2.1 China’s Electric Vehicle Policy
Focusing on the national strategic goal of "carbon
peaking in 2030 and carbon neutrality in 2060",
China's electric vehicle policy focuses on promoting
the popularity and technological innovation of
electric vehicles through policy incentives, market
supervision, and technical support. The Chinese
government has adopted a variety of policy tools to
promote the development of the electric vehicle
market. First, China’s car purchase subsidy policy
played a key role in the early stages. Although
subsidies are gradually declining, tax exemptions and
operating subsidies are still important incentives for
the electric vehicle market. The reduction of purchase
tax has made the price advantage of electric vehicles
more prominent and increased consumers'
willingness to purchase. Secondly, China’s “double
points policy” has become an important means to
promote the transformation of automobile companies.
(Hu, 2024) According to this policy, car companies
must achieve a balance of points in the sales of new
energy vehicles and fuel vehicles, and companies that
do not meet the standards need to purchase the surplus
points of other companies to form a market-oriented
incentive mechanism. Finally, China strongly
supports the construction of electric vehicle
infrastructure, especially the construction of charging
piles and battery swap stations. In terms of
technological innovation, China's power battery
industry has demonstrated global competitive
advantages, with companies such as CATL and BYD
leading the world in market share in the field of power
batteries.
2.2 Electric Vehicle Policy in the
United States
The electric vehicle policy in the United States is
mainly oriented towards market incentives and
technological innovation, with the federal and state
governments jointly promoting the development of
the electric vehicle market. In 2022, the United States
passed the Inflation Reduction Act (IRA), providing
comprehensive policy support for the production and
consumption of electric vehicles. First, on the
consumer side, the United States has implemented a
car purchase tax credit policy, and consumers can
enjoy tax credits of up to US$7,500 for purchasing
qualified electric vehicles. (Xiao, 2018) Secondly, the
US Infrastructure Investment and Jobs Act plans to
invest US$7.5 billion to build a network of 500,000
charging piles nationwide. Different from China's
"battery swap model", the United States mainly
improves the convenience of using electric vehicles
through the construction of fast charging networks. In
addition, zero-emission vehicle (ZEV) policies have
been actively promoted in California, New York, and
other states in the United States. These states have set
stricter electric vehicle sales targets for car companies
and mandated car companies to sell electric vehicles
within a certain period. The sales ratio of cars has
increased to a certain level. The United States also
leads the world in electric vehicle technological
innovation. Tesla, Ford, General Motors, and other
companies have technological advantages in
intelligent driving, autonomous driving, and Internet
of Vehicles technologies.
2.3 Comparison of Electric Vehicles
Between China and the United
States
There are some commonalities between China and the
United States in the formulation of electric vehicle
policies, but there are also significant differences in
policy objectives, market supervision methods,
incentives, and market environment. In terms of
policy goals, both China and the United States have
set clear goals for the popularization of electric
vehicles. China's goal is to achieve 50% of new car
sales with new energy vehicles (including electric
vehicles) by 2035 and to achieve full electrification.
The United States has proposed a goal of electric
vehicles accounting for 50% of new car sales by
2030. (Wei, 2022) In terms of market supervision,
China’s “dual-point policy” requires car companies to
sell a certain proportion of electric vehicle points, and
companies that do not meet the standards need to
purchase points. The "Zero Emission Vehicle Policy
(ZEV)" in the United States requires car companies to
achieve a certain proportion of electric vehicle sales
in specific states, otherwise, they will face high fines.
In terms of incentives, China's electric vehicle
purchase subsidies have gradually declined, but
purchase tax exemptions and corporate research and
development subsidies continue. The tax credit policy
in the United States is more direct. Consumers who
purchase compliant electric vehicles can receive tax
credits of up to $7,500 (Xiao, 2018). In addition, the
US subsidy policy focuses more on supporting the
local manufacturing of power batteries and the
localization of the industrial chain of electric vehicles
(Wang, 2022). In terms of market environment,
China's electric vehicle market is policy-led, the
market environment is driven by policies, and the
supportive policies of local governments have also
promoted the rapid development of the local market.