China revises new energy vehicle credit scheme 
On June 29, 2023, China’s Ministry of Industry and Information Technology, Ministry of Finance, Ministry of Commerce, General Administration of Customs, and State Administration for Market Regulation jointly announced a revision of the Measures on the Parallel Management of Passenger Vehicle Average Corporate Fuel Consumption and New-energy Vehicle Credits1.
This revision lowers the credit values of regular new-energy passenger vehicles by about 40%, and creates a new-energy vehicle credit pooling system.
