The Impact Of Dual-credit Policy On The Operation And Performance Of New Power And Traditional Automobile Enterprises

As the penetration rate of new energy vehicles continues to increase,the fuel economy requirements of traditional fuel vehicles continue to increase,and new force passenger car enterprises are coming to the forefront to compete with traditional passenger car enterprises,the Chinese passenger car market is undergoing rapid changes.In order to take over the subsidy policy and realize our new energy automobile industry to become better and stronger,and promote the achievement of energy saving and emission reduction and "double carbon" goals.In 2017,the Measures for the Parallel Management of Average Fuel Consumption and New Energy Vehicle Credits of Passenger Car Enterprises(i.e.,the "dual-credit policy")was officially released.Starting from the generation and continuous optimization of the dual-credit policy,this paper studies the operation and performance changes of Xpeng and SAIC Motor,two new car-making forces and traditional passenger car enterprises under the dual-credit policy,aiming at the existing literature that has not yet studied different types of micro automobile enterprises under the dual-credit policy.This paper is divided into seven chapters.In the main part,the paper introduces the formation process of the dual-credit policy by referring to the foreign system and returning to the localization design.Then the paper combs the specific contents of the dual-credit policy and its two adjustments and revisions,and summarizes the integral characteristics and trends presented by the dual-credits over the years.On this basis,it further analyzes the two major impacts of the dual-credit policy on the passenger car market,namely,the rise of new energy vehicles and the energy-saving of traditional energy vehicles.In the case section,this paper adopts the double case study of Xpeng and SAIC.Firstly,by comparing the dual-credits of the two case automobile companies,it is found that SAIC is under great pressure from the dual-credit policy,and in order to reverse the adverse impact of the points pressure,SAIC adjusts its product strategy.By comparing the operation data of the case automobile enterprises,the operation data of XPeng increased greatly and grew rapidly under the dual-credit policy.Saic’s overall sales declined and the development of new energy passenger vehicles was unbalanced,which verified that the impact of the dual-credit policy on SAIC’s product strategy was transmitted to the overall impact on SAIC’s business situation.In this paper,the financial indicators of solvency,profitability,operating capacity and development capacity are used to analyze the changes and comparisons of the financial performance of the case automobile enterprises after the implementation and adjustment of the dual-credit policy,and the comprehensive energy consumption and carbon intensity of each bicycle are used to analyze the environmental performance of the case automobile enterprises.It can be concluded that the dual-credit policy has promoted the sales growth of new power passenger car enterprises,increased the average bicycle price,reduced the sales of traditional passenger car enterprises,and restrained the new energy brand premium of traditional car enterprises.At the same time,the dual-credit policy has greatly improved the financial performance and environmental performance of new power passenger car enterprises,and reduced the financial performance and environmental performance of traditional passenger car enterprises.The adjustment of the dual-credit policy slightly reduces the financial performance of the new power passenger car enterprises,improves the financial performance of the traditional passenger car enterprises,but intensifies the decline of the environmental performance.Based on the research conclusions,this paper puts forward relevant suggestions from the perspectives of policy makers and passenger car enterprises: it is necessary to improve the policy and technical standards to guide the innovation and progress of the new energy vehicle industry;We will increase policy support for passenger vehicles with low fuel consumption;Promote the balance between supply and demand of credits and price stability,strengthen policy supervision and punishment;New power car companies should follow the trend,adhere to innovation and differentiated competition;Traditional passenger car enterprises should make full use of their strengths and avoid their weaknesses to achieve balanced development and stable transformation of new energy vehicles and energy-saving fuel vehicles.The main contributions of this paper are as follows:(1)The comparative study on the operation and performance of new forces and traditional automobile enterprises under the dual-credit policy is used to closely follow the changing trend of the new energy automobile industry and market,and the countermeasures of the dual-credit policy are put forward for new forces and traditional passenger car enterprises.(2)Through the introduction of the dual-credit policy,the financial performance and environmental performance of automobile enterprises provide a certain reference for the government to continuously improve the dual-credit policy,achieve the "double carbon" goal,and guide the automobile industry to save energy and reduce emissions,and develop green.