CITIC Securities: Confident in the Export Progress of Top Automakers

36Kr reports that a CITIC Securities research note stated that on October 12, 2026, the Ministry of Finance and the State Administration of Taxation announced that starting April 1, 2027, the export VAT refund rate for new energy vehicles will be reduced from 13% to 9%. The market has already anticipated this move, with top automakers expected to offset impacts on profits through terminal price increases, dealer cost-sharing, and overseas factory construction. In the long term, CITIC Securities believes that the surge in exports of Chinese new energy passenger vehicles stems from a high-quality domestic supply chain and comprehensive leadership built on R&D accumulation; thus, tax policies over the long term will not affect the global competitiveness of quality domestic automakers, and the firm remains confident in the export progress of top automakers.