On the morning of November 19, the U.S. House of Representatives passed President Biden's "Build Back Better Act". One of the highlights of this bill is the high subsidies for the electric vehicle industry:

In the field of electric vehicles, in order to stimulate consumer demand, the bill proposes to increase the tax deduction for each vehicle from the original $7,500 to $12,500.

11月19日上午，美国众议院通过总统拜登的《重建美好未来法案》（Build Back Better Act），该法案的一大亮点，是针对电动车行业的高额补贴：

在电动汽车领域，为刺激消费者需求，该法案拟将每辆车减税额度从原来的7500美元提高到1.25万美元。

However, not all EV manufacturers are eligible for the policy. All electric cars sold in the U.S. will still receive a $7,500 tax deduction, and UAW workers can get an additional $4,500 in tax credits for EVs built if the car’s battery is also made in the U.S. Then you can get another $500 tax deduction. The measure will become increasingly stringent, and it is expected that after 2027, only electric vehicles produced in the United States will be eligible for the $12,500 tax credit.

然而，并非所有电动汽车厂商都能受享受该政策。所有在美国销售的电动汽车仍将享受7500美元的税收减免，而美国汽车工人联合会（UAW）的工人制造的电动汽车可以获得额外4500美元的税收减免，如果该车的电池也为美国制造，则可以再获得500美元的税收减免。该措施将会越来越严格，预计2027年后，只有在美国本土生产的电动汽车才有资格获得1.25万美元的税收减免。

The subsidy objects of the bill also include buyers of two-wheel and three-wheel electric vehicles (electric motorcycles): the bill proposes to provide citizens who purchase electric two-wheel vehicles with a refundable tax credit equivalent to 30% of the body price, of which , the upper limit of discounts for electric bicycles is $1,500, and the upper limit for electric motorcycles is $7,500. The 30% subsidy is the first time for electric bicycles, while the proportion of electric motorcycles that can be reduced by only 10%.

Conditions for electric motorcycles eligible for subsidies: battery not less than 2.5kw/h, speed not less than 72km/h

该法案的补贴对象还包括两轮、三轮电动车（电动摩托车）的购买者：该法案拟为购买电动两轮车的市民提供相当于车身售价30%的可退还税收抵免，其中，电动自行车的优惠上限是1500美元，电动摩托车的上限是7500美元。30%的补贴对于电动自行车来说是首次，而电动摩托车此前能减免的比例仅为10%。

符合补贴的电动摩托车的条件：电池不低于2.5kw/h，速度不低于72km/h

The bill will also provide pre-tax commuting allowances for those who commute by electric bicycles or shared bicycles. According to the proposal, the amount of electric bicycle commuting allowances will be 30% of the parking allowance, which is equivalent to $81 per month and about $1,000 per year.

Eligible for the e-bike subsidy are: e-bikes priced under $8,000.

该法案同时也将为骑电动自行车或共享单车通勤的人提供税前通勤津贴，根据提案，电动自行车通勤津贴的金额将为停车津贴的30%，相当于每月81美元，每年约1000美元。

符合电动自行车补贴的条件是：售价低于8000美元的电动自行车。

We know that most of the electric bicycles in the US market come from China. The passing of this policy will undoubtedly be a major benefit for Chinese manufacturers. Yin Xinchi, an analyst at CITIC Securities, said that since the electric two-wheeled vehicles sold in the United States are mainly electric bicycles, and most of them are priced between US$1,000 and US$8,000, the smooth implementation of the new law will greatly reduce the purchase cost of consumers and further promote the The overall development of the micro electric vehicle industry. The United States lacks a mature micro-electric vehicle industry chain and is highly dependent on imports. It is expected that the bill will directly drive the performance of related local companies to improve.

我们知道，美国市场大部分的电动自行车都来自中国，此政策通过，无疑将是中国厂商的重大利好。中信证券分析师尹欣驰表示，由于美国地区在售的电动两轮车主要为电动自行车，并且售价大多在1000-8000美元之间，如新法案顺利实施，将大幅降低消费者购买成本，进一步推动微型电动车行业整体发展。而美国本土缺乏成熟的微电动车产业链，进口依赖度强，预计该法案将直接带动本土相关企业业绩提升。

Analysts also said that due to the impact of the epidemic, the industry has been facing the problem of insufficient production capacity, but the current upstream production capacity recovery signal is obvious. Due to strong demand and low inventory, as the upstream production capacity problem of the industry is resolved and the quality of profits recovers, it is expected that 2022 will be demand. The year of cashing out and stabilizing profitability.

分析师还表示，受疫情影响，行业一直面临产能不足问题，但目前上游产能恢复信号明显，由于需求端旺盛、库存低，随着产业上游产能问题解决、利润质量恢复，预计2022年将是需求兑现、盈利能力回稳之年。

The Verge reported that the bill may have reached the final process before approval, and the policy is more likely to be implemented. The Senate is likely to revise it in the coming weeks. Senate Minority Leader Chuck Schumer said he aimed to get the bill passed by the Senate by Christmas, meaning the $1.75 trillion support package could be implemented as early as January.

The Verge报道，该法案可能已经到了批准前的最后流程，政策落地可能性较强。在未来几周内，参议院可能会对其进行修订。参议院党领袖查克舒默（Chuck Schumer）表示，他的目标是让参议院在圣诞节前通过该法案，这意味着这项价值1.75万亿美元的扶持计划最早可能在明年1月实施。