China boosts EV sales with $72 billion tax break extension.

China has extended tax exemptions for New Energy Vehicles (NEVs) through 2027, amounting to over $72 billion in tax breaks. The tax breaks have helped boost sales of local automakers such as BYD, NIO, and XPeng, and analysts expect the tax exemptions to boost EV growth in China by 15% in 2023 and potentially as much as 30% in 2024. To qualify as an NEV, the purchase must be a battery electric vehicle (BEV), plug-in hybrid (PHEV), or hydrogen fuel cell vehicle.