Çin’de EV ve pil üreticileri yeniden uygulanan tüketim vergisi konusunda paylaşım kaygısı yaşıyor

Kısaca

Kısa vadede tüketim vergisi yeniden yürürlüğe girdi ve paylaşıma ilişkin müzakereler sürüyor EVE Energy gibi firmalar müşterilere verginin etkisini yansıtmayı planlıyor Piyasa karlılıkları daralırken, EV üreticileri tedarikçi maliyetlerini dengelemeye çalışıyor

Ana mesele

Çin’de lityum-iyon pil ve bağlantılı ürünlere getirilen tüketim vergisinin paylaşımı konusunda EV ve pil üreticileri arasında müzakere sürüyor

Ne değişti?

Verginin yeniden uygulanması, tedarik zinciri maliyetleri ve kar marjları üzerinde belirgin baskı oluşturuyor

Beni nasıl etkiler?

Okuyucuya maliyet baskıları ve karlılık etkileri hakkında farkındalık oluşur

Ne oldu?

Çin, 4 yüzde olan tüketim vergisini yeniden uygulamaya aldı; vergiler eylül başında yüzde 2’ye geri dönüştü ve bir yıl sonra tamamen geri getirilecek.

Neden şimdi?

Beijing’in sübvansiyonları azaltması ve iç talebin zayıflaması, maliyetlerin paylaşımını belirlemek için müzakereleri tetikledi.

Neden önemli?

Elektrikli araç ve pil üreticilerinin karlılığı baskı altında; maliyet paylaşımı belirsizliği tedarik zincirinde ek baskı yaratıyor

Kimler etkileniyor?

• Pil üreticileri
• Elektrikli araç üreticileri
• Tedarik zinciri tarafları
• Son tüketiciler

Sektör ve piyasa etkisi

İlgili sektörlerde maliyet baskısı ve potansiyel fiyat artışları görülebilir

Riskler

• Kar marjlarının daha da daralması
• Müzakerelerde uzama nedeniyle belirsizlik

Takip edilmesi gerekenler

• Tedarikçi maliyet paylaşımı için anlaşma sonucu
• Vergi yükünün nihai müşteri fiyatlarına etkisi
• Sektörde karlılık göstergelerinin hareketi

Haberin tamamı

China’s electric vehicle (EV) makers and battery manufacturers are locked in negotiations over which party should pay a resumed consumption tax, according to industry sources, a conflict that underlines carmakers’ struggles amid weak home market demand.

Beijing is ending an 11-year exemption on a 4 per cent consumption tax on lithium-ion batteries and related products. It returned to 2 per cent on September 1 and will be fully restored one year later.

The country’s battery makers planned to pass the costs on to their clients in the downstream industry. For example, the fifth-largest battery maker by volume, EVE Energy, planned to add the 2 per cent consumption tax to domestic orders that shipped after September 1, according to a notice it issued to clients on July 24.

But with their profitability squeezed amid reduced subsidies and weakening domestic demand in the world’s largest EV market, EV makers saw no choice but to push back, according to two people familiar with the matter.

Now, despite the tax being officially back in place for weeks, battery firms and EV makers were currently still at the negotiating table trying to reach a consensus on sharing the levies, one source said.

“The negotiation is a battle between the battery and EV makers in a weak market,” said Yale Zhang, managing director at the consultancy Automotive Foresight in Shanghai. “The results would be up to the bargaining power of companies in the market and even the ties between executives at the carmakers and the suppliers.”

JP Morgan estimated in July that if EV makers bore the 4 per cent consumption tax, they would see a bite of up to 0.8 per cent from their selling prices, based on calculations using popular models including Geely’s Xingyuan and Li Auto’s i9.

Despite robust exports, the industry-wide profit margin for China’s car manufacturers narrowed to 3.6 per cent in the first seven months of the year, far below the 6.5 per cent margin across all downstream enterprises in the country, according to data from the China Passenger Car Association (CPCA).

In contrast, combined net profit for EV battery makers nearly doubled that of the major car manufacturers in the first half of the year. Contemporary Amperex Technology Ltd (CATL), which dominates the market with a share of over 40 per cent, contributed more than 85 per cent of the combined net profits, earning 45.7 billion yuan (US$6.8 billion) in the January-June period.

Some carmakers are racing to diversify their battery sources. Xiaomi and Li Auto turned to second-tier battery makers like CALB Group and Sunwoda Electronic, while Xpeng said it would make in-house battery packs starting this year.

CATL’s Hong Kong-listed shares have lost more than 37 per cent from a peak in early June.

Ming Lee, head of Greater China automotive and industrial research at BofA Securities, said the resumed consumption tax would have a limited impact on the battery makers, as they would negotiate with end-market clients to share the costs.

Beijing will waive a tax on cutting-edge battery technologies like solid-state batteries until 2028 in a bid to upgrade the industry and guard against damaging cutthroat competition.

Kaynaklar

• South China Morning Post - Business