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China Research Network
There are big differences in the progress of different automakers in achieving their annual sales targets in 2024. This mainly reflects the combined effect of factors such as the different performance of various car companies in the market competition, product strategy, market positioning, and brand influence.
BYD and Geely Automobile: The sales target of these two automakers has exceeded 40%, showing strong market competitiveness and product popularity. This may be related to their continuous investment in the field of new energy vehicles, technological innovation, product layout and brand influence enhancement. At the same time, it may also benefit from the general environment of policy promotion and market demand growth.
Li Auto and Zeekr Automobile: These two car companies have achieved more than 30% of their annual sales targets, although slightly lower than BYD and Geely Automobile, but they also show certain market potential and growth momentum. They may have a place in a highly competitive market through precise market positioning, differentiated product strategies, and effective marketing strategies.
Xpeng Motors: Xpeng Motors is on track to achieve its sales target, reflecting the challenges faced by the automaker in the current market environment. Possible reasons include increased market competition, lack of product competitiveness, and the need to adjust marketing strategies. Xpeng Motors needs to deeply analyze market changes, strengthen product R&D and innovation capabilities, and enhance brand influence to better meet market demand and increase sales.
Whether the annual sales target of a car company is more than half achieved depends on the combined effect of a variety of factors. In the context of the rapid development of the new energy vehicle market, car companies need to pay close attention to market dynamics, strengthen technology research and development and product innovation, and enhance brand influence and market competitiveness to better respond to market challenges and achieve sales targets. At the same time, policy promotion and market demand growth also provide good development opportunities for car companies.
According to the analysis of the research report of the China Research Institute of Puhua Industry
The market demand for new energy vehicles will continue to grow, which is affected by many factors such as increased environmental awareness, lower energy consumption costs, high-tech experience, intensified market competition and sales forecasts.
It is estimated that in 2024, global new energy vehicle sales will exceed 20 million, and China will contribute 60% of global sales. This means that the size of China's new energy vehicle market will be close to 30 million units, of which pure electric vehicles account for about 80%. This data not only reflects the huge potential of China's new energy vehicle market, but also reflects the trend of the global automotive market to new energy transformation.
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 have performed well, and Li Auto, Weilai, and Zeekr Automobile have achieved the best monthly results this year.
In June, Ideal delivered 47,774 new vehicles, an increase of 36% month-on-month and 46.7% year-on-year. Since the beginning of this year, the ideal monthly delivery exceeded 40,000 units for the first time. Li Xiang, chairman and CEO of Ideal, said on July 1 that the sales potential of the Ideal L series continued to increase in June, and the monthly delivery volume of the Ideal L6 successfully exceeded 20,000 units, 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. It was followed by Hongmeng Zhixing, which delivered 46,141 units in June. In June, NIO delivered 21,209 new vehicles, a year-on-year increase of 98% and a record high.
Zeekr followed with 20,106 deliveries in June, up 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 in July will continue to exceed 10,000 units.
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 also performed well, with total sales of 166085 units in June, up about 24% year-on-year. Among them, pure electric sales reached 37,100 units, a year-on-year increase of 59%; Plug-in hybrid sales reached 28,859 units, up 147% year-on-year. In June, Great Wall Motor's sales fell 6.55% year-on-year.
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. Ideal, Weilai, and Zeekr Motors all completed more than 3% of the annual sales target in the first half of the year, and the completion rate of Xpeng Motors was less than 2%.
On July 1, Geely Automobile announced that it would raise its full-year sales target by about 5% to 2 million units. Among them, Geely Automobile's Zeekr delivered a total of 87,870 vehicles in the first half of this year, 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 challenged the delivery target of 800,000 units for the whole year, but then adjusted the annual sales target to 560,000-600,000 units according to market conditions. Based on the calculation of 560,000 units, Li Auto completed 34% of the 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, and according to the annual delivery target of 100,000 vehicles, the completion progress of Xiaomi cars in the first half of this year reached 26%, and the average monthly delivery in the second half of the year reached 12,400 vehicles. 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 units, the average monthly delivery of 38,000 units in the second half of the year is required, and since the beginning of this year, Xpeng Motors' sales in May and June have exceeded 10,000 units. 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 have planned the launch of new models. Take Xpeng and NIO as examples, their second brands will be launched in the second half of the year, and the price is sinking. Among them, on July 3, Xpeng Motors will hold a live broadcast event for the world premiere of the MONA MO3, the first model of the MONA series.
First, the current situation of market development
Production and sales continue to grow:
Under the vigorous promotion of policy, technology and market demand and other factors, the overall production and sales of new energy vehicles have remained high. By 2023, the production of new energy vehicles in mainland China will reach 9.587 million units, and the sales volume will reach 9.495 million units, with significant year-on-year growth. The market penetration rate exceeded 31% and met expectations ahead of schedule.
It is expected that by 2024, the sales of new energy vehicles will reach 11.01 million to 11.5 million units (according to the forecast of the China Association of Automobile Manufacturers), with a year-on-year growth rate of about 20% and a market penetration rate of more than 40%.
Technological innovation and intelligence:
The new energy vehicle industry has made remarkable progress in intelligence, and the high-end assisted driving technology is expected to open the first year, and the L3+ level autonomous driving pilot has been officially launched.
The iterative upgrade of hybrid technology and the popularization of 800V fast charging technology have become important directions for the development of electrification. Many car companies are actively deploying hybrid technology and fast charging technology to improve product performance.
Market Landscape and Competition:
The competition in the new energy vehicle market is fierce, and the industry has entered a stage of deep reshuffle. Leading companies such as BYD and Tesla are leading the industry's upward growth, while new ecosystems, new forces and transformation car companies are also actively deploying.
There is structural overcapacity in the power battery market, and the price war is fierce. The supply of high-end, high-quality power lithium batteries is insufficient, while the supply of low-end power lithium batteries is excessive.
Policy support and market demand:
The new energy vehicle industry has received strong policy support, including subsidy policies, tax incentives, charging infrastructure construction, etc.
The market demand continues to be high, and the retail penetration rate of new energy vehicles continues to increase, and in some months it has surpassed that of traditional fuel passenger vehicles.
Second, the future trend
Intelligence & Networking:
Intelligence will become the focus of competition in new energy vehicles. Pictureless high-end assisted driving technology will gradually become popular, improving the driving experience and safety.
With the acceleration of the trend of networking, new energy vehicles will be deeply integrated with intelligent transportation, smart cities and other fields to achieve advanced functions such as vehicle-road coordination and autonomous driving.
Electrification and range technologies:
The development of electrification will continue to deepen, and hybrid technology and fast charging technology will be further popularized and improved. The new model will place more emphasis on range and charging convenience.
Battery technology will continue to innovate to improve energy density and safety, reduce costs, and promote the popularization of new energy vehicles.
Globalization & Market Expansion:
It has become an industry consensus that new energy vehicles will go overseas, and domestic new energy vehicles will accelerate the export process and expand overseas markets.
Especially in the European and Latin American markets, domestic new energy vehicles are expected to gain more market share by virtue of their technical advantages and cost-effective advantages.
Coordinated development of the industrial chain:
The new energy vehicle industry chain will be further improved and coordinated in development. Key components and charging facilities will be continuously improved and upgraded, forming a complete industrial map covering multiple links.
The construction of industrial clusters will promote the optimization and upgrading of the industrial structure and improve the competitiveness of the industrial chain.
Sustainability & Environmental Protection:
New energy vehicles will become an important area for green and low-carbon transformation. With the popularization of new energy vehicles and the progress of power battery recycling technology, the recycling rate of waste batteries and production waste will continue to increase.
The development of the new energy vehicle industry will promote the transformation of the energy structure and the realization of carbon neutrality in the transportation sector.
In 2024, the new energy vehicle industry will continue to maintain a rapid development trend, and intelligence, electrification, and globalization will become the main development trends. At the same time, market competition will become more intense, and technological innovation and coordinated development of the industrial chain will become the key to the development of the industry.
In addition, the construction of charging facilities is still relatively lagging behind, which has a certain impact on the user's experience. However, with the advancement of technology and the play of scale effect, the price of new energy vehicles is expected to gradually decline, and the construction of charging facilities will also be further improved. It is expected that in the next few years, the new energy vehicle market will continue to maintain a rapid growth trend and gradually become the mainstream of the automobile market.
In 2024, the new energy vehicle industry will continue to maintain a strong momentum of development. Driven by factors such as technological innovation, charging infrastructure construction and government policy support, the new energy vehicle market is expected to further expand and progress. However, enterprises also need to be vigilant against the challenges of intensified market competition and technological innovation, and continuously improve product quality and service levels to cope with future market changes.
Where are the future market development prospects and investment opportunities of the industry? For more specific details about the industry market data, you can click to view the report of the China Research Institute of Puhua Industry Research Institute
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