Source: Gelonghui
The car market is expected to stabilize as a whole in June.
Today, a number of domestic NEV companies announced their May “report cards”.
Among the three new car builders “Wei Xiaoli”, Ideal Auto delivered 35,020 cars in May, an increase of 23.8% year on year; NIO delivered 20,544 new cars in May, up 233.8% year on year, up 31.5% month on month, a record high; Xiaopeng Motor delivered a total of 10,146 new cars in May, up 35% year on year and 8% month on month.
Xiaomi Auto, which continues to be popular, delivered 8,630 new cars in May, and said it aims to deliver more than 10,000 units in June.
At present, BYD has not released official sales data for May.
May report cards are out!
According to specific data, in May 2024, Ideal Auto delivered 35,020 new vehicles, an increase of 23.8% over the previous year. As of May 31, 2024, a total of 774,571 Ideal Cars have been delivered.
Among them, the Ideal L6 has delivered a total of more than 15,000 units since delivery began on April 24, setting a record for the fastest delivery of the new Ideal Car model. In response, Ideal Auto said that it is making every effort to guarantee the supply of Ideal L6 and climb the production slope to deliver the vehicle to users as soon as possible.
In May 2024, NIO delivered 20,544 new cars, up 233.8% year on year and 31.5% month on month, a record high; in January-May of this year, NIO delivered 66,217 new cars, an increase of 51% year on year. Up to now, NIO has delivered a total of 515,811 new vehicles.
In May 2024, Xiaopeng Motor delivered a total of 10,146 new cars, up 35% year on year and 8% month on month. Among them, the Xiaopeng X9 “Nine Crowns” delivered 1,625 units, and a total of 11,456 units were delivered in May. From January to May 2024, Xiaopeng Motor delivered a total of 41,360 new vehicles, an increase of 26% over the previous year.
In May 2024, Xiaomi delivered 8,630 new cars. Xiaomi Auto said that the factory started double flights in June, with the goal of delivering more than 10,000 units in a single month. The company is continuing to expand production capacity, promising to deliver 100,000 units with a 24-year guarantee and 120,000 units in a sprint.
Extreme Krypton delivered 18,616 units in May, up 115% year on year and 16% month on month, reaching another record high.
Global sales of AEON exceeded 40,073 vehicles in May, an increase of 42.5% over the previous month.
Zero Run delivered 18,165 units in May, and the SUVs Gemini C11 and C10 delivered record highs.
In May, the entire Nacha series delivered 10,113 units. Pre-sale of the Nacha L pure electric version starts at 140,000 yuan. Delivery is expected to begin in July.
Rantu Motors delivered 4,521 vehicles in May, an increase of 51% over the previous year. The cumulative sales volume for January-May was 24,869 vehicles, up 107% year on year.
In May 2024, SAIC Motor sold 81,000 new energy vehicles; in January-May, SAIC sold 365,000 new energy vehicles, an increase of more than 27% over the previous year.
The car market is expected to stabilize as a whole in June
Since May, all parts of the country have successively introduced “trade-in” incentive policies. On May 15, five departments including the Ministry of Industry and Information Technology also officially issued the “Notice on Launching 2024 New Energy Vehicles to the Countryside Campaign” and published a catalogue of models going to the countryside, implementing support policies such as car trade-in and repairing shortcomings in county charging and switching facilities, forming stable support for the car market from the policy side.
According to preliminary estimates by the Passenger Federation, the passenger car retail market in the narrow sense of the term was about 1.65 million units in May, down 5.3% year on year and up 7.5% month on month; retail sales of new energy are expected to be around 770,000 units, up 13.7% month on month, up 32.7% year on year, and the penetration rate is expected to increase further to 46.7%.
The China Automobile Dealers Association said that June is the traditional low season for the car market. Affected by multiple factors such as busy agricultural season, hot weather, and demand overdrafts at the May Auto Show, consumer enthusiasm for car purchases declined slightly. With the gradual implementation of trade-in subsidy policies across the country, compounding the impact of dealers' half-year assessments, the overall car market is expected to stabilize in June, sales are basically the same as in May, and are expected to show a slight growth trend.
Huaxi Securities believes that the overall demand in the automotive industry is still safe in 2024. Both domestic demand and exports will continue to grow. Upgrading demand side consumption and supply-side intelligent electrification will bring leapfrog development opportunities for major brand vehicle and parts companies. The cost advantage of domestic parts companies is still obvious, and domestic replacement and parts export opportunities are still obvious. At the same time, benefiting from consumption upgrades, electrification, intelligence, and comfort, domestic demand for high-end auto parts products will increase, which also brings strategic opportunities for domestic parts companies.
Galaxy Securities said that the further increase in the NEV penetration rate is due to the continuous rise in production capacity and the increase in new product deliveries, but the current NEV market does not fully reflect the hot market demand in terms of sales. Products such as the Xiaomi SU7, Ideal L6, and Wenjie M9 have accumulated considerable in-hand orders. It is expected that along with the smooth rise in production capacity, the NEV penetration rate will continue to increase.
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