Source: e-Company
At the beginning of the new year, various car companies scrambled to “show muscle” and show their delivery reports.
New energy vehicle “Big Brother”$BYD COMPANY (01211.HK)$On January 1, it was announced that sales of new energy vehicles were 341,000 units in December 2023, up 45% year on year; cumulative sales of 3,024,400 new energy vehicles in 2023, an increase of 62.3% year on year, successfully achieved the target goal of selling 3 million units per year, and continued to maintain the “top sales” position.
Since 2023, BYD's sales have continued to rise, and monthly sales have exceeded 300,000 units for 3 consecutive months since October.
In terms of models, BYD's passenger car sales account for an absolute share. The cumulative annual sales volume was 3.012,900 units, accounting for 99.6% of total sales, an increase of 62.21% over the previous year. Among them, pure electric models sold 1.574,800 units, accounting for 52% of total passenger car sales, slightly higher than plug-in hybrid models.
Traditional car giants$SAIC Motor Corporation (600104.SH)$New energy vehicle sales data was also released on the same day, and the performance was also good.
According to preliminary statistics, SAIC Motor's NEV sales reached a record high in December 2023, reaching 219,000 units; sales of 1.123 million NEVs were sold throughout 2023, ranking second among Chinese car companies.
$GAC GROUP (02238.HK)$The performance of its new energy brand Aeon was also remarkable. In December 2023, GAC Aian sold 45,900 units, up 53% year on year. Cumulative sales volume in 2023 was 480,000 units, up 77% year on year.
Relying on in-depth cooperation with Huawei, combined with the launch of AITO's new products,$Chongqing Sokon Industry Group Stock (601127.SH)$Sales continued to skyrocket. According to the company's announcement, Cyrus sold 42,000 new energy vehicles in December 2023, up 153.21% year on year, and 76.8% month on month. Among them, Cyrus sold 31,500 vehicles, a year-on-year increase of 210.03%.
The main driving force behind the sharp increase in Cyrus sales came from the AITO Questionnaire series.
In December 2023, the AITO Qinjie series delivered 24,500 new vehicles, an increase of 29.96% over the previous month. Of these, the new Wenjie M7 contributed to the majority of deliveries. In December, the delivery volume was 206,000 units, and the cumulative total has already exceeded 120,000 units.
In addition, the Quanjie M9, which went on sale on December 26, 2023, will have accumulated more than 30,000 units in seven days. In terms of delivery capacity, the monthly delivery volume from 2024 is expected to exceed 30,000 vehicles.
In terms of new forces, Ideal continues to be at the top of the list.
According to the data,$Li Auto (LI.US)$In December, monthly sales surpassed the 50,000 mark, or 50,400 units, an increase of 137.1% over the previous year. A total of 376,000 vehicles were delivered in 2023, with a year-on-year growth rate of 182.2%. As of December 31, 2023, the cumulative delivery volume of Ideal Auto has exceeded 600,000 units, which is second to none among the new domestic car companies.
2023/12,$XPeng (XPEV.US)$Monthly sales continued to stabilize on the 20,000 vehicle platform. The specific sales volume was 201,000 units, slightly higher than in November, up 78% year on year; cumulative sales for the full year of 2023 exceeded 140,000 units, up 17% year on year. By the end of 2023, Xiaopeng Motor's historical cumulative delivery volume had exceeded 400,000 vehicles.
Among other new-power car companies,$NIO Inc (NIO.US)$The December delivery data for Zero Run all exceeded 18,000, of which the Zero Run delivered 18,600 vehicles, continuously setting new record highs in delivery volume, an increase of 119 percent over the previous year. Other than that,$ZEEKR (ZK.US)$Brands such as Rantu all sold over 10,000 units per month in December.
Regarding the strengthening of the car market in December, Cui Dongshu, Secretary General of the National Passenger Vehicle Market Information Association, pointed out in an article today that it was mainly due to the increase in the growth momentum of new energy vehicles, which was compounded by the month-on-month strengthening superposition of small-batch fuel vehicles, and the clearance of national 6A models. He said that in 2023, China's auto market started weakly and continued to strengthen thereafter. Under the joint impetus of exports and new energy, sales will reach a record high throughout the year.
According to Zhang Yongwei, Vice Chairman and Secretary General of the China Electric Vehicle 100 People's Association, the annual sales volume of new energy vehicles (including exports) in 2023 will be around 9.5 million units, an increase of about 37% over the previous year.
However, with regard to the future market of new energy vehicles, the industry believes that it will continue to grow. Zhang Yongwei said that in 2024, the production and sales scale of new energy vehicles in China is expected to reach 13 million units, the growth rate is about 40%, the overall penetration rate is over 40%, and the monthly penetration rate in the passenger car sector is expected to exceed 50%, ushering in an important milestone in the development of the industry.
Cui Dongshu expects the NEV market to grow relatively optimistically in 2024. Wholesale sales of NEVs are expected to reach 11 million units, with a net increase of 2.3 million units, a year-on-year increase of 22% and a penetration rate of 40%.
However, overall growth will also be accompanied by structural adjustments and a slowdown in growth. Cui Dongshu believes that the 2024 NEV market will face certain structural pressure from demand groups. Judging from the three major groups of rental, unit, and private buyers classified by national insurance data, the current scale of the online rental market is close to temporary saturation and is on the eve of reshuffle and optimization; demand for pure electric and plug-in hybrid models in the unit-use electric vehicle market has gradually leveled off, and extended-range electric vehicles have continued to grow in recent months; the share of new energy in restricted cities in the private market has declined, and the share of rural sales in small and medium-sized cities and county markets has increased significantly. As a result, in the current context where the market size has reached a certain level, the growth rate will slow down.
According to Cui Dongshu, judging from the benefits of the industry, it is difficult for companies that lack stable cash flow to continue to grow. Currently, the development of new energy vehicles by traditional own-brand car companies is getting stronger and stronger, and is moving beyond the likes of BYD, GAC Aian,$Chongqing Changan Automobile (000625.SZ)$and other strong companies. In addition to leading companies, new energy vehicles are still facing a certain loss pressure.
Editor/Corrine