On December 13, Zhongtong Bus announced that the company had received the 2015 National New Energy Vehicle Promotion Subsidy from the Liaocheng Finance Bureau of Shandong Province, with a total amount of 2.036 billion yuan.
It is understood that Zhongtong Bus is the first bus-listed company to receive the 2015 National New Energy Subsidy and issue an announcement. Does this mean that the national new energy subsidy has finally begun to be in place only half a month away from the end of 2016?
In this regard, after many parties understand, there is indeed news in bus companies that subsidies for new energy bus companies are expected to be issued at the end of this year.
“The news that Zhongtong received the subsidy is also very exciting for us, indicating that the financial subsidies in 2015 have gradually come into place.†In this regard, the person in charge of a bus-listed company told NBD.
In fact, the new energy subsidies that have not been issued have already occupied a large amount of funds for bus companies, and the turnover of some new energy bus companies has become difficult.
According to the financial reports of related companies, Yutong’s accounts receivable reached 11.21 billion yuan in the first half of this year. NBD Automobile learned that in the accounts receivable of Yutong, the unsuccessful national new energy financial subsidies accounted for about 3.2 billion yuan.
In the same period, the accounts receivable of Zhongtong Bus also reached 5.9 billion yuan, the accounts receivable of Jinlong Bus were 15.3 billion yuan, and the accounts receivable of Ankai Bus were 1.778 billion yuan. The listed bus companies all have a billions of accounts. List of accounts receivable.
This has already had a real impact on the company's capital turnover. NBD Automobile learned that a leading bus company in China has to maintain its operations through loans of “hundreds of millionsâ€. This is true for large companies, and for the smaller-sized passenger car companies, the financial pressure is evident.
In this regard, Zhongtong Bus also said in the announcement that the amount will directly offset the accounts receivable formed by the company's sales of new energy buses. “The receipt of the funds will improve the company's cash flow and reduce financing costs. Have a positive impact on business performance."
Previously, a person in charge of Jinlong Bus told reporters that according to the previous experience of bus companies, the state financial subsidies will generally be delayed after six months, which means that subsidies in 2015 will generally be paid in mid-2016.
The financial subsidies in 2015 have been delayed until the end of 2016. In addition to the switch between the old and new subsidy policies, the “cheat investigation†throughout the first three quarters of this year is considered to be the main reason.
From 2009 to the end of 2015, the central government has issued a total of 33.435 billion yuan of subsidies for the promotion and application of new energy vehicles. However, according to the news in September this year, the amount of subsidies related to the problem was 9.27 billion yuan.
The "cheat" case was called the biggest scandal in the history of new energy vehicles, and bus companies became the hardest hit. According to the "Notice on the Special Inspection of Local Budget and Open Air and Promotion and Application of New Energy Vehicles" issued by the Ministry of Finance on the afternoon of September 8, the five bus companies will not subsidize or chase the central government of all vehicles produced in 2015. All the central financial subsidies back to the pre-dial shall be punished with a fine of 50% of the amount of the problem.
In this context, the “lag†of financial subsidies for bus companies is not difficult to understand.
Even though the financial subsidy funds of bus companies have begun to be gradually put in place, the development model of the new energy bus industry and related bus companies relying on financial subsidies has been considered unsustainable under the policy of subsidies and subsidies.
Where is the critical point of financial subsidies?
The strategic nature of China's new energy automobile industry, the inherent attributes of emerging industries and the stage of its life cycle have determined that China needs to subsidize the new energy automobile industry at this stage. In recent years, under the vigorous cultivation of various national policies, new energy vehicles have ushered in explosive growth.
From the situation of other countries in the world, the relevant energy-saving and new energy automobile industry policy subsidies have a “degreeâ€, that is, the intensity of subsidies and the critical point of the retreat. This “degree†standard is actually industrialization. Whether it is a foreign related policy or a related subsidy policy for domestic automobile emission standards, there is a timely exit mechanism.
In view of the pure electric vehicles, plug-in hybrid vehicles and fuel cell vehicles that China currently recognizes to promote and subsidize financially, according to the “Energy Conservation and New Energy Vehicle Industry Development Plan (2012-2020)†issued by the State Council in 2012 ( Hereinafter, it is called “Planningâ€, and its industrialization development goal is set as follows: By 2015, the cumulative production and sales of pure electric vehicles and plug-in hybrid vehicles will reach 500,000 units; by 2020, pure electric vehicles and plug-in type. The production capacity of hybrid vehicles reached 2 million, and the cumulative production and sales volume exceeded 5 million. The fuel cell vehicle and vehicle hydrogen energy industry and the international development.
According to statistics from the China Association of Automobile Manufacturers, the output and sales volume of new energy vehicles in China exceeded 300,000 units in 2015, an increase of more than three times year-on-year. According to the sales of new energy vehicles in the first three quarters of 2016, the sales of new energy vehicles in China this year are still expected to submit relatively satisfactory answers. Therefore, the critical point of the financial subsidies retreating is accompanied by the development of the new energy automobile industry.
According to the "Notice", the subsidy standard for new energy vehicles is mainly based on the effect of energy conservation and emission reduction, and comprehensively considers factors such as production cost, scale effect, and technological progress. In 2016, it conducted a special supervision on “cheat compensation†to make the relevant retreat policy more detailed.
The short-term pressure on car companies is conducive to the long-term development of the industry
From the market level, the subsidy declining mechanism will enable the elimination mechanism to function normally, thus better regulating the market. In the period of non-retraction, the government's higher subsidies make it difficult for new energy vehicle companies to separate the gap between capacity and level. After the retreat is strengthened, many enterprises that enter the new energy industry with large subsidies will follow suit. The reduction of power will help to clear speculative manufacturers and further develop the new energy vehicle market.
At the same time, local protectionism, which seriously plagued the development of the new energy automobile industry, is also expected to gradually weaken as subsidies fall back. A very important reason for this phenomenon is that local governments are reluctant to see local financial subsidies. The gradual retreat of subsidies until the final disappearance will make the local protection phenomenon lose a fundamental foundation.
What is the impact of the subsidized slope retreat mechanism on the development of new energy vehicles? In the short-term, subsidies will have a greater pressure on new energy auto companies; but in the long run, overall, the move is obviously positive. It is conducive to the formation of "independent living ability" for new energy vehicles and enterprises, and accelerate the promotion of product technology in order to pass the baptism of the market.
For new energy vehicle companies, the policy response has been declining. On the one hand, it is necessary to participate in domestic and international competition with more market-oriented means, continuous improvement of technology, product identification of consumer demand, and finding a strong selling point in marketing. On the other hand, it is necessary to carry out cost control according to consumer demand and continuously expand market sales. In short, car companies need to reduce costs and narrow the gap with the market through innovation, scale and commoditization.
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