In November, the sales of new energy vehicles exceeded expectations, and the lithium battery boom continued to be optimistic [open source new energy]

Core ideas

In November, global sales of new energy vehicles exceeded expectations, and the lithium battery boom continued to rise

In November, wholesale sales of new energy passenger cars in the domestic market were 429,000 units (+136.09% yoY), 178,000 units in eight European countries (+33% y/y), and 60,000 units in the US market. The overall sales of new energy vehicles exceeded expectations, on the one hand, it shows that the problems of the supply side such as automotive chips are gradually solved, on the other hand, the recognition of the product power of electric vehicles on the user side is still gradually increasing; we expect that the penetration rate of the industry will further increase in 2022. Industry investment has entered the third stage: (a) logic returns to long-term growth, attaches importance to the links with high barriers, lithium battery faucet is the core; (b) in terms of post-cycle, attaches importance to the diffusion of the prosperity of the new energy vehicle industry chain, energy storage, hydrogen energy, motors, equipment, charging and replacing, and the integration of traditional car parts and electrification is the direction that needs attention. (c) In terms of new technologies, we attach importance to the cost reduction brought about by product innovation of leading companies, such as flat lines, high-voltage systems, and 4680 batteries.

In November, the sales volume of new energy vehicles in China met expectations, and the value of the industrial chain continued to be optimistic

According to the data of the Federation of Passenger Vehicles, the wholesale sales of new energy passenger vehicles in China in November were 429,000 units, +136.09% year-on-year and +16.58% month-on-month. Among them, the wholesale sales of BEV were 343,000 units, +125.70% year-on-year, 13.20% month-on-month;P HEV wholesale sales were 85,000 units, +185.83% year-on-year, and +30.77% month-on-month. In terms of BEV, A00-class cars accounted for 31.43%, a steady increase from the previous month; A-class cars accounted for 25.13%, remaining stable. In terms of PHEV, B-class vehicles sold 34,300 units, accounting for 40.16% of the total, +3.5% month-on-month. In November, the wholesale penetration rate of new energy passenger cars in China reached 19.95%, of which the penetration rate of new energy vehicles in independent brands reached 33.2%, the penetration rate of new energy vehicles in luxury vehicles reached 24.6%, while the penetration rate of new energy vehicles in mainstream joint venture brands was only 3.9%. The penetration rate from January to November was 15%, compared to 5.8% of the retail penetration rate in 2020, a significant increase.

BYD's sales remained the first, and the sales of many new forces exceeded 10,000 steps

In terms of car companies, BYD's wholesale sales of new energy vehicles in November were 90,500 units, +12% month-on-month, of which Qin PLUS DM-i sold 18,100 vehicles, ranking first, Song PLUS DM-i ranked second with 15,100 vehicles; Tesla's wholesale sales of 52,859 vehicles, exports of 21,127 vehicles, domestic sales of 31,700 units, 129% month-on-month, Model 3/Y domestic sales of 0.86/2.31 million units. The new car-making forces continued to improve, with Sales of NIO/Ideal/Xiaopeng/Hezhong Automobile in November 10,900 units (+197% Q-O) /13,500 units (+76% M-Q)/15,600 units (+54% M-Q)/100,000 units (Q-Q +24%), respectively. Wuling Hongguang Mini EV sold 50,100 units in November, +19% month-on-month. SAIC Volkswagen BJEV sold 12,000 units in November, +11% month-on-month.

Sales of new energy vehicles in Europe increased, and the penetration rate of new energy vehicles exceeded 25%

In November, the eight European countries sold 178,000 electric vehicles, +33% year-on-year, +20% month-on-month, specifically, BeV sales in Europe in November were 106,900 units, +24% month-on-month ;P HEV sales were 70,900 units, +14% month-on-month. By country, The number of electric vehicles registered in Germany was 68,200 units, +14% year-on-year; the number of electric vehicles registered in France was 28,600 units, +54% year-on-year; the number of electric vehicles registered in the United Kingdom was 32,500 units, +80% year-on-year; the number of electric vehicles registered in Italy was 12,600 units, +28% year-on-year; the number of electric vehicles registered in Spain was 0.72 million units, +37% year-on-year; the number of electric vehicles registered in Norway was 13,900 units, a year-on-year increase of +39%; and the number of electric vehicles registered in Sweden was 11,400 units, a year-on-year increase of +12% The number of electric vehicles registered in Portugal was 0.35 million, +19% year-on-year.

risk

prompt

Sales of new energy vehicles fell short of expectations, and overseas epidemics led to lower than expected demand.

This public account is an authorized manuscript of the new energy research team of Kaiyuan Securities, if you need to reprint, please indicate the source.

Report release date: December 12, 2021 (original report title: "November new energy vehicle sales exceed expectations, lithium battery boom continues to be optimistic")

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