Budget EV Sales Plunge 50% as Purchase Tax Policy Bites

From January to April 2026, NEV sales under 80,000 yuan fell by nearly **50%** year-over-year, with pure electric micro-car retail plunging close to **70%**. Former blockbuster models like the Hongguang MINIEV and Chery QQ Ice Cream saw monthly sales drop to the **500-unit level**. The direct trigger was the new purchase tax policy effective January 1, which capped the tax reduction at **15,000 yuan**, significantly reducing subsidies for budget models.