Xiaomi offers purchase tax subsidies for locked-in EV orders for 2026 cars

Chinese electric vehicle maker Xiaomi (1810) announced on Friday purchase tax subsidies of up to 15,000 yuan (HK$16,367) for car orders locked-in by November 30 for delivery in 2026.

The incentive covers its SU7, SU7 Ultra sedans and YU7 SUVs, Xiaomi said in a Weibo post.

Xiaomi received some 240,000 orders it considers locked in the first 18 hours after it began taking orders for YU7 in late June. YU7 deliveries have exceeded 40,000 vehicles, CEO Lei Jun said in late September.

A long wait for delivery could subject buyers to additional costs next year, as China's tax breaks for green cars are due to halve the exemption to as much as 15,000 yuan per vehicle over the next two years from a maximum of 30,000 yuan in 2024-2025.

Reuters