The rapid development of new energy automobile industry in ChinaBrowserstrippokerCan not do without the guidance and support of national policies. In the 2024 government work report, new energy vehicles are mentioned four times, and it is clear in the "2024 Government work Task" to "consolidate and expand the leading advantages of the intelligent network connection of new energy vehicles and other industries" and "boost the intelligent network connection of new energy vehicles". It further demonstrates China's determination to speed up the development of new energy vehicles.
According to the data released by the Federation of passengers, the retail penetration rate of new energy vehicles was 50% in the first half of April.Browserstrippoker.39%, the wholesale penetration rate of new energy vehicles is 50.19%, both of which are more than half! Behind this achievement is the significant improvement of the deep layout and product power of Chinese brands in the new energy industry chain. at the same time, it also reflects the continuous shrinkage of the fuel vehicle market and the downward trend of the share of joint venture brands. In recent years, China's new energy vehicle industry continues to grow at a high speed, thanks to the increase of mileage, the popularity of charging piles, the introduction of new products and the drive of intelligent technology. With the continuous maturity of pure electric vehicle platform technology, the mileage of new energy vehicles has been greatly improved to meet the growing travel needs of consumers. In addition, the construction of charging piles also shows explosive growth, which provides a strong guarantee for the popularization of new energy vehicles. In this context, the product power of Chinese brand new energy vehicles has been significantly improved. BYD, Geely, Changan Automobile and other domestic new energy vehicle manufacturers continue to launch innovative products to meet the diversified needs of the market.
New energy vehicles are developing at an astonishing speed, but the fuel vehicle market is facing increasingly severe challenges. With the improvement of environmental awareness and the rise of oil prices, consumers' willingness to buy fuel vehicles gradually decreases. At the same time, due to the intensification of competition in the fuel vehicle market, the profit space of the fuel vehicle market is also constantly shrinking. As a result, the advantage of the joint venture brand in the fuel vehicle market has gradually weakened, and the market share continues to decline.
In 2023, China's auto market ushered in a huge turning point, with independent brands accounting for more than half of the share, officially surpassing the joint venture camp and completely breaking the situation of joint venture monopoly and rampant imports. According to the data, SAIC GM's sales fell 14.5% in 2023, SAIC Volkswagen fell 8%, and Guangzhou Auto Honda fell 13.7%.
The decline in the share of joint venture brands is expected to continue. In March, seven of the top 10 were occupied by independent brands, while the other three were Tesla China and North and South Volkswagen, according to March wholesale sales figures released by the Federation. Although independent and joint venture brands still occupy a neck-and-neck position in the month's retail sales rankings, two of the top three are independent brands, ranking first by BYD, which sold more than 260000 vehicles that month. FAW-Volkswagen, which ranked second, sold about 140600 vehicles that month.
With the continuous expansion of the new energy vehicle market and the improvement of consumer acceptance of new energy vehicles, joint venture brands will face more fierce market competition. On the other hand, independent brand new energy vehicles already have the strength to compete with joint venture brands in terms of product quality, performance and price, and are expected to further seize market share in the future. China's new energy vehicles are changing lanes to overtake, and the former "fuel giant" seems to have quieted down in front of independent new energy brands. BYD's "electricity is lower than oil" opened the prelude to the reversal of the "oil-electric balance" in China's auto market, forcing traditional fuel car companies into a corner. Now the penetration rate of new energy vehicles has exceeded 50%, which also confirms the end that new energy vehicles will eventually assume the banner of the passenger car market.