariffsofupto45.3%

•InJan.2026,Canadaremovedits100%tariffonChineseEVsandgrantedChinaaquotaof49kEVsperyear,whichqualifyforthe6.1%MFN1)tariffrate

ChangesintariffpoliciesonChineseNEVsintheEU,theU.S.,andothermajorglobalmarkets

6

1)MFN:Most-Favored-NationTariff

Source:FEV

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

Globaltradefrictionsareshowingsignsofaphasedeasing,butuncertaintiesinU.S.tradeandindustrialpolicyremainsignificant

CHANGESINWORLDTARIFFPOLICY(2/2)

FCV

CONSULTING

•In1/2026,theEUformallylaunchedtheMinimumImportPrice(MIP)mechanism,allowingChineseOEMstosubmitpricecommitmentsatthemodelandconfigurationlevelasanalternativetoanti-subsidydutiesofupto45.3%

•Whilethepolicyadjustmentappearstoeasetradetensionsonthesurface,itreflectsEurope’sclearindustrial-protection

logic.Itnotonlyplacessignificantconstraintsonthetraditional‘highvalue-for-money’market-entrystrategyofChineseOEMsbutalsoacceleratestheshiftinChina-EUautomotivecompetitionfroma‘pricewar’toa‘technologywar’.Withinthisnewcompetitivecycle,thepricethresholdprovidesEuropeanOEMswithavaluablebufferperiod,enablingthemtospeeduptechnologyupgradesandstrengthenproductcompetitiveness.

•The100%Section301tariffisthemostcentralandtargetedU.S.tradebarrieragainstChineseNEVs.Ontopofthis,the

cumulativeimpactofexistingtariffsandcompliancecostsmakesexportsofChineseEVstotheU.S.economicallyunviable,effectivelyblockingthepossibilityforChinesebrandstoenterthemainstreamU.S.marketthroughdirectexports.Atthesametime,byimposingadditionaltariffsonMexicanproductsthatdonotmeetUSMCA1)rulesoforiginandtighteningoriginverification,theU.S.hassignificantlyreducedthefeasibilityforChinesecompaniestoentertheU.S.marketviaMexico.

•U.S.policyremainsinherentlyunstable,astariffdecisionsarehighlyinfluencedbypoliticalfactorsandmaybefurtheradjusteddependingontheprogressofChina-U.S.negotiationsordomesticindustrialneeds

•Amongmajorglobaleconomies,theEU,Canada,andothershavegraduallyeasedtraderestrictionsonChina.TheEU’sremovalofpunitivetariffsandshifttoanMIPmechanismhasalsocontributedtoamildeasingofoverallfrictions.

•Incontrast,theU.S.continuestointensifyhigh-tariffpressureonChina.However,againstthebackdropoftheglobalNEV

supply-chainreshuffle,China’sNEVexportsandoverseasmarketexpansionhavecontinuedtogrow,withstrengtheningtailwinds.

1)USMCA:UnitedStates–Mexico–CanadaAgreement

Source:FEV

7

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

2025:

VehiclesalesvolumeinChina

VehiclesalesYoYgrowth

NEVsalesvolumeinChina

NEVsalesYoYgrowthNEVpenetration

27.30million6.7%

13.87million28.2%

50.8%

In2025,China’sNEVsalesvolumerosesteadily,withYoYgrowthinmostmonthsandcontinuedmarketexpansion

WEAKDOMESTICDEMAND&POLICYSUPPORT

FCV

CONSULTING

Source:ChinaAssociationofAutomobileManufacturers(CAAM),FEV

In2025,China’sNEVsalesvolumemaintainedasteadyupwardtrend.SalesinJan.-Feb.wereseasonallyweak,butgrowth

becamemoreevidentinH2withimprovingsentiment,concentratednew-modellaunches,andfasterexportmomentum

The100k–200kCNYrangeremainedthecorevolumesegment,withrisingdemandforhigher-endmodels.Brandsstayed

competitiveinkeypricebands,andjoint-ventureandemergingplayersaddedhigher-techmodelsabove200kCNY,improvingtheproductmix.Withbroadersupplyandbetter

value-for-money,demandisexpectedtokeepexpanding

Pricecompetitionintensifiedbutbecamemorerational,shiftingfromlow-pricetacticstotechnology-andexperience-driven

differentiation.Domesticbrandsboostedvalue-for-money

throughtechnologyiterationandplatform-basedcostreduction

Thegovernmentadvancedtrade-inincentives,consumption

support,andexport-relatedmeasurestostabilizeexpectations,whileregulatorsstrengthenedoversightofpricingandqualitytosupportorderly,healthyindustrydevelopment

NEVsalesvolumegrowthhasalsobeensupportedbymultiple

stimuluspolicies,raisingtheriskofdemandbeingpulledforward.Growthmaythereforesloworstabilizeinthenext1–2years

8

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

In2025,carbon-marketexpansionandtighterrulesacceleratedglobalcarbon-neutralityefforts

CARBONTRADINGSYSTEM(1/2)

FCV

CONSULTING

Carbon-neutralmarketdevelopmentsacrosscountriesin2025

•Article6oftheParisAgreemententeredsubstantiveoperation,providingaformalchannelforglobalcarbon-creditcooperation

•TheEUETS1)continuedtostrengthenthecarbon-pricesignalthroughstructuralallocationtighteningandscopeexpansion(includingmaritimetransportandphasingoutfreeaviationallowances)

•PolicyrollbacksintheU.S.weakenedtheeffectivenessoftheIRA2)andrelaxedEPA3)regulatoryauthority,significantlyreducingthelikelihoodofachievingitsNDC4)targets

•India’sdraftnationalCarbonCreditTradingScheme(CCTS)enteredthepilotstagein2025,markingakeysteptowardestablishinganationwidecarbonmarket

•Brazil’snationalEmissionsTradingSystem(ETS)advancedtothefinallegislativestagein2025,layingthefoundationforitscarbon-pricingmechanism

•Globalcarbon-neutralitypoliciesenteredanewcyclein2025,withmostcountriesclimategovernancetargetlevelsandstrengtheningcarbon-marketmechanisms,whileU.S.policyregressionandwideningfinancinggapsincreasedthedivergencebetweenglobalactionsandtargets

9

1)ETS:EmissionsTradingSystem;2)IRA:InflationReductionAct3):EPA:EnvironmentalProtectionAgency4)NDC:NationallyDeterminedContribution

Source:FEV

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

China’scarbonmarketisnowtheworld’slargestandexpandedtoheavyindustryin2025

FCV

CONSULTING

CARBONTRADINGSYSTEM(2/2)

2025

CumulativequantityofcarbonemissionallowancesinChina’scarbonmarket

Totaltradingvalue

2025allowancetradingvolume

YoYdecreasecomparedto2024

1)ETS:EmissionsTradingSystem

Source:FEV

860milliontons58billionCNY

235milliontons24%

•The2025tradingvolumeofemissionsallowancesreachedthehighestlevelsincethenationalETS1)launchedin2021,andtheone-wayauction

mechanismwasofficiallyintroducedonJune30,2025,improvingmarketliquidityandlayingthegroundworkforamorematurepricingsystem

•Sectoralexpansionincreasedcarbon-marketcoverage,asthesystemgraduallyincorporatedhigh-energy-intensityindustriessuchassteel,cement,andaluminumsmelting,raisingETS

coveragefrom40%toabove60%

10

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

FCV

CONSULTING

AGENDA

MACROBACKGROUND

>MACROECONOMICSANDSITUATION

>CHINESEPOLICIESANDREGULATIONS

11

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

AGENDA

MACROBACKGROUND

>CHINESEPOLICIESANDREGULATIONS

_Carbonemissionsandmanagement

_Dualcredit

_MandatorynationalstandardforEVenergyconsumption

_Summaryofothernewpolicies

l2

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

China’sgreenandlow-carbonstrategydrivesenergyconservationandemissionreductiontowardcarbonpeakingandneutrality

CHINA–ENERGY-SAVINGANDCARBON-REDUCTIONPOLICYFRAMEWORK

FCV

CONSULTING

Carbonpeakingandcarbonneutrality

ImplementationobjectivesImplementationpathways

Emissionstradingsystem

•

Nationalcarbonemissionstradingsystem(ETS)

•Chinacertifiedemissionreduction(CCER)market

Carbonemissionsmanagement

•Carbonemissiontargets

•Carbonemissionallowances

•Monitoring,verification,andreporting

allowances

numberofemission

Determine

tradeable

support

Implementationandadjustment

mechanisms

Targetandinstitutionalframework

Foundationalconditionsand

prerequisites

Carbonfootprintmanagement

•

•

Productcarbonfootprintaccounting

Carbonfootprintcertificationandlabeling

•Carbonfootprintdatabase/emissionfactorsystem

•Corporatecarbonfootprintmanagementframework

•Supply-chaincarbonfootprintmanagement

•

data

Provide

Adetailedimplementationplanhasbeenformulatedandisoutlinedinsubsequentsectionsofthisreport13©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

InMar.2025,Chinareleaseditsfirstunifiedframeworkforproductcarbon-footprintlabelingandcertification

GENERALIMPLEMENTATIONRULESFORPRODUCTCARBONFOOTPRINTLABELCERTIFICATION(TRIAL)

FCV

CONSULTING

Keycontentsandrequirements

1Certificationscope

•ProductsincludedintheproductcarbonfootprintlabelcertificationcatalogueuniformlyissuedbytheCNCA1)

_Thelistofthefirstbatchofproduct

carbonfootprintlabelcertificationpilotsincludes10categoriesofproducts,suchaslithiumbatteries,photovoltaic

products,steel,textiles,electronic

appliances,tires,cement,electrolyticaluminum,ammoniumphosphate,andwoodproducts

Thebatchofproductcarbon-footprintlabelingpilotscoverskeyautomotivecomponentsandrawmaterials(e.g.,tires,textiles,steel,andLi

batteries)providinginitialdatasupportforOEMfull-vehicleLCA2)carbonaccounting

2Certificationmode3Certificationprocedure

•Initialinspection

_Focusontheenterprise'squalityassurance

capabilitiesandproductconsistencytoensureproductioncompliance

•Productcarbonfootprintverification

_Coverthefullchaindatafromrawmaterial

acquisition,production,transportation,andusetotheEOFstagetoensurethatthe

quantificationofthecarbonfootprintisscientificandaccurate

•Supervisionaftercertificationacquisition

_Itovercomesthedrawbackoftraditionalcarbonfootprintaccounting,verification,andevaluationbusinesses,whichtendtofocusonresultswhileneglectingtheprocess.Ensuresenterprises

continuouslyreducecarbonemissions.

Issuanceofthecertification

certificate

1Certificationcommission

Certificationplanning

9Supervision

afterobtaining

Document

review

approvalof

Re-certification

footprint

Acceptance

Productcarbon

Evaluationand

On-sitereview

certification

certification

verification

results

the

10

8

4

6

5

3

2

7

14

1)CNCA:CertificationandAccreditationAdministrationofthePeople’sRepublicofChina;2)LCA:LifeCycleAssessment

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

In2025,China’sproductcarbon-footprintlabelingmovedfromframeworktopilotimplementation

PILOTCATALOGUEFORPRODUCTCARBONFOOTPRINTLABELCERTIFICATION

FCV

CONSULTING

•Thenoticeontheselectionresultsforpilotinstitutionsforproductcarbon-footprintlabelcertificationconfirmed26institutionseligibletoconductcorrespondingpilotcertifications

•Thepilotcataloguefollowsa“needs-first”approach,focusingonspecificproductsegmentsandsupportedbyupcomingproduct-specificcertificationrules,formingafulllife-cyclecarbon-footprintlabelingframework

•Thecataloguefurtherrefinesproductcategories—forexample,lithiumbatteriesaredividedintoconsumer,light-mobility,traction,and

energy-storagetypes,alignedwithEUBatteryRegulationclassifications,reflectingsignificantdifferencesinmaterialcompositions(LCO,LMO,NCM/LFP,LFP)1)

Manufacturingandelectro-mechanicalindustries

•Electronicandelectricalappliances

_Roomairconditioners

_Desktopcomputersandportablecomputers

_Low-powerelectricmotors

•Tires

Consumergoods&light

industry

•Textiles

_Includingcashmereproducts

•Woodproducts

_Man-madeboardsandwoodenflooring

High-energy-consumptiontraditionalindustries

•Steel

_Long-processsteelproducts

_Short-processsteelproducts

_Ferroalloys

•Electrolyticaluminum

•Cement

Newenergyandcleantechnologies

•Lithiumbatteries

_Consumerbatteries

_Smallpowerbatteries

_Largepowerbatteries

_Energy-storagebatteries

•Photovoltaicproducts

15

1)LCO:LithiumCobaltOxide;LMO:LithiumManganeseOxide;NCM:LithiumNickelCobaltManganeseOxide;LFP:LithiumIronPhosphate

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

Inlate2025,MIIT1)launchedcarbonfootprintreportingforautomotivetractionbatteries,withapilotin2026andfullrolloutfrom2027

CARBONFOOTPRINTREPORTINGFORAUTOMOTIVETRACTIONBATTERIES(1/2)

FCV

CONSULTING

Keycontentsandrequirements

1Scopeofreporting

•TractionbatteryproductssoldandusedwithinChina,witharatedenergy>2kWhdefinedinaccordancewiththe“tractionbattery”definitioninGB/T19596

3Reportingprocess

ObtainanaccountfortheAutomotiveTractionBatteryCarbonFootprintInformationPlatform

1

CompletetheDataQualityControlMeasures

Form

2

3Reportcarbonfootprintactivitydata

4Conductcarbonfootprintcalculations

5Uploadthethird-partyverificationreport

2Responsibleentities

•Traction-batterycarbonfootprintcertificationcovers5categoriesofentities

Datareportingresponsibleentitiesinclude

•Producersoftractionbatterypacks

•Importersoftractionbatterypacks

•Road-vehiclemanufacturersthatassembletractionbatterypacksin-house

Collaborativeentitiesforcarbonfootprintreporting,providerelevantdatatobatterypackmanufacturersandensurethedataistraceableandverifiable

Carbonfootprintcertificationandassessmentbody,objectivelyandimpartiallyverifythecarbonfootprintaccountingprocessanddataoftractionbattery

companies,andissueaverificationreport

Co-buildingentitiesfortheindustrybackgrounddatabase

Supportemissionfactordatareviewandmanagementpolicyresearch

Tractionbatterymanufacturer

Upstreamand

downstreamsupply-

chainenterprises

Verificationagency

Emissionfactordata

provider

Industryexperts

16

1)MIIT:MinistryofIndustryandInformationTechnologyofthePeople’sRepublicofChina

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

Low-carboncompetitionisbecomingstandardizedandenforceable,reshapingmarketaccessandfinancing

CARBONFOOTPRINTREPORTINGFORAUTOMOTIVETRACTIONBATTERIES(2/2)

FCV

CONSULTING

Keytasks

Strengthenthedatafoundation

Strengthencapabilitybuilding

•Encourageautomakersandtraction-batterycompaniestobuilddigitalcarbonmanagementplatforms

•Supportautomakersandbatterycompaniesinleading

greensupply-chainmanagementandintegratingcarbonfootprintintosupply-chaingovernance

•Fosterprofessionalserviceprovidersfortraction-batterycarbonfootprintaccounting,assessment,andverification

•Improvesectorbackgrounddatabasesandestablishdata-reviewandevaluationmechanisms

•Explore“pay-for-data”modelstosupportdatacommercializationandsustainableupdates

•Enhancedataqualityandpromoteinternationalmutualrecognition

Improvemanagementmechanisms

Enhancecommunicationandguidance

•Conductpolicyinterpretationandpublicoutreachtobuildasupportivepublicenvironment

•Leveragebilateralandmultilateralcooperation

mechanismstodeependialogueonpower-battery

carbonfootprinttopicsandactivelypromotealignmentwithinternationalrules

•Establishalow-carbonproductevaluationandverificationsystemguidedbyproductcarbonfootprints

•Incorporateproductcarbonfootprintsintoautomotive

promotionpolicies,officialvehicleprocurementstandards,andevaluationframeworksforzero-carbonfactoriesandzero-carbonindustrialparks

17

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

InMar.2025,China’sETSunderwentitsfirstexpansion,addingsteel,cement,andaluminumsmelting

WORKPLANFORETS

Keycontentsandrequirements

FCV

CONSULTING

1Implementationphases

•Initiationphase(2024–2026)

_Definesectorboundariesandemissionaccountingmethodologies

_Carryoutemissionsdatareporting,verification,andcapacitybuilding

_Advanceallowanceallocation

mechanismsandinstitutionalalignment

•Enhancement&maturityphase(from2027onward)

_Improvemarkettradingrules

_Enhancemarketliquidityandprice-discoveryfunctions

_Promotethelong-term,stableoperationofthecarbonmarket

2Scopeofcontrol

•DirectGHG1)emissionsfromfossil-fuel

combustionandindustrialprocessesinthesteel,cement,andaluminum-smelting

sectors

_ControlledGHGforsteelandcement:CO2

_ControlledGHGforaluminum-smelting:CO2,CF4,andC2F6

•Keyentities

_EnterpriseswithannualGHGemissions≥26ktCO2earedesignatedaskeyemitters

3Marketsizeandcoverage

•Newkeyemittersadded:~1,500

•Emissionscovered:~3bntCO2

ThisisthesubstantiveexpansionofChina’snationalETSsinceitslaunchin2021,markingashiftfromasingle-sectorpilottomultihigh-emissionsectorcoverageandrepresentinganimportantsteptowardmarketmaturity.Steel,cement,and

aluminum-smeltingenterprisesmustestablishrobustcarbon-emissiondataandverificationsystems,whiletightening

allowanceswillmakecarboncostsmoreexplicitanddrivetechnologyupgradesandthegreentransition

18

1)GHG:Greenhousegas

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

SUMMARY

Withtheexpansionof

China’snationalETSandtherolloutofproduct

carbon-footprintlabelingandcertification,China’scarbon-management

systemisshiftingfrompilotexplorationtoastructuredand

standardizedphase

Theinclusionofkey

sectorsintheETS,clearercarbon-footprint

classifications,and

traction-batteryreportingwilldrivestrongerdata

managementandfulllife-cycle

emission-reductioncapabilities

FCV

CONSULTING

Generalimplementationrulesforproductcarbon-footprintlabelingandcertification(trial)

•China’ssystematicdocumentonproductcarbon-labelingcertification,formallyestablishingaunifiednationalframework

•Itpromotesfulllife-cyclecarbonmanagement,requiringend-to-endsystemsfordata,production,andproductconsistencytosupportfull-LCA1)emissionsmanagement

Pilotcatalogueforproductcarbon-footprintlabelingandcertification

•Defines17specificproductcategorieseligibleforcertification,markingthetransitionoftheproductcarbon-labelingschemefrompolicydesigntoimplementation

Carbonfootprintreportingforautomotivetractionbatteries

•Traction-batterycarbon-footprintmanagementisshiftingfromexplorationtostructuredimplementation,drivenbyunifiedaccountingrules,datatransparency,strengthened

supervision,andalignmentwithinternationalstandards,enhancingtheindustry’sgreencompetitivenessandglobalcompliancereadiness

Workplanforincludingthesteel,cement,andaluminum-smeltingsectorsinthenationalETS

•ThesesectorsareincludedinChina’snationalETS2),expandingcoveragefrom~40%toover60%

•Thisisthesubstantiveexpansionsincethe2021ETSlaunch,extendingcoveragefromasingle-sectorpilottomultiplehigh-emissionindustriesandsignalingmarketmaturation

19

1)LifeCycleAssessment;2)EmissionsTradingSystem

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

FCV

CONSULTING

AGENDA

MACROBACKGROUND

•CHINESEPOLICIESANDREGULATIONS

_Carbonemissionsandmanagement

_Dualcredit

_MandatorynationalstandardforEVenergyconsumption

_Summaryofothernewpolicies

20

©byFEV–allrightsreserved.Confidential–nopassingontothirdparties

OnNovember10,2025,theMIIT1)issueda

notificationontheDualCreditPolicy(2026–2027)

DUALCREDITPOLICY

Overall,thenotificationcontinuesandestablishestheDualCreditrequirementmanagementintheDraftforComments

TheNoticeadjuststherequirementsforfuelconsumptionlimitsandpower

consumptionlimitsforPHEVs

_Thefuelconsumptionlimithasbeenincreasedfrom60%to65%

_Thefull-chargepowerconsumptionlimithasbeenraisedfrom130%to

135%

•The2026–2027DualCreditNoticesetsoutaclearpolicydirection,withtherequired

shareofnewenergyvehiclesincreasinginstages,creditspervehiclecontinuingto

depreciate,andincreasinglystringent

technicalthresholds.Thisshiftsthefocusofnewenergyvehicledevelopmentfrom

scaleexpansiontohigh-quality

development,usingstricterpoliciesto

drivetheindustrytowardsteadyprogressinhigh-qualityandhigh-techdirections.

Therequirementontheratioofnewenergyvehiclesin2026-2027

Therequirementsfor2026and2027arerespectively48%and58%

TheruleforcalculatingthecreditsofFuel-EfficientPassengerVehicles

WhencalculatingthecompliancevalueofNEVcredits,theproductionorimportvolumeoflow-fuel-consumptionpassengercarsshallbecountedat0.1xtheiractualquantity

AdjustmenttothecalculationmethodforNewEnergyPassengerCarCredits

Thestandardmodelcreditsfornewenergypassengercarshavebeenreducedbyapproximately50%onaveragecomparedtothepreviousphase

_EVs:

_Anewcoefficien