Electric Car Trend

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New energy autos had a hot sale in the first half of the year! BYD sold over 1.6 million cars.

7月1日，多家新能源汽车企业公布2024年上半年销量及交付数据，进一步透露出新能源汽车市场的火热温度。部分新势力车企陆续被市场淘汰，被迫重整；一大批合资车企销量断崖式下滑，产能过剩。

汽车市场高度白热化竞争的背后，是新能源汽车对燃油车的大幅替代，$比亚迪股份 (01211.HK)$为首的国内新能源车企上半年销量普遍上涨。全国乘用车市场信息联席会此前公布的数据显示，今年上半年的个别月份，新能源汽车的市场渗透率已超过50%，燃油车开始逐渐成为新车市场的“少数派”。

比亚迪坐稳龙头地位

比亚迪披露的最新公告显示，公司6月份销售新能源车34.17万辆。其中，纯电动汽车销量为14.52万辆，插电式混合动力汽车销量为19.50万辆。

2024年上半年，比亚迪累计销量达161.30万辆，同比增长28.46%。其中纯电动汽车销量72.62万辆，同比增长17.73%；插电式混合动力车型销售88.10万辆，同比增长39.54%。

从销量规模和增速上来看，比亚迪旗下的插混车型已正式超越了纯电动汽车。多家券商在研究报告中指出，比亚迪插混车型的持续热销，为其销量规模的总体上涨打下坚实基础。而比亚迪插混车型之所以持续受到市场认可，还是源于其在技术上的迭代。

今年5月，比亚迪刚刚发布最新的插电式混合动力技术第五代DM-i双模混动系统，继续刷新并降低汽车油耗水平。

太平洋证券分析，比亚迪新一代DM技术发动机热效率达到46.06%。相比之下，强调燃油经济性的日系品牌丰田和本田，其混动系统的专用发动机热效率均约为41%。这意味着，比亚迪在混动市场的份额有望继续提升。

从近期市场的反馈也能看出，自比亚迪秦L DM-i、海豹06 DM-i等多款混动车型上市后，日系车“扛把子”卡罗拉、凯美瑞、雅阁、楼兰、轩逸等均开始降价。

新势力交付量普涨

比亚迪之外，多家造车新势力上半年交付量及销量表现，也十分抢眼。

7月1日，$赛力斯 (601127.SH)$发布公告，2024年6月，赛力斯新能源汽车销量为44126辆；其中赛力斯汽车销量为41457辆，同比增长631.42%。1~6月，赛力斯累计销量为200949辆，同比增长348.55%；其中赛力斯汽车销售182602辆新能源汽车，同比增长608.83%。

经历了前几个月交付上的波动，6月份，$理想汽车-W (02015.HK)$又重回高光时刻。数据显示，2024年6月，理想汽车交付新车47774辆，同比增长46.7%。1~6月，理想汽车累计交付188981辆。

理想汽车董事长兼CEO李想表示，二季度以来，在新车型理想L6上市和门店效率提升的双重作用下，理想汽车重回中国新势力品牌销量榜首，并在20万元以上新能源汽车市场斩获中国汽车品牌销量冠军。

在换电联盟“朋友圈”持续扩大的同时，$蔚来-SW (09866.HK)$的交付表现也逐渐走出低谷，实现突破。数据显示，6月份，蔚来共计交付新车21209辆，同比增长98%，创历史新高；2024年第二季度，蔚来交付新车57373辆，超交付指引，同比增长143.9%；2024年上半年，蔚来共交付新车87426辆，同比增长60.2%。

$小鹏汽车-W (09868.HK)$6月的交付量同样喜人，共交付新车10668辆，同比增长24%，环比增长5%。其中，小鹏X9交付1687辆，上市半年累计交付13143辆，持续领跑纯电MPV市场。2024年1~6月，小鹏汽车累计交付新车共52028辆，同比增长26%。

刚刚在美股上市的$极氪 (ZK.US)$汽车在今年6月实现了交付突破。数据显示，极氪6月交付20106辆，同比增长89%，环比增长8%，再创历史新高。据悉，这也是极氪品牌首次单月交付破2万辆。今年1~6月，极氪共交付87870辆，同比增长106%。

7月1日当天，$小米集团-W (01810.HK)$汽车也公布了最新交付量。数据显示，2024年6月，小米SU7交付量超10000辆。据小米汽车透露，7月份，小米SU7的交付量将依然超1万辆。

传统经销商库存压力增大

新能源汽车市场一路高歌猛进，燃油车的市场份额则被进一步稀释，而这也进一步加剧那些以燃油车销售为主的汽车经销商的压力。

6月30日，中国汽车流通协会发布的最新一期“中国汽车经销商库存预警指数调查”显示，2024年6月中国汽车经销商库存预警指数为62.3%，同比上升8.3个百分点，环比上升4.1个百分点。库存预警指数位于荣枯线之上，汽车流通行业处在不景气区间。

中国汽车流通协会方面表示，临近半年任务考核节点，经销商库存水平上升。为了冲击半年度任务目标，经销商“以价换量”现象较多，导致新车价格下探严重，裸车毛利较低。

为此，该协会的专家建议，经销商要根据实际情况，理性预估实际市场需求。同时要加大对“以旧换新和报废更新政策的宣传”，通过强化服务提振消费信心，把降本增效放在首位，防范经营风险。

编辑/new

On July 1, several new energy auto companies released their sales and delivery data for the first half of 2024, revealing the hot temperature of the new energy auto market even further. Some new energy force auto companies have been eliminated from the market one after another and forced to reorganize; a large number of joint venture auto companies have suffered a cliff-like decline in sales, with overcapacity.

Behind the highly white-hot competition in the auto market, there is a significant replacement of fuel vehicles by new energy vehicles.$BYD COMPANY (01211.HK)$Leading domestic new energy auto companies generally saw an increase in sales in the first half of this year. Data released by the China Association of Automobile Manufacturers showed that in some months of the first half of this year, the market penetration rate of new energy vehicles has exceeded 50%, and fuel vehicles have gradually become a minority in the new car market.

BYD remains the leading company.

According to the latest announcement from BYD, the company sold 341,700 new energy autos in June, including 145,200 pure electric vehicles and 195,000 plug-in hybrid electric vehicles.

In the first half of 2024, BYD's cumulative sales reached 1.613 million, a year-on-year increase of 28.46%. Among them, pure electric vehicles sales reached 726,200, a year-on-year increase of 17.73%; sales of plug-in hybrid electric vehicles were 881,000, a year-on-year increase of 39.54%.

In terms of sales scale and growth rate, BYD's plug-in hybrid vehicles have officially surpassed pure electric vehicles. Several brokerages pointed out in research reports that the sustained hot sales of BYD's plug-in hybrid models have laid a solid foundation for the overall increase in its sales scale. The reason for the continued market recognition of BYD's plug-in hybrid models is also due to their iteration in technology.

In May of this year, BYD released its latest fifth-generation DM-i dual-mode hybrid system, continuing to refresh and reduce auto fuel consumption.

Pacific Securities analysis shows that BYD's new generation DM technology engine has a thermal efficiency of 46.06%. By comparison, Japanese brands such as Toyota and Honda, which emphasize fuel economy, have a dedicated engine thermal efficiency of about 41% in their hybrid systems. This means that BYD's share in the hybrid market is expected to continue to increase.

Recently, from the market feedback, after the launch of BYD Qin L DM-i, the Sealion 06 DM-i and other multi plug-in hybrid models, Japanese car "leaders" such as Corolla, Camry, Accord, Atlas, and Sentra have all started to reduce prices.

New force companies experience a general increase in deliveries.

Apart from BYD, several new auto companies have delivered and sold well in the first half of the year.

On July 1st, China announced on Weibo that it was launching a limited-time car purchasing preferential policy. It offers multiple preferential activities such as a '5-year 0% interest' promotion and low-interest car purchases, targeting the main car models Model 3 and Model Y. Compared to the standard annual rate of 2.5%, customers can save more than 20,000 yuan in interest. The activities end on July 31st.$Chongqing Sokon Industry Group Stock (601127.SH)$Data shows that in June 2024, Chongqing Sokon Industry Group Stock sold 44,126 new energy autos; of which Sokon autos sold 41,457, a year-on-year increase of 631.42%. From January to June, Sokon accumulated sales of 200,949, a year-on-year increase of 348.55%; among them, Sokon sold 182,602 new energy autos, a year-on-year increase of 608.83%.

After experiencing delivery fluctuations in the previous months, they returned to the highlight moment in June again.$LI AUTO-W (02015.HK)$Data shows that in June 2024, Li Auto delivered 47,774 new vehicles, a year-on-year increase of 46.7%. From January to June, Li Auto delivered a total of 188,981 new autos.

Li Auto Chairman and CEO Li Xiang stated that since the second quarter, Li Auto has returned to the top of China's new auto sales chart with its new model Li Xiang L6's launch and improved store efficiency. Li Auto also won the sales crown of China's auto brand market for new energy autos priced above RMB200,000.

While the battery swapping alliance's "circle of friends" continues to expand, Xpeng's delivery performance has gradually come out of the trough and made a breakthrough.$NIO-SW (09866.HK)$Data shows that in June, Xpeng delivered a total of 21,209 new vehicles, a year-on-year increase of 98%, reaching a historical high; in the second quarter of 2024, Xpeng delivered 57,373 new vehicles, exceeding the delivery guidance and a year-on-year increase of 143.9%; in the first half of 2024, Xpeng delivered a total of 87,426 new vehicles, a year-on-year increase of 60.2%.

$XPENG-W (09868.HK)$The delivery volume of Xiaopeng Motors is also on the upswing, with a total of 10,668 new vehicles delivered in June, a year-on-year increase of 24% and a month-on-month increase of 5%. Among them, Xiaopeng X9 delivered 1,687 vehicles, with a total of 13,143 new pure electric MPVs delivered in half a year, continuing to lead the market. From January to June 2024, Xiaopeng Motors delivered a total of 52,028 new vehicles, a year-on-year increase of 26%.

Recently listed on the U.S. stock market.$ZEEKR (ZK.US)$Autos achieved breakthrough deliveries in June this year. Data shows that Jidu Auto delivered 20,106 vehicles in June, an increase of 89% year-on-year and 8% month-on-month, setting a new historical record. It is reported that this is also the first time that Jidu brand has broken the monthly delivery volume of 20,000 vehicles. From January to June this year, Jidu has delivered a total of 87,870 vehicles, an increase of 106% year-on-year.

On July 1st,$XIAOMI-W (01810.HK)$automobiles also announced the latest delivery volume. Data shows that Xiaomi SU7 delivered over 10,000 vehicles in June 2024. According to Xiaomi's auto disclosure, the delivery volume of Xiaomi SU7 will still exceed 10,000 vehicles in July.

Traditional auto retailers face increased inventory pressure.

The new energy auto market has been growing rapidly, while the market share of gasoline-fueled cars is further diluted, which also exacerbates the pressure on auto dealers who are mainly engaged in gasoline-fueled car sales.

On June 30th, the latest "China Auto Dealer Inventory Warning Index Survey" released by the China Automobile Dealers Association showed that the inventory warning index of China auto dealers in June 2024 was 62.3%, an increase of 8.3 percentage points YoY and 4.1 percentage points MoM. The inventory warning index is above the boom-bust line, and the auto industry is in a period of recession.

The China Automobile Dealers Association pointed out that as the midway benchmark of the annual task assessment approaches, the inventory level of dealers has increased. In order to impact the half-year target, dealers have adopted the strategy of "quantity for price", resulting in serious price cuts for new cars and low profits for bare car sales.

Therefore, the experts of this association suggest that dealers should estimate the actual market demand rationally according to the actual situation. At the same time, they should increase the promotion of the "scrappage and new vehicle replacement policy", strengthen services to boost consumer confidence, and put cost reduction and efficiency improvement first to prevent business risks.

Editor/new

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