In March 2024, Wang Chuanfu predicted at the China Electric Vehicle 100 Forum that the penetration rate of new energy vehicles will exceed 50% in the next three months, and the future may be more than that.
Just over 20 days later, Mr. Wang's speech has become a reality. According to the data released by the Passenger Association, the retail penetration rate of new energy vehicles has reached 50.39%, and those who buy fuel vehicles have officially become a minority. The penetration rate of new energy vehicles in China has increased rapidly, with a tenfold increase in five years, and the national planning target of 50% has been completed 11 years ahead of schedule.
With the growth of the market share of new energy vehicles, the traditional fuel vehicle market is bound to be greatly affected. For those consumers who are still considering buying a fuel vehicle, they may be in the minority, as new energy vehicles have become a more popular and sustainable option.
This means that new energy vehicles will replace fuel vehicles as the mainstream of the market at a very fast speed. At the same time, Mr. Wang's confident speech is not only a confidence in BYD, but also a keen insight into the entire industry. Wang Chuanfu's prophecy came true! It has greatly promoted the popularization of new energy vehicles. Coupled with the overseas layout, BYD's sales in 2024 will climb to a new peak.
The significant increase in the penetration rate of new energy vehicles indicates that consumers are increasingly favoring environmentally friendly, energy-saving, and technologically advanced new energy vehicles. This is closely related to the government's policy support for the promotion of new energy vehicles, the performance improvement brought about by technological progress, and the improvement of charging infrastructure construction. Rising oil prices are also an important reason to push more consumers to switch to new energy vehicles. High oil prices will increase the cost of using fuel vehicles, while new energy vehicles are relatively more economical and environmentally friendly, so they are favored by more consumers.
The development of Japanese brands in the field of new energy is relatively lagging behind, resulting in them being at a disadvantage in this market competition. In March, the terminal sales of joint venture fuel vehicles can be described as a rout, and the top brand of the joint venture car of that year is no longer in the limelight. Among the Toyota brands, only FAW Toyota entered the top 10 in terms of sales, ranking ninth, down 7.2% year-on-year. In addition, GAC Toyota, GAC Honda, Dongfeng Honda and Dongfeng Nissan all missed the top 10 on the list. In contrast, domestic brands led by BYD have invested more in the field of new energy, and have made obvious sales breakthroughs and won a larger market share.
The emergence of this situation marks the transformation and transformation of the automotive industry, and it is also the result of the continuous improvement of environmental awareness and technological innovation. This historic change has brought new development opportunities and challenges to the entire automotive industry. In recent years, new energy vehicles have continued to innovate and progress in technology, and their performance, cruising range, charging convenience and other aspects have gradually improved, so that more consumers are willing to choose new energy vehicles as a mode of travel.
Douzi Kanche believes that the penetration rate of new energy vehicles exceeding 50% reflects the society's emphasis on environmental protection, technology and sustainable development, and also brings new development opportunities and challenges to China's automobile industry. For consumers, considering the purchase of new energy vehicles may be more in line with the future development trend and personal environmental awareness, so it is a foregone conclusion that new energy will replace fuel!