NEV Purchase Tax to Resume in 2026 with 5% Rate and 15,000 Yuan Cap

Stardust Power announced on June 16 that it has commenced site engineering activities at its lithium refinery project in Muskogee, Oklahoma, marking a further step from the FEL-3 front-end engineering stage toward execution-level design. According to the company, Brown & Root has been engaged to carry out related geotechnical work, including site borings and subsurface investigations. The work is intended to assess underground conditions at key locations across the site and provide supporting data for subsequent civil design, foundation design, procurement and construction planning.According to Stardust Power’s previous plan, the Muskogee lithium refinery is designed to produce up to 50,000 mt/year of battery-grade lithium carbonate. Once completed, the project is expected to become one of the largest lithium refining facilities in the US. SMM believes this progress indicates that US domestic lithium refining projects are continuing to move toward engineering execution. However, the project remains at the site engineering and execution-design preparation stage, and further attention should be paid to financing progress, final investment decision, commencement of major construction and the actual delivery schedule.

U.S. automotive giant General Motors (GM) has announced an investment in U.S. startup Peak Energy and plans to advance the commercialization of sodium-ion batteries, primarily for energy storage systems (ESS), with deployment targeted after 2029. This marks the first meaningful entry of a non-Chinese automaker into the field and is prompting Korea’s battery industry to incorporate sodium-ion technology into its strategic priorities, even as it accelerates efforts to catch up in LFP. Unlike ternary batteries (NCM/NCA) and LFP, which rely on lithium, sodium-ion batteries use more abundant and lower-cost sodium as a substitute, offering advantages such as greater supply chain stability, better low-temperature performance, and enhanced safety—making them particularly suitable for large-scale energy storage applications. At the same time, increased volatility in lithium prices has further strengthened the cost competitiveness of sodium-ion batteries. Korean players including LG Energy Solution, Samsung SDI, and SK On have already accelerated their efforts, aiming to advance sample production or commercialization around 2027. Overall, GM’s entry signals that a technology pathway previously dominated by Chinese companies is becoming globalized, and it is likely to push Korean battery manufacturers to accelerate adjustments to their technology and product portfolios.

On June 15, EVE Energy disclosed its performance forecast for the first half of 2026. During this period, the net profit attributable to shareholders of the listed company is expected to reach between 3.130 billion yuan and 3.371 billion yuan, representing a year-on-year increase of 95% to 110%. The performance growth is primarily attributed to product iteration, service upgrades, and process optimization, with operating revenue increasing by approximately 60% year-on-year in the first half of the year. Meanwhile, in the face of upward pressure on supply chain costs, EVE Energy effectively cushioned the impact of material cost fluctuations through diversified supply chain layouts, strategic procurement, and the prudent use of financial instruments, ensuring the stability of profitability in its core business.