summary
Key points of investment:
There was a clear recovery in NEV retail sales in November. In November, retail sales of new energy vehicles were 169,000 units, up 136.5% year on year and 26.8% month on month. Among them, retail sales of pure electric vehicles were 142,000 units, up 145.4% year on year, up 30.0% month on month. Retail sales of plug-in hybrid vehicles were 26,000 units, up 98.1% year on year and 11.8% month on month.
In November, 180,000 new energy vehicles were sold wholesale, an increase of 129% over the previous year. In November, wholesale sales of new energy vehicles were 180,000 units, up 128.6% year on year and 24.8% month on month. Among them, wholesale sales of pure electric vehicles were 150,000 units, up 122.3% year on year, up 24.1% month on month. Retail sales of plug-in hybrid vehicles were 30,000 units, up 166.8% year on year and 28.9% month on month.
The production of new energy vehicles in November was lower than wholesale sales. Production of new energy vehicles in November was 175,000 units, up 122.6% and 19.2% year-on-year and month-on-month respectively. Among them, production of pure electric vehicles was 145,000 units, an increase of 113.2% over the previous year, an increase of 16.0% over the previous year. Retail sales of plug-in hybrids were 30,000 units, an increase of 182.9% over the previous year, an increase of 37.6% over the previous year.
Leading companies have performed brilliantly. In November, the top three NEV companies sold more than 20,000 vehicles per month, namely SAIC-GM-Wuling, BYD and Tesla China, respectively. The sales volume was 36070, 26015, and 21604 respectively, accounting for 46.5% of the total. This is a leading effect. New energy for traditional autonomous car companies continues to strengthen, Great Wall Motor and GAC Aian continue to grow at a high rate, and the new forces of NIO, Ideal, Xiaopeng, Weimar, Hezhong, and Zeropao have maintained strong growth.
A new breakthrough was achieved in sales of popular models. The Wulinghong MINI and Tesla MODEL 3 sold 33094 and 2,1604 units respectively, and the scale advantage was gradually reflected.
Risk warning: macroeconomic policy risk, market competitiveness risk.