The main information comes from the daily news of the Passenger Association, etc
Website: http://www.cpcaauto.com
1. Overview of this week's auto market
1. In May 2024, the retail sales of the national passenger car market did not start strongly
【May 1-12, 2023 Market Analysis News】
From May 1 to 12, the wholesale of passenger car manufacturers nationwide was 403,000 units, down 11% year-on-year and 10% month-on-month; Since the beginning of this year, a total of 7.953 million units have been wholesaled, an increase of 9% year-on-year. From May 1 to 12, the market retailed 559,000 vehicles, a year-on-year decrease of 9% and an increase of 28% over the same period last month; Since the beginning of this year, a total of 6.926 million units have been retailed, an increase of 6% year-on-year.
From May 1 to 12, the national passenger car manufacturers wholesaled 213,000 new energy vehicles, an increase of 36% year-on-year and a decrease of 5% from the same period last month; Since the beginning of this year, a total of 2.953 million units have been wholesaled, an increase of 31% year-on-year. From May 1 to 12, the retail sales of new energy vehicles in the market were 241,000 units, an increase of 31% year-on-year and 10% month-on-month. Since the beginning of this year, a total of 2.692 million units have been retailed, an increase of 33% year-on-year.
In the first week of May, the passenger car market sold an average of 46,600 units per day, down 9% year-on-year and up 28% month-on-month.
From May 1 to 12, the passenger car market retailed 559,000 units, down 9% year-on-year and up 28% month-on-month. Since the beginning of this year, a total of 6.926 million units have been retailed, an increase of 6% year-on-year.
Last year's "May Day" holiday was from April 28 to May 3, and there were more orders at the end of April in May; This year is May 1-5, so there is a certain holiday difference, which is conducive to the increase in sales in April this year, but not conducive to the growth performance at the beginning of May.
As the off-season of summer approaches, the auto market has entered a stable period. In April, China's manufacturing purchasing managers' index (PMI), non-manufacturing business activity index and composite PMI output index were 50.4%, 51.2% and 51.7% respectively, and the three major indexes continued to remain in the expansion range, which played a significant role in promoting the stability of the auto market.
The continued sluggishness of conventional fuel vehicle consumption is an important factor inhibiting the overall recovery of the auto market, and the trade-in policy reasonably ensures the replacement demand of fuel vehicle consumer groups, which is of great significance to the stable development of the auto market, and is also conducive to the gradual stabilization of the auto market in May.
2. In May 2024, the sales volume of passenger car manufacturers nationwide will recover steadily
In the first week of May, the average daily wholesale volume was 34,000 units, down 11% year-on-year from May last year and 10% month-on-month.
From May 1 to 12, the wholesale of passenger car manufacturers nationwide was 403,000 units, down 11% year-on-year and 10% month-on-month; Since the beginning of this year, a total of 7.953 million units have been wholesaled, an increase of 9% year-on-year.
There were 21 working days in May this year, the same as last year, but this year's five-day holiday compressed the production and sales time interval in May. Some fuel car companies have stepped up their efforts to take vacations to stabilize prices and demand by reducing production, and rational production cuts have brought a stable effect of supply and demand balance to market development.
With the implementation of the national policy of trade-in, the introduction of follow-up measures by corresponding policies in various places, and the phased cooling of the price war of new products in the auto market, the consumption enthusiasm of the market wait-and-see group has been stimulated, and the market should enter a relatively good stage, looking forward to the gradual recovery of the fuel vehicle market.
3. The national pickup truck market performed strongly in April
In April 2024, the pickup truck market sold 44,000 units, a year-on-year increase of 4% and a month-on-month decrease of 13%, which is at the mid-to-high level in the past five years. Since the pickup base was relatively normal in April last year, the growth rate this year is still good. From January to April this year, 173,000 pickup trucks were sold, up 5.1% year-on-year, and the overall performance was good.
With the effect of pickup trucks entering the city and liberalizing the right of way, the effect is far less good than that of pickup trucks going to the countryside, and pickup trucks entering the city is still a false proposition. The pickup truck market in the northwest, southwest, central region, and northeast continues to strengthen. With the increase of the country's efforts to promote consumption, the unreasonable measures to restrict consumption have been gradually lifted, and the demand for pickup trucks in cities with purchase restrictions and traffic restrictions is still sluggish. Due to the lack of production of international car companies, the contradiction between supply and demand, the relationship between China and Europe and the United States has remained good, and the overseas market demand for Chinese automobiles has skyrocketed, which has promoted the continuous growth of China's pickup truck exports since 2022, and exports from January to April 2024 are still showing a strong year-on-year growth trend, among which the export performance of Great Wall, Changan, SAIC Maxus, and JAC is super strong.
In April this year, 44,000 pickup trucks were produced, up 4.2% y/y, and pickup truck sales increased by 4.4% y/y, making pickup truck exports the strongest share among commercial vehicles in April when they accounted for 42% of sales. Under the environmental pressure of the real estate downturn, the production and sales of pickup trucks in China have been relatively stable in the past two years, relying on the contribution of exports. The performance of the domestic pickup market is relatively stable, especially the proportion of pickup sales in the county and township markets has increased well year-on-year, effectively offsetting the shrinkage of pickup trucks in large cities.
4. The price segment structure of the national passenger car market is high-end
According to the brand data of the Passenger Car Association, the sales structure of the price segment of the national passenger car market continues to rise, the proportion of high-end models has increased significantly, and the proportion of sales of low-priced models has decreased, which is the promotion of consumption upgrading, and also because of the consumption upgrading of the replacement group.
In recent years, the price of the car market has continued to rise, with 134,000 yuan in 2018, 153,000 yuan in 2020, 177,000 yuan this year, and 180,000 yuan in April. The main reason is that the price of hybrid and range extender is higher, forming a structural pull, and at the same time, the average sales price of the original fuel vehicles is also rising, and the high-end of fuel vehicles has led to a large price increase.
The sales of high-end new energy vehicles have increased significantly, with 30-400,000 new energy vehicles increasing by 46% and more than 400,000 increasing by 164%, and the sales of low-priced models decreasing, making the fuel vehicle market difficult.
In 2024, the high-end consumption structure of the auto market will be further strengthened, and the retail sales of the passenger car market will be temporarily sluggish in 2024, and the retail sales of domestic fuel vehicles will not recover strongly in April, which will inhibit the growth of the auto market and support the growth of export contributions.
From the perspective of structural analysis, the entry-level has shrunk, the pressure on the consumption base is not solid, the purchasing power of the middle and low-end is insufficient, and the price war has also broken out significantly. The upward trend in the price segment of traditional fuel vehicles is not a favorable factor to promote consumption, and it is important for ordinary consumer groups to buy entry-level cars more strongly, that is, low-end consumption. Therefore, it is necessary to improve the purchasing power of the needs of ordinary groups, achieve a relative balance at the price end of the auto market, stimulate entry-level consumption, and realize the consumption entry of first-time buyers.
5. China's auto exports are bound to be the biggest bright spot
China's auto exports are the highlight of recent growth, China's auto exports from the main parts export, followed by the strengthening of the whole export, to the recent new energy vehicles continue to perform very well, reflecting the strong development of the automotive industry and good results.
The new three new energy passenger vehicles are the strongest. China's NEV exports in the first quarter of 2024 increased by 18% to USD 11.1 billion, and exports were flat in February, but rose rapidly in March, reflecting the new momentum of independent automakers' exports. China's lithium battery exports in the first quarter of 2024 were US$13.2 billion, down 17%, while the number of lithium battery exports increased by 6% in the first quarter of this year. The unit price of major exports fell sharply by 22%, resulting in a decline in export value. China's exports of solar cells in the first quarter fell by 31% to US$9 billion, while the number of solar cell exports in the first quarter of this year increased by 24.7% by number and 29.5% by weight. The unit price of major exports fell sharply by nearly 46 percent, resulting in a 31 percent decline in export value.
The system capability of China's automobile industry has matured, and the future super competitiveness will gradually change the world automobile pattern. Chinese NEVs are strong in the BEV market in Europe and Southeast Asia. In the future, low-cost plug-in hybrids will also change the competitive landscape of the automotive market in developing countries. In the future, China's automobile exports will achieve a huge market breakthrough in strengthening the construction of base areas and realizing the leapfrog development of overseas distribution of independent brand rural areas surrounding cities, which will surely become the strongest business card of China's foreign trade.
2. New cars will be launched this week
1. The new Mercedes-Benz C-Class was launched
On May 8, the new Mercedes-Benz C-class was launched, with a total of 5 new models and a price range of 334,800-374,000 yuan. It is powered by a 1.5-liter engine mated to a 48-volt mild hybrid system mated to a 9TIP gearbox.
On May 8, the new Mercedes-Benz C 350 e L plug-in hybrid was launched, with a new car price of 408,800 yuan. It is equipped with a plug-in hybrid system consisting of a 2.0-liter engine and an electric motor, mated to a 9TIP gearbox.
2. Xingtu Epoch ET extended range was launched
On May 9, Xingtu Xingyuan ET was launched with an extended range, with a total of 3 new models and a price range of 189,800-225,800 yuan. It is equipped with a range-extender hybrid system consisting of a 1.5-liter engine and an electric motor, and has an all-electric range of 200 km.
On May 9, the Xingtu Xingyuan ET pure electric vehicle was launched, with a total of 5 new models and a price range of 229,800-319,800 yuan. Equipped with an all-electric motor, the CLTC has a combined range of 625 km, 540 km, 760 km, and 655 km.
3. Geely Panda Karting was launched
On May 9, Geely Panda Karting was launched, with a new car price of 46,900 yuan. Equipped with mobile phone App remote control, non-inductive entry + non-inductive start, voice control. Equipped with an all-electric motor, the CLTC has a combined range of 200 km.
4. 领克06 EM-P新车型上市
On May 9, the new Lynk & Co 06 EM-P model was launched, with a new price of 147,800 yuan. It is equipped with a plug-in hybrid system consisting of a 1.5-liter engine and an electric motor, mated to a 3DHT transmission.
5. X70 PLUS Champion Edition is launched
On May 10, the X70 PLUS Champion Edition was launched, with a total of 8 new models and a price range of 105,900-132,900 yuan. It is equipped with 1.5-liter and 1.6-liter engines mated to 6-speed transmission, 6-speed transmission (6-speed transmission) and 7-speed transmission.
6. Launched the BYD Hiace 07EV
On May 10, the BYD Hiace 07EV was officially launched, with a price range of 189,800-239,800 yuan. This first model with the "Hiace" IP continues the consistent design sense of Oceannet. It is also the first model of the BYD e-platform 3.0 Evo.
3. Macroeconomics and policy
1. Li Qiang presided over the executive meeting of the State Council to study the work related to effectively reducing the logistics cost of the whole society
Premier Li Qiang presided over an executive meeting of the State Council on May 11 to study the work related to effectively reducing the logistics cost of the whole society.
2. The Ministry of Finance issued the first batch of energy conservation and emission reduction subsidies of about 22.9 billion yuan in 2024
The Ministry of Finance recently issued the first batch of energy conservation and emission reduction subsidy funds of about 22.9 billion yuan in 2024, which will be used for the liquidation of subsidy funds for the promotion and application of new energy vehicles in 2022 and the pre-allocation of subsidy funds for new energy vehicles that have been promoted but have not yet completed liquidation.
3. The Ministry of Industry and Information Technology publicly solicits opinions on the standard conditions and announcement management measures for the lithium battery industry (draft for comments).
On May 8, the Ministry of Industry and Information Technology publicly solicited opinions on the lithium battery industry standard conditions and announcement management measures (draft for comments). Lithium batteries and supporting projects shall not be built in areas where permanent basic farmland, ecological protection red lines, and national laws, regulations, and rules prohibit the construction of industrial enterprises. Guide enterprises to reduce manufacturing projects that simply expand production capacity.
4. The Ministry of Commerce issued a Q&A manual on car trade-in subsidies (the second batch)
On May 11, the Ministry of Commerce released the Q&A manual on car trade-in subsidies (the second batch).
5. Bureau of Statistics: CPI rose 0.3% year-on-year in April, PPI fell 2.5% year-on-year
On May 11, the Bureau of Statistics released data showing that in April, the CPI rose by 0.3% year-on-year and 0.1% month-on-month. From January to April, the CPI averaged 0.1% higher than the same period last year. The PPI fell 2.5% year-on-year and 0.2% month-on-month. From January to April, the PPI averaged 2.7% lower than the same period last year.
6. Central Bank: M2 balance increased by 7.2% year-on-year at the end of April
On May 11, the central bank released data showing that at the end of April, the balance of M2 was 301.19 trillion yuan, a year-on-year increase of 7.2%; the balance of M1 was 66.01 trillion yuan, down 1.4% year-on-year; The M0 balance was 11.73 trillion yuan, a year-on-year increase of 10.8%. Net cash injection in the first four months was $386.6 billion.
7. China's road logistics freight index increased by 0.33% in April from the previous month
On May 7, the China Federation of Logistics and Purchasing announced the China Highway Logistics Freight Index in April. In April, China's highway logistics freight index was 102.8 points, up 0.33% from the previous month, ending the trend of falling for two consecutive months and ushering in a slight rebound.
8. Henan: Strive to increase the recycling volume of scrapped vehicles by 50% by 2025 compared with 2023
Recently, 19 departments including the Department of Commerce of Henan Province issued the "Implementation Plan for Promoting the Trade-in of Consumer Goods in Henan Province" to carry out the trade-in of automobiles and home appliances and the "renewal" of home decoration, kitchen and bathroom in the province, and strive to increase the recycling of scrapped cars by 50% by 2025 compared with 2023.
9. Liaoning issued guidance to increase the allocation of subsidy funds for the promotion of taxi electrification
Recently, the Liaoning Provincial Department of Transportation formulated and issued the "Guiding Opinions of the Liaoning Provincial Department of Transportation on Accelerating the Promotion of Taxi Electrification", which clearly proposed to increase the allocation of subsidy funds for the promotion of taxi electrification.
10. Nanjing: 5,000 new public charging piles will be added by 2027
The Nanjing Municipal People's Government recently issued the "Implementation Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods in Nanjing". Promote the phase-out and renewal of old diesel trucks. By 2027, the proportion of new energy in urban public transport will strive to reach 95%. Accelerate the promotion of the pilot application of battery swap mode for new energy vehicles. By 2027, 5,000 new public charging piles will be added.
11. The mileage of open roads for autonomous driving in Shenzhen exceeds 900 kilometers
Recently, the Shenzhen Municipal Transportation Bureau officially released the "Sixth Batch of Open Road Catalogue for Road Testing and Demonstration Applications of Intelligent Connected Vehicles in Shenzhen", with a total of 43 open roads and a total mileage of about 106.01 kilometers. Up to now, the city's autonomous driving open road mileage has reached 944 kilometers.
12. Shenzhen Releases Action Plan for Innovation and Development of Hydrogen Energy Industry (2024-2025)
On May 10, it was reported that the Shenzhen Hydrogen Energy Industry Innovation and Development Action Plan (2024-2025) has been approved by the municipal government and issued for implementation. Including the construction of hydrogen refueling stations, innovative carriers, and the promotion of market-oriented demonstration and promotion of fuel cell vehicles.
13. Shenzhen's new energy vehicle index applies for the cancellation of social security restrictions
Recently, the Shenzhen Municipal Transportation Bureau issued a notice on adjusting the application conditions for the incremental index of new energy cars, revealing that "the social security restrictions on non-Shenzhen household registration personnel applying for the incremental index of new energy cars will be cancelled." Relax the conditions for individuals with only one car registered in Shenzhen to apply for the incremental index of hybrid cars".
14. Shanghai Municipal Commission of Economy and Information Technology: Shanghai will accelerate the construction of a world-leading high-level autonomous driving leading area
On May 6, Zhang Ying, director of the Shanghai Municipal Commission of Economy and Information Technology, said when participating in the 2024 Shanghai Minsheng Interview Column that Shanghai will accelerate the construction of the world's leading high-level autonomous driving leading area, continuously expand the scope of autonomous driving, connect the smart roads in Pudong, Lingang, Fengxian, Jiading and other regions, and strive for interconnection with the Yangtze River Delta.
15. Zhejiang's consumer goods trade-in reward and subsidy policy adopts the provincial, municipal and county financial departments to make efforts in the same direction
On May 10, it was reported that Zhejiang's consumer goods trade-in reward and subsidy policy adopted the provincial, municipal and county financial departments in the same direction. Expand the scope of automobile subsidies to vehicles of China IV and above standards, and this policy can be superimposed on the purchase subsidies of various regions. Cooperate with recycling and dismantling qualified enterprises in the province to carry out online car collection, free trailer and other services, and encourage and support the expansion of second-hand car exports.
Fourth, new product information tracking
1. The official website of Ledao Automobile, a subsidiary of NIO, was launched, and the first new model of the mass-market brand was launched in May
On May 6, the official website of Ledao Automobile, a subsidiary of NIO, was officially launched. On May 15, NIO will officially launch its second brand, Ledao, with its first model, L60, which is expected to be released in mid-May this year and is positioned as a pure electric coupe.
2. AVATAR's third car was officially named "AVATR 07"
AVATR Automobile officially announced that its third model was named "AVATR 07". It is available in two power forms: pure electric and extended range and two drive modes of rear-wheel drive and four-wheel drive. The car will be unveiled in the second half of this year.
5. Enterprise information
1. BYD is considering building a second factory in Europe in 2025
Michael Shu, managing director of BYD Europe, said at the Future Car Conference hosted by the Financial Times on May 9 that the company will consider building a second assembly plant in Europe in 2025. BYD is preparing to make a "huge investment in the EU", which could be in the billions of euros, involving factories, distribution networks and marketing.
2. BYD unveiled its all-new all-electric e-platform 3.0 Evo
On May 10, BYD released the new pure electric e-platform 3.0 Evo, which includes a vehicle safety architecture technology cluster, a 12-in-1 intelligent electric drive technology cluster, an intelligent wide-temperature high-efficiency heat pump technology cluster, a global intelligent fast charging technology cluster, and an intelligent motion control technology cluster. The first 23,000rpm mass production of the highest speed motor.
3. Added parallel window destroyer 05 push version 1.3 OTA upgrade
On May 8, BYD pushed the OTA update of version 1.3 for the destroyer 05. This update mainly adds a number of new functions such as parallel window, mobile phone forgotten broadcast, front hatch cover and back door broadcast, and brings a number of function optimizations.
4. BMW launched an insurance and purchase tax subsidy of up to 18,000 yuan
On May 7, it was reported that BMW launched a new subsidy activity, on the basis of the national 10,000 yuan trade-in subsidy, BMW and MINI owners can enjoy an additional insurance and purchase tax subsidy of up to 18,000 yuan when purchasing BMW pure electric models, or a financial plan with 0 down payment and 0 interest rate. Non-BMW and MINI owners can enjoy an insurance subsidy of up to 6,000 yuan when purchasing BMW pure electric models.
5. The latest price is 1.29 million BMW XM 50e, and the official price is 178,000 yuan
On May 9, BMW officially announced that the retail price of the BMW XM 50e model will be adjusted from RMB 1.468 million to RMB 1.29 million, a decrease of about 12.1%, while the rest of the XM models will remain unchanged.
6. Skyworth Automobile signed a strategic cooperation agreement of 10 billion yuan with Saudi Arabia KAG Group
Skyworth Automobile recently announced that Saudi KAG Group and Skyworth Automobile have negotiated and signed a contract for 10 years of strategic cooperation. In the first five years, the cooperation business plan is 10 billion yuan, and at the same time, KAG Group has reached cooperation with Skyworth Automobile for a full range of new energy products including passenger cars, supercharging stations, and smart life, and the cooperation includes KAG Group, which will soon become the exclusive partner of Skyworth Automobile in Saudi Arabia.
7. Changan Automobile: The investment and cooperation project with Huawei is currently being actively promoted
On May 6, Changan Automobile announced that the company's investment and cooperation project with Huawei is currently being actively promoted. As of the disclosure date of this announcement, the company has basically completed the financial, legal, business and technical due diligence involved in this project. At present, the two parties are in further negotiations on the key terms of the transaction. The definitive transaction documents are expected to be signed no later than August 31, 2024.
8. Feifan F7 can enjoy up to 30,000 yuan cash purchase privilege
On May 6, it was reported that Feifan F7 launched a cash purchase privilege of up to 30,000 yuan, and at the same time, it also had multiple privileges such as limited time replacement and exclusive intelligent driving, and the above rights and interests ended on May 31.
9. Ford China appoints Ai Xiaoming as President of Changan Ford
On May 6, Ford Motor (China) Co., Ltd. announced that Ai Xiaoming will be appointed President of Changan Ford Automobile Co., Ltd. with immediate effect, reporting to the Board of Directors of Changan Ford. He Xiaoqing, the current president of Changan Ford, will officially retire on June 1, 2024.
10. Toyota's joint venture in China is expected to adopt BYD's super hybrid technology
On May 9, it was reported that Toyota's joint venture in China has plans to introduce plug-in hybrid in the next two to three years, and the technical route is likely to no longer continue Toyota's original Hybrid mode, but may use DMI super hybrid technology.
11. GAC's first overseas bonded plant was officially approved
On May 7, the signing ceremony of the agreement on the 185 bonded zone of GAC Aion Thailand plant was held at the General Administration of Customs in Bangkok, Thailand, and the import tariff of all production parts was 0 after the approval of the 185 bonded zone; In addition, electric vehicles produced in the bonded zone enjoy the same tariff-free treatment and customs clearance convenience as locally produced electric vehicles in ASEAN member states.
12. GAC Energy Technology (Hunan) Co., Ltd. was established, and plans to build 300 charging stations within three years
Recently, GAC Energy Technology (Hunan) Co., Ltd. was incorporated, and in the future, GAC Energy Technology (Hunan) Co., Ltd. will focus on Changsha, radiate Hunan, cooperate with GAC Aion's third factory, increase scale, increase layout, and build a "second home" of energy, and plans to build 300 charging stations within 3 years.
13. Jinbei Automobile: Received part of the creditor's rights from Brilliance Group
Jinbei Automobile announced on the evening of May 9 that the company and its consolidated statement subsidiaries recently received a total of 53.632 million yuan from Brilliance Auto Group Holdings Co., Ltd., which is expected to have a significant impact on the company's net profit in 2024.
14. Geely Automobile: The IPO price of Zeekr in the United States is $21 per share
On May 10, Geely Automobile announced that the initial offer price of ZEEKR American Depositary Shares was set at $21 per share, and they will begin trading on the New York Stock Exchange on May 10 (New York time). The first day of listing closed up 34.57%, and the market value exceeded 50 billion.
15. Geely refutes rumors and establishes a strategic partnership with Foretellix
On May 11, Geely Automobile announced on its official WeChat account that the recent reports about "Geely Automobile and Israel's Foretellix announced the establishment of a strategic partnership" are false information.
16. Geely Galaxy L6/L7 Dragon Edition offers a maximum discount of 12,000 yuan
On May 8, it was reported that Geely's Galaxy series L6 and L7 Longteng models launched official limited-time preferential activities, with a maximum discount of 12,000 yuan, after the discount, the Galaxy L6 Longteng version was sold for 99,800-112,800 yuan, and the Galaxy L7 Longteng version was sold for 113,700-165,700 yuan. In addition to cash discounts, it also includes replacement subsidies, zero-interest loans to buy cars, etc.
17. Li Auto will push OTA version 5.2, saying that it will achieve zero takeover at the high-speed NOA 1,000-kilometer level
On May 11, Li Auto announced that OTA5.2 will be launched for the Ideal MEGA and Ideal L series, including 19 new functions and 23 experience optimizations. According to the function introduction, based on the intelligent driving solution of the first mass-produced BEV model architecture of the Horizon Journey 5 chip, AD Pro3.0 achieves zero takeover at the high-speed NOA 1,000-kilometer level, and intelligent parking supports more than 300 types of complex parking spaces. The whole system supports Apple shortcuts to control the car.
18. Lu Fang, CEO of VOYAH Automotive: The company is launching a plan to build thousands of stations and piles, and will open all self-built charging piles
On the evening of May 6, VOYAH CEO Lu Fang posted on Weibo that VOYAH is launching a plan of thousands of stations and thousands of piles, and will build a 6km energy supply network in the main urban area of the core city in the future, and the first batch of 16 supercharging demonstration stations will be implemented, covering 95% of the cities in the country. VOYAH will open all self-built charging piles for all brands.
19. The ORA brand is offering a limited-time offer on four of its models
On May 9, ORA Automobile launched a limited-time preferential policy for its 2024 Good Cat, 2024 Good Cat GT Mulan Edition, Ballet Cat, and Lightning Cat, with a comprehensive discount of up to 50,000 yuan.
20. SAIC responds to EU countervailing investigation: all necessary information has been provided
A SAIC official said: "We have fully cooperated with the European Commission and have provided all the necessary information related to the countervailing investigation in accordance with WTO and EU rules. Commercially sensitive information, such as the formulation of the battery, should not fall into this category. ”
21. SAIC Roewe released the DMH technology brand
On May 10, SAIC Roewe released its "DMH Super Hybrid Technology" technology brand. Through a set of systems to match PHEV/EREV/HEV and other hybrid routes, it can cover the driving needs and fuel consumption regulations of different users around the world, and at the same time, the system has the industry's first "energy domain" global thermal management, powertrain brain PICU, engine + P1 motor coaxial structure and other leading technologies.
22. NIO and GAC Group signed a strategic cooperation agreement on battery charging and swapping
NIO and GAC Group signed a strategic cooperation agreement on battery charging and swapping in Guangzhou on May 8. The two parties will carry out all-round and multi-level in-depth strategic cooperation in the fields of battery standards, R&D and customization of battery swap models, battery asset management and operation, and battery swap service network construction and operation involved in the battery swap industry, and promote the interconnection of their own charging platforms.
23. Xpeng Motors announced its entry into the Australian market
Xpeng Motors announced on May 11 that it has entered into the Australian market by entering the Australian market with an exclusive cooperation agreement with Australia's TrueEV company, which will serve as the exclusive import, distributor and retailer of Xpeng Motors in the Australian market, providing brand showrooms and full customer support. Xpeng Motors will officially launch the Xpeng G6 for the Australian market in the fourth quarter of 2024.
24. FAW-Volkswagen launched a trade-in activity, and the national subsidy can be enjoyed up to 26,000 yuan
On May 11, FAW-Volkswagen announced that it would launch preferential activities on the basis of national subsidies, and all models can enjoy a subsidy of up to 26,000 yuan for trade-in, and the activity time is from now until May 31, 2024, and you can also enjoy a 0 pressure car purchase financial plan, including 0 down payment, 0 interest rate, and 28 yuan ultra-low daily payment for all models.
25. RAV4 Rongfang and other 10,000 yuan subsidy FAW Toyota preferential activities
On May 7, it was reported that FAW Toyota launched a trade-in "national subsidy factory subsidy" double subsidy discount, with a maximum subsidy of 23,000 yuan, and the deadline for the activity was May 31.
26. Japan's three major automakers all saw double-digit declines in new car sales in China in April
The sales data of Japan's three major automakers in China in April was released. Toyota was 118,200 vehicles, down 27.3% year-on-year. Honda fell 22.2% to 73,831 units. Nissan Motor fell 10.4% to 54,921 units.
27. Zotye Auto received an inquiry letter for the annual report of the Shenzhen Stock Exchange, and was asked to explain whether there was any inflated revenue or profit
On May 7, the Shenzhen Stock Exchange issued an annual report inquiry letter to Zotye Automobile, and during the reporting period, the company sold 1,112 vehicles, including 42 new energy vehicles. They are required to explain the specific situation of vehicle sales during the reporting period and whether there is any inflated revenue or profit.
6. Industry information
1. Passenger Car Association: Retail sales of new energy vehicles in April were 674,000 units, up 28.3% year-on-year
On May 10, data from the China Passenger Car Association showed that the wholesale sales of new energy passenger vehicles reached 785,000 units in April, a year-on-year increase of 30.0% and a month-on-month decrease of 3.7%. Retail sales of new energy vehicles in April totaled 674,000 units, up 28.3% y/y and down 5.7% m/m. NEV exports in April totaled 115,000 units, reflecting a 26.8% y/y increase and a 4.1% m/m decline.
2. Passenger Car Association: Preliminary statistics show that the retail sales of passenger cars in April were 1.585 million units, a year-on-year decrease of 2%
On May 8, the Passenger Car Association said that according to preliminary statistics, the retail sales of passenger cars in April were 1.585 million units, down 2% year-on-year and 6% month-on-month; Since the beginning of this year, a total of 6.417 million units have been retailed, a year-on-year increase of 9%.
3. In April, the installed capacity of power batteries in mainland China was 35.4GWh, a year-on-year increase of 40.9%
On May 11, the China Automotive Power Battery Industry Innovation Alliance released data saying that in April, the installed capacity of power batteries in mainland China was 35.4GWh, a year-on-year increase of 40.9% and a month-on-month increase of 1.4%. From January to April, the cumulative installed capacity of power batteries in mainland China was 120.6GWh, a year-on-year increase of 32.6%. Among them, the cumulative installed capacity of ternary batteries was 40.8GWh, accounting for 33.8% of the total installed volume, with a cumulative year-on-year increase of 41.2%; The cumulative installed volume of lithium iron phosphate batteries was 79.8GWh, accounting for 66.1% of the total installed volume, with a cumulative year-on-year increase of 28.6%.
4. BorgWarner and Xpeng Motors entered into a new round of cooperation in the motor business
On May 6, BorgWarner officially announced that the company and Xpeng Motors have reached two high-voltage hairpin (HVH) motor business cooperation for two upcoming SUV models of Xpeng.
5. Didi: The demand for cross-city travel taxis increased by 99% on May Day, and the demand for overseas taxis by Chinese users increased by 458%
On May 6, Didi Chuxing released a report on travel data during the May Day holiday, during the May Day holiday, domestic taxi demand increased by 34% month-on-month compared with the pre-holiday period, the demand for cross-city travel increased by 99%, and Chinese users' overseas taxi demand increased by 458%.
6. Ganfeng Lithium: Plans to acquire 40% of the equity of Mali Lithium to promote the development of the Goulamina spodumene project
On May 7, Ganfeng Lithium announced that its wholly-owned subsidiary, Ganfeng International Co., Ltd., intends to acquire the remaining 40% of Mali Lithium from Leo Lithium Limited with its own funds of US$342.7 million, and after the acquisition is completed, Ganfeng International will hold 100% of the equity of Mali Lithium. It is beneficial for the company to obtain the right to operate and manage the Goulamina spodumene project.
7. Ganfeng Lithium holds a controlling stake in Anda Technology, a lithium iron cathode producer
On May 10, Ganfeng Lithium announced that the company signed an "Equity Transfer Agreement" with Guizhou Anda Technology, and Anda Technology transferred its 60% equity (unpaid capital contribution) held by Inner Mongolia Anda to the company at a price of 1 yuan. Inner Mongolia Anda changed its name to Inner Mongolia Ganfeng New Materials Co., Ltd., and Ganfeng Lithium holds 100% of its equity.
8. Huawei released high-precision 4D millimeter-wave radar
On May 9, Huawei's vehicle BU released a high-precision 4D millimeter-wave radar, which increases the detection range from 210 meters to 280 meters in driving mode. In parking mode, the vertical field of view is increased from 18° to 60° of conventional radar, and the distance accuracy is increased from 20cm to 5cm, which can identify small obstacles and high obstacles.
9. Yu Chengdong's social account authentication has been modified, and he will no longer serve as the CEO of Huawei Device BG
On May 8, the Weibo authentication of Yu Chengdong's personal account has been changed, and the latest one is "Huawei's Executive Director, Chairman of the Device BG, and Chairman of the Intelligent Vehicle Solution BU", which has indeed canceled the certification of the CEO of Huawei's terminal BG, and at the same time, Hua Hegang's latest certification is "CEO of Huawei Terminal BG".
10. Chervon Automobile: It is expected that part of the production line of the Hungarian production base will start mass production this year
Pan Longquan, chairman of Chervon Automobile, said that it is expected that part of the production line of the Hungarian production base will start mass production in 2024, and the company's 8000T die-casting machine will be put into use in a timely manner according to the market and order situation.
7. Multinational groups and international markets
1. Global gasoline demand growth will halve this year
Recently, energy consultancy Wood Mackenzie said that due to the surge of electric vehicles in China and the United States, the growth rate of global gasoline demand is expected to halve in 2024, squeezing the profit margins of refineries in the second half of the year. Global gasoline demand will increase by 340,000 b/d this year, the slowest increase since 2020. China's gasoline demand is expected to grow by just 10,000 b/d this year.
2. Daimler Trucks' net profit in the first quarter reached 847 million euros, and revenue was flat year-on-year
Daimler Trucks announced its results for the first quarter of 2024. In the reporting period, Group revenues amounted to 13.3 billion euros, almost on par with the prior-year quarter. Adjusted EBIT amounted to 1.21 billion euros, compared to 1.16 billion euros in the prior-year quarter, and net income amounted to 847 million euros, compared to 795 million euros in the prior-year quarter. In the first quarter of 2024, the Group sold a total of 108,911 vehicles, compared to 125,172 units in the same period of the previous year. Among them, the sales of pure electric vehicles increased by 183% year-on-year to 813 units.
3. South Korean market research agency: the total installed capacity of various types of batteries in the world increased by 22% year-on-year in the first quarter
On May 7, data released by SNE Research, a South Korean market research agency, showed that the total installed capacity of various types of batteries in the world in the first quarter of this year was 158.8 GWh, a year-on-year increase of 22%. The market share of South Korea's three major power battery manufacturers fell to 23.5%.
4. Bentley introduces the V8 plug-in hybrid system
On May 10, Bentley Motors announced the launch of a new, performance-focused V8 plug-in hybrid system to replace the W12 engine. The new ultra-high-performance plug-in hybrid system will take over the baton and become Bentley's leading powertrain.
5. Honda's operating profit for fiscal 2023 is at an all-time high
On May 10, Honda released its financial report, saying that in fiscal 2023, the company's operating profit hit a record high of 1,381.9 billion yen, up 77% year-on-year, and the operating profit margin was 6.8%, driven by the depreciation of the yen and strong car sales.
6. Toyota's operating profit reached a new high
Toyota Motor Corporation announced its consolidated financial results for fiscal year 2023. In fiscal 2023, Toyota's turnover was 45.09 trillion yen, a year-on-year increase of 21.4%; Operating profit was 5.35 trillion yen, a year-on-year increase of 96.4%, another record high; profit before tax was 6.97 trillion yen, up 89.8% year-on-year; Net profit was 4.94 trillion yen, up 101.7% year-on-year.
7. Toyota will allow employees aged 65~70 to continue working
On May 8, people familiar with the matter said that Toyota plans to allow employees aged 65~70 to continue working in the company to alleviate the labor shortage. Currently, Toyota employees have the option to retire at age 60 or work with the company until age 65 at half their salary.
8. Ford reconsiders its plan to stop selling gasoline-powered vehicles in Europe by 2030
Ford Motor Company has said that it is reconsidering its plan to stop selling gasoline-powered vehicles in Europe by 2030. "As the adoption of electric vehicles in Europe slows down, customers will still need to choose between internal combustion engines and hybrid vehicles after 2030."
9. Personnel changes at Ford Motor's top management
On May 11, it was reported that Ford Motor Co., Ltd. had high-level personnel changes. John Lawlor, Chief Financial Officer, will also serve as Vice Chairman of the Board and will focus on Ford's strategic and partnership responsibilities. Shirley House, former CFO of electric vehicle maker Lucid Motors, will join Ford as vice president of finance and succeed Lawler as chief financial officer in early 2025.
10. Ferrari's Q1 net profit was 352 million euros, down 20% year-on-year in China
Ferrari recently announced its financial results for the first quarter of this year, with a net income of 1.585 billion euros in the quarter, an increase of 11% year-on-year; Adjusted net profit was 352 million euros, up 19 percent year-on-year. Global deliveries in the quarter were 3,560 vehicles, down seven vehicles year-on-year. In China (mainland + Hong Kong and Taiwan), sales in the quarter were 317 units, down 20% year-on-year.
11. Faraday Future issued a statement that the Board of Directors did not consider appointing Jia Yueting as Co-CEO
Faraday Future said in a statement on May 7 that the company's board of directors is not currently considering appointing Jia Yueting as the company's co-CEO.
12. French Finance Minister: If BYD decides to set up a factory in France, the French side welcomes it
French Finance Minister Le Maire said on May 6 that if BYD decides to set up a factory in the country, France welcomes it, "France very much welcomes the arrival of BYD and China's automotive industry."
13. The South Korean government will provide 9.7 trillion won in financial assistance to local EV battery manufacturers
South Korea's Ministry of Trade, Industry and Energy said on May 8 that it would provide 9.7 trillion won in financial assistance to local EV battery makers to build a new supply chain that complies with U.S. tax relief rules and ensure the supply of critical battery materials.
14. Jaguar Land Rover's 2023/24 revenue of £29 billion, up 27%
On May 10, Jaguar Land Rover announced its financial results for the 2023/24 fiscal year: cumulative revenue of 29 billion pounds, a year-on-year increase of 27%, of which 7.9 billion pounds was contributed in the fourth fiscal quarter. At the end of March, Jaguar Land Rover had cash flow of £2.3 billion, liquid assets of £5.7 billion, and net debt effectively reduced to £700 million. The EBIT margin for the year was 8.5 percent. Jaguar Land Rover's full-year sales reached 431,733 units, up 22% year-on-year, marking the sixth consecutive quarter of year-on-year growth.
15. Cadillac confirmed that it will continue to sell gasoline-powered vehicles after 2030
John Roth, global vice president of Cadillac, recently said that the brand plans to continue to sell fuel vehicles after 2030.
16. U.S. officials have claimed that the U.S. could take "extreme measures" to ban Chinese connected cars from entering the U.S., as China has previously stated
U.S. Secretary of Commerce Raimondo claimed on May 8 local time that the United States may take "extreme measures, that is, to prohibit Chinese connected cars from entering the United States."
17. The United Auto Workers approves a new collective bargaining agreement with Daimler Trucks
A few days ago, members of the United Auto Workers (UAW) approved a new collective contract with Daimler Trucks, which includes a general wage increase of at least 25% over the four-year agreement. The new contract covers more than 7,300 union members.
18. Apple may be discussing the possibility of cooperation with a new American car-making force
Recently, some media reported that Apple is negotiating with a new car-making force in the United States to restart the possibility of "Apple Auto" cooperation. At the moment, the most vocal approach to Apple is Rivian.
19. All Daihatsu Kogyo factories in Japan resumed production
On May 7, Japan's Daihatsu Industries resumed production of the "COPEN" mini vehicle, which had been suspended due to certification irregularities, at its headquarters plant in Ikeda City, Osaka Prefecture. So far, all vehicle plants in four prefectures have started operations for the first time in about four and a half months.
20. Nissan's operating profit for fiscal year 2023 was 568.7 billion yen
On May 10, Nissan Motor announced its financial report for fiscal year 2023. Global sales remained at 3.44 million units in fiscal 2023, with a full-year operating profit of 568.7 billion yen, up 51% year-on-year. Consolidated net income was 12.686 trillion yen.
21. Samsung stopped self-driving research, and developers moved to robotics
On May 11, it was reported that Samsung Electronics had stopped research on self-driving cars, and the Samsung Advanced Technology Research Institute, which is responsible for Samsung's mid- and long-term development, had excluded autonomous driving from research projects and transferred developers to the field of robotics.
22. Tesla was asked to disclose more Autopilot data by July or face a fine of up to $135.8 million
On May 8, it was reported that the National Highway Traffic Safety Administration is pressuring Tesla, requiring the company to provide detailed information about Autopilot to the regulator before July 1, otherwise it faces a fine of up to $135.8 million.
23. Tesla is rumored to have a new round of layoffs
According to media reports, Tesla has started a new round of layoffs. The layoffs are in Tesla's software, services, engineering and other departments, and it is reported that some employees received layoff emails at the end of last week.
24. Tesla's 4680 battery division announced a moratorium on layoffs!
Tesla has appointed a new head of the 4680 battery division. Eggleston, announced a moratorium on layoffs, but must complete the cost reduction target by the end of the year - self-produced 4680 batteries are cheaper than similar batteries purchased from suppliers such as Panasonic and LG Energy Solution.
25. Tesla will invest more than $500 million this year to expand the supercharging network
On May 10, after disbanding the company's entire supercharging team, Musk said on his personal social platform that Tesla will spend more than $500 million this year to lay thousands of supercharging stations to expand its charging network.
26. VinFast will enter the Philippine electric vehicle market at the end of May
On May 9, VinFast Auto said that it will officially enter the Philippine electric vehicle market at the end of May to provide diversified intelligent green travel solutions.
27. Infineon plans to lay off employees at its Regensburg plant in Germany
On May 8, a spokesman for German automotive chipmaker Infineon said in an emailed statement that Infineon plans to cut triple-digit jobs at its Regensburg plant in Germany.
28. BP seeks to acquire Tesla's supercharging site
On May 10, it was reported that BP's electric vehicle charging division is actively seeking to acquire Tesla's supercharging sites to expand its own charging network. The company plans to invest $1 billion to install more than 3,000 charging points in the U.S. by 2030.
29. Wayve, a British autonomous driving company, received 7.5 billion yuan in financing, and SoftBank, Nvidia, and Microsoft took action
On May 7, Wayve, a British autonomous driving company, announced that it had received a $1.05 billion (about 7.576 billion yuan) Series C investment, which will support Wayve's comprehensive development and launch of the first embodied intelligent product for mass-produced cars.
Attached: A collection of recent information
*Nationwide NEV passenger vehicle wholesale 790,000 in April 2024, retail penetration rate of 44%
*Analysis of automotive market segment trends and manufacturers' competitive performance in April
*Analysis of the market structure of the passenger car price segment - April
*Analysis of the operating characteristics of the national passenger car market in April*【Monthly analysis】Analysis of the national passenger car market in April 2024*Discussion on the grading and calculation of new passenger cars—April*Auto market scan-Issue 16, 2024 (April 22-April 30)*[New Energy] April 2024 Wholesale Sales News of New Energy Passenger Vehicle Manufacturers*Analysis of the Bottleneck Improvement of New Energy Vehicle Development*Comparative Analysis of China's Automobile Exports*2024 China Automobile Exports Overseas Data Tracking-March* China accounted for 62% of the world's NEVs in January-March 2024*33% of the world's NEVs in March 2024
*Regional market analysis of new energy passenger vehicles in March 2024
*National Charging Pile Market Analysis - March 2024
*The national passenger car market had an inventory of 3.33 million units at the end of March and an inventory of 57 days*The revenue of the automotive industry from January to March 2024 was 2.2 trillion yuan, an increase of 6%, the profit was 104 billion yuan, an increase of 32%, and the profit margin was 4.6%*The release of the implementation rules for the car trade-in subsidy is a major positive*[Passenger Federation Branch Forum] Pickup market analysis in March 2024*Beijing International Auto Show-China's automobile will definitely develop globally*Auto Market Scan-Issue 15, 2024 (04/15-04/21)* China's automobile imports from January to March 2024 decreased by 4% to 156,000 * Analysis of China's automobile export market from January to March 2024* Analysis of lithium battery market for new energy vehicles - March 2024 * Operation characteristics of the domestic market of national commercial vehicles - March 2024 * Trend of passenger car segment models in March 2024 * Automobile production increased by 7% and consumption increased by 4% from January to March 2024, and the penetration rate of 2.08 million new energy vehicles was 31%, 34 square meters of house/car*2024 price war status tracking-Q1*Scrapping, renewal and trade-in to promote the high-quality development of automobile consumption*Comparative analysis of the performance of Chinese and American auto dealers in 2023*Comparative tracking of annual report indicators of new energy overseas listed companies
*In 2023, the double credit of fuel and new energy will skyrocket
*1.69 million used cars in January 2024, up 35%
* Trade-in to reduce logistics costs - promote the strong growth of gas heavy trucks
*Comparative analysis of the trend of the national residential property market and the auto market*Analysis of the national rental online car-hailing market - 2023
*The price war in the national passenger car market will continue to be fierce in 2024
*We should never be pessimistic about new energy vehicles*The brand of the Passenger Association will continue to be brilliant in the past 30 years*In 2023, China's automobiles have achieved remarkable results, and the potential is even greater
*Ministry of Public Security Licensing and Driver Data Analysis - January-December 2023
*Analysis of the first batch of new energy vehicles in 2024
*Tracking of the recall status of the national automobile market from January to December 2023*Analysis of automobile ownership and scrapping exports