Abstract: With the rapid development of China's electric vehicle (EV) market, the government subsidy policy has not only played a positive role, but also hindered the further development of the electric vehicle market. It is inevitable that subsidies will decline and be completely withdrawn. In the post subsidy era, EV consumer behavior has changed. It requires electric vehicle enterprises to choose a new business model. "Separation of vehicle and electricity" is undoubtedly one of the realizable and valuable business models that enterprises can consider. Therefore, it is worth studying whether the "separation of vehicle and electricity" mode can meet the behavior characteristics of EV consumers in the post subsidy era. This paper first designs a questionnaire to analyze the behavior characteristics of EV consumers in the post subsidy era. Based on the utility theory, the utility models of vehicle sales mode and "vehicle electricity separation" mode are constructed. Then, taking NIO ES6 sports electric vehicle as an example, the utility of electric vehicles under the two modes is calculated. Finally, it analyzes the relationship between the "separation of vehicle and electricity" mode and the behavior characteristics of EV consumers in the post subsidy era. The results show that EV consumers mainly pay attention to cost, environmental awareness and power battery. The utility of "vehicle electricity separation" mode is greater than that of vehicle sales mode. The "vehicle electricity separation" mode is more consistent with EV consumer behavior in the post subsidy era, and is conducive to environmental protection.