①From the perspective of products, whether it is pure electric or plug-in hybrid, the acceleration of the introduction of new energy vehicles is a common feature of auto companies at the Chengdu Auto Show; ②Although various signs indicate that electric vehicles will become the main force in the domestic auto market sales, rbob gasoline cars have not yet exited the stage.
At the 2024 Chengdu Motor Show, there was a fierce competition between gasoline cars and electric vehicles, as well as between traditional brands and new forces in the car-making industry.
In terms of products, whether it is pure electric or plug-in hybrid, the common feature of the car companies at the Chengdu Motor Show is the introduction of new energy vehicle models. Among them, BYD, which was the global leader in new energy vehicle sales last year, had a dedicated exhibition in Hall 9 with its Dynasty series, Ocean series, Look Up, Formula Leopard, and Tang models. GAC Aion released the 520 Lidar Edition, a Tyrannosaurus Rex model priced at 1.698 million yuan, which chose the 5R11V1L advanced smart driving solution with a lidar. It includes 5 millimeter wave radars, 11 high-definition cameras, and a new generation of solid-state variable focus lidar. The Hongqi HS7 PHEV also made its debut at the Chengdu Motor Show, with a starting price of 3.158 million yuan. FAW Hongqi introduced special benefits for the HS7 PHEV, with a limited time price starting from 2.598 million yuan. Weipai unveiled its flagship model, the all-new Blue Mountain, and the NOA smart driving system launch plan is also gradually being implemented.
"Currently, we have launched the NOA smart driving system in four cities: Baoding, Chengdu, Chongqing, and Shenzhen. It is expected to be available nationwide in the fourth quarter," said Wei Pai CEO Liu Yanzhao.
Joint venture brands, which have often been criticized, are also actively taking part in the competition. The all-new BMW M5, making its debut in China, is equipped with the high-performance hybrid system for the first time. Volvo, showcasing its entire lineup of plug-in hybrid models, will no longer use the "RECHARGE" suffix and logo starting from its 2025 models. Instead, it will use the suffix and logo "Plug-in Hybrid Vehicle" to differentiate from its pure electric models. After its global debut in Australia, the all-new smart fortwo EQ5 Jungle Edition had its premiere in China, marking the official entry of smart into the luxury mid-size SUV market and further strengthening its presence in the field of intelligent electric vehicles. In addition, the all-new pure electric long-range version of the Porsche Macan will have its global debut.
Data shows that in July, the penetration rate of new energy vehicles in China exceeded 50% for the first time, reaching 51.1%, surpassing the sales proportion of gasoline passenger vehicles. In August, the Ministry of Commerce and 6 other departments issued a notice on further improving the work of trading in old vehicles for new ones, raising the subsidy standards for new energy vehicles (200,000 yuan) and gasoline vehicles (150,000 yuan).
Although various signs indicate that new energy vehicles will become the mainstay of the domestic auto market, gasoline vehicles have not exited the stage. At this year's auto show, SAIC's new generation MG5 made its official debut. The new car is equipped with the SAIC Blue Core MEGA Tech 1.5T turbocharged engine, with a maximum power of 133 kW and a peak torque of 285 N·m. Haval, known as the "global SUV expert," showcased its second-generation H9 and other heavyweight new models. The Tank brand also debuted its Tank 300, Tank 400 gasoline version, and Tank 500 Hi4-T Black Warrior, as well as the Tank 700 Hi4-T.
Similarly, traditional luxury brands led by BMW showcased a strong counterattack at the Chengdu Motor Show, including the all-new BMW X3 long-wheelbase version and the all-new BMW M5, setting a record for the number of participating models at the Chengdu Motor Show. The all-new Ford Explorer made its debut, inheriting the family's longitudinal rear-wheel drive luxury SUV platform, with the entire lineup upgrading to the 2.3T EcoBoost engine and an optimized 10-speed automatic transmission. The power output has been significantly improved compared to the previous generation, while the shifting smoothness and fuel economy are even better. The all-new Lincoln Aviator, known as the "land aircraft," was launched with a retail price range of 5.098-7.008 million yuan.
Electrification has become an inevitable trend in the automotive industry, and traditional car companies need to enhance their product competitiveness in order to compete with new forces and seize market share. Industry insiders indicate that both luxury and independent brands are actively transforming in different directions in the current major transformation of the automotive market. Although the directions and processes may differ, the ultimate goal is to enhance product competitiveness.
Data shows that from January to July, the market penetration rates of hybrid, electric, and traditional gasoline vehicles in China were 18%, 25.1%, and 56.9% respectively. The market penetration rate of hybrid vehicles increased by 6.1 percentage points compared to the previous year. Some executives of car manufacturers believe that by around 2030, there will be an equal market share split between hybrid, electric, and gasoline vehicles at 1:1:1.