On July 1, new energy vehicle brands such as BYD, "Wei Xiaoli", and Hongmeng Zhixing announced their sales in June. Boosted by factors such as the trade-in policy, a number of new energy vehicle brands achieved the best monthly sales results this year in June.
Halfway through this year, how have car companies achieved their annual sales targets? A reporter from the China Securities Journal combed and found that BYD and Geely Automobile completed more than 40% of the annual sales target, Li Auto and Zeekr Automobile completed more than 30% of the annual sales target, and Xiaopeng Motors completed less than 20%. Overall, the sales target of automobile companies is not progressing well.
Some automakers performed well in June
With the acceleration of the implementation of trade-in policies in various places, the auto market performed well in June, and car sales increased significantly year-on-year. Among them, the sales of new energy vehicles performed well. Li Auto, NIO, and ZEEKR have achieved the best monthly results this year.
In June, Li Auto delivered 47,774 new vehicles, a year-on-year increase of 46.7%. Since the beginning of this year, Li Auto's monthly deliveries have exceeded 40,000 units for the first time.
Li Xiang, chairman and CEO of Li Auto, said on July 1 that the delivery volume of Ideal L6 exceeded 20,000 units in June, and the monthly delivery volume of all products exceeded 40,000 units. Since the second quarter, under the dual effect of the launch of the new model Ideal L6 and the improvement of store efficiency, Li Auto has returned to the top of the sales list of new power brands.
Hongmeng Zhixing followed closely behind, with 46,141 units delivered in June. In June, NIO delivered 21,209 new vehicles, a year-on-year increase of 98% and a record high. ZEEKR delivered 20,106 vehicles in June, an increase of 89% year-on-year.
Xpeng delivered 10,668 new vehicles in June, up 24% year-on-year and 5% month-on-month. Xiaomi delivered more than 10,000 vehicles in June, a significant increase from the previous month. Xiaomi Auto said that deliveries will continue to exceed 10,000 units in July.
In addition, BYD's sales of new energy vehicles reached 341,700 units in June, compared with 253,000 units in the same period last year, a significant year-on-year increase. Geely Automobile also performed well, with total sales of 166085 units in June, up about 24% year-on-year. Among them, the sales of pure electric vehicles reached 37,100 units, and the sales of plug-in hybrid vehicles reached 28,859 units, a year-on-year increase of 147%. In June, Great Wall Motor's sales fell 6.55% year-on-year.
The full-year target completion rate was poor
Judging from the actual completion progress of the annual sales target, the completion rate of traditional brands is higher than that of new forces. Among them, Geely Automobile achieved 50.3% of the annual sales target in the first half of the year, and BYD achieved 44.7%, leading other brands. In the first half of the year, Li Auto and ZEEKR Automobile both completed more than 30% of the annual sales target, and Xpeng Motors completed less than 20%.
On July 1, Geely Automobile announced that it would raise its full-year sales target by about 5% to 2 million units. In the first half of this year, Geely Automobile's Zeekr brand delivered a total of 87,870 vehicles, a year-on-year increase of 106%, and completed 38% of the annual sales target.
At the beginning of this year, Li Xiang, CEO of Li Auto, said that Li Auto would challenge the delivery target of 800,000 vehicles throughout the year. However, the full-year sales target was revised to 560,000 to 600,000 units depending on market conditions. According to the annual sales target of 560,000 units, Li Auto only completed 34% of the annual progress in the first half of the year.
Great Wall Motor's sales in the first half of this year reached 559,700 units, which was only 29% in the first half of the year according to the annual sales target of 1.9 million units.
Xiaomi Auto previously said that it would deliver 100,000 vehicles for the whole year and sprint to the goal of 120,000 units. From April to June this year, Xiaomi delivered a total of about 25,700 vehicles. According to the annual delivery target of 100,000 vehicles, Xiaomi Auto only completed 26% of the annual progress in the first half of this year. To achieve the annual delivery target, Xiaomi Auto needs to deliver an average of 12,400 vehicles per month in the second half of the year.
Xpeng delivered 52,028 vehicles in the first half of the year, achieving 18.6% of the annual target. According to the annual delivery target of 280,000 vehicles, Xpeng Motors needs to deliver an average of 38,000 vehicles per month in the second half of the year. Since the beginning of this year, Xpeng Motors has only sold more than 10,000 units in May and June, and if it wants to achieve the annual sales target, the upcoming MONA brand will take on the heavy responsibility.
Faster launch of new models
In the first half of 2024, the auto market will be fiercely competitive, with "volume price", "volume technology" and "volume marketing". Entering the second half of 2024, the competition between car companies has not relaxed at all, and many car companies are planning to launch new models.
Take Xpeng Motors and NIO as examples, their second brands will be launched in the second half of the year, and the price is sinking. On July 3, Xpeng Motors will hold a live event for the world premiere of the MONA MO3, the first model of the MONA series.
According to Xpeng's plan, the first model of MONA will be officially launched and delivered in the third quarter. He Xiaopeng, chairman of Xpeng Motors, revealed at the first quarterly results meeting: "A new B-class pure electric sedan model of the Xpeng Motors brand will be delivered in the fourth quarter of this year. This new B-segment model, together with the incremental contribution of the MONA model, gives Xpeng the confidence to achieve a significant year-on-year increase in monthly deliveries in the fourth quarter of this year. ”
The L60, the first model of NIO's second brand, Ledao, will be launched and deliveries will begin in September this year.
It is worth mentioning that Xiaomi SU7 and Ideal L6, as well as Ledao L60 and MONA MO3 are all in the price band of about 200,000 yuan, and the market competition is extremely fierce.
In addition, the first executive-level flagship sedan of Hongmeng Zhixing, the Xiangjie S9, cooperated by Huawei and BAIC, will be released in early August. JAC said that it will soon launch a luxury intelligent new energy vehicle jointly built with Huawei. This is Huawei's fourth smart car.
The China Association of Automobile Manufacturers predicts that the sales of new energy vehicles will reach 11.5 million units in 2024, a year-on-year increase of 20%.
The scale of China's intelligent networked vehicle industry is expected to increase rapidly. On June 4, the website of the Ministry of Industry and Information Technology issued a notice on the "Four Departments Orderly Carry Out the Pilot Program of Intelligent Networked Vehicle Access and Road Traffic" to vigorously promote the industrialization of intelligent networked vehicles.
According to data from the Ministry of Industry and Information Technology, the penetration rate of L2 (autonomous driving) of passenger cars in mainland China will reach 47.3% in 2023, and it will exceed 50% from January to May 2024, and some functions are close to the level of L3 intelligent driving.
In the context of policy promotion and the efforts of car companies, experts predict that the penetration rate of intelligent networked vehicles in mainland China will exceed 90% by 2030.
Source: China Securities Journal