Abstract: In recent years, the subsidy policy of new energy vehicles (NEVs) has promoted the vigorous development of China’s NEV industry. In the past, scholars tended to focus on consumers’ reactions to subsidy policies for NEVs, while attention to the reaction of investors is relatively scarce, especially in the context of major public emergencies. Based on the event study method, this study empirically tested the reaction mode of investors of NEV enterprises to China’s program of retrogressive subsidies (PRS) in the context of COVID-19 pandemic and discussed the differences in investors’ reactions under different enterprise attributes (i.e., whether listed on the Shanghai Stock Exchange, whether located in a first-tier city, whether belonging to state-owned enterprises, and whether belonging to the upstream NEV industry). Our research results provide a reference for the strategic management practices of NEV enterprises and their investors.