Abstract: China’s new energy vehicle industry policy is gradually transitioning from “selective industrial policy” to the functional “Dual-Credit” policy, in order to build a long-term mechanism to promote the development of the new energy vehicle industry. This paper takes China’s new energy vehicle (whole vehicle) listed companies as the experimental group, matches the control group from non automobile manufacturing enterprises through the propensity score matching method, and uses the double difference model to test the incentive effect of the “Dual-Credit” policy on the technological innovation of new energy vehicle enterprises. The research results indicate that: (1) the “Dual-Credit” policy significantly stimulates the “substantial” innovation behavior of new energy vehicle enterprises; (2) it also encourages “strategic” innovation behavior; (3) throse incentive effects are significant in state-owned enterprises without significant impact on non-state-owned enterprises, while both state-owned and non-state-owned enterprises have significantly promoted “substantial” innovation through their R&D investment; (4) the analysis of regional heterogeneity shows that the incentive effect is more significant in the eastern region with a strong market level, while it is not significant in the western region. The size of enterprises can balance the impact of this heterogeneity. Therefore, the government should continue to improve the “Dual-Credit” policy, strengthen guidance for non-state-owned enterprises, and provide targeted support to areas with weaker market levels.