Opening on March 10thSmart car ETF and Xinneng ETF are down more than 2% and nearly 5% so far this week.
On the face of the newsThe automobile industry set off a storm of price cuts.From July 1 this year, the "National 6B", known as the most stringent emission standards, will be officially implemented, and car companies that have made the transition to the "National 6A" emission standards must step up inventory clearance by July 1.
The auto industry set off a storm of price cuts, and it was learned from a number of BMW 4S stores that BMW recently launched substantial promotions and discounts, with its pure electric model BMWi3 falling by more than 100000 yuan. Take BMWi3eDrive35L as an example, its official guiding price is 353900 yuan, and the price of some 4S stores is 248000 yuan after discount.
The two main models of BYD Ocean Network, Song PLUS and Seal, have launched special time-limited marketing activities with a discount range of 6800 yuan to 8800 yuan.
BMW's pure electric model, BMW i3, has launched a discount promotion campaign, with a maximum discount range of 100000 yuan.
SAIC Audi's three products offer a discount of 70, 000 to 160000 yuan for employees to buy cars.
Since March, Hubei Province has joined forces with a number of car companies to introduce government-enterprise car purchase subsidies, including "Dongfeng system" brands Dongfeng Honda, Dongfeng Nissan, Dongfeng Citroen, Dongfeng Peugeot, Dongfeng Fengshen, Dongfeng Lantu and so on. The guidance price of Dongfeng Citroen C6 is 211900 yuan, compared with the terminal price of 161900 yuan after the entry version of the car was discounted. In this subsidy, the government and enterprises each bear the subsidy amount of 45000 yuan, and the entry price further goes down to 121900 yuan.
According to Red Star Capital Bureau statistics, at least 30 car brands have participated in the price war, including car companies, regional dealers and other different main bodies, the ways of price reduction include direct price reduction, discount, insurance subsidies and other forms.
According to a media analysis, there are three reasons for the automakers' internal volume this time:
First of all, declining sales and high inventories have to be dealt with at reduced prices. Take Dongfeng Nissan as an example. In 2022, Dongfeng's daily production and sales fell 20.9% from a year earlier, Dongfeng Honda dropped 17.8%, Shanghai Volkswagen fell 14.7%, and Guangzhou Auto Honda dropped 6.2%. Dongfeng data show that Dongfeng Citroen C6 sold only 3082 units in 2022.
Secondly, it is impacted by the market of new energy vehicles. Most of the joint venture brands are based on fuel cars, which leads to an increase in inventory when domestic new energy vehicles are booming because of subsidies. A bigger impact is that new energy vehicles have also launched a journey of collective price cuts. Tesla, Inc. recently claimed that the cost of building a car could be reduced by another 50 per cent. The wait-and-see mood of consumers is strong, which also puts a lot of pressure on fuel vehicles.
Moreover, it may also have something to do with policy. Some analysts pointed out that at the end of June this year, the national 6B emission standard, which is about to be fully implemented, forced the clearance of some fuel vehicles.
From the perspective of the new energy industry chain, Ningde Times released an annual report that net profit in 2022 was 30.729 billion yuan, an increase of 92.89 percent over the same period last year, and revenue was 328.594 billion yuan, an increase of 152.07 percent over the same period last year. The company plans to send 25.2 yuan for 10 transfers. In 2022, the company's global market share of energy storage battery shipments was 43.4%, an increase of 5.1 percentage points over the same period last year, ranking first in the world for two consecutive years. During the period, the company achieved lithium-ion battery sales 289GWh, an increase of 116.6% over the same period last year, of which power battery system sales 242GWh, up 107.09% from the same period last year.
As for the future of the new energy industry, Lu Bin, manager of HSBC Jinxin Fund, said that after the development of the new energy industry in the past three to five years, the fundamentals of the industry have entered the medium term. The beta opportunities of the whole industry are less obvious than those of the past three to five years, but there will certainly be many structural opportunities in the industry in the future, and there is still much room for improvement in terms of permeability.
Lu Bin said that now, the investment value of the new energy industry has emerged, and many companies have ten times the valuation level. According to past data experience, although the overall beta advantage of the industry is not as obvious as in the past three years, but I think it is very possible for the valuation to rise to 20 times.