Auto & Transportation

According to customs data, from January to November 2022, the production and sales of new energy vehicles completed 6.253 million and 6.067 million respectively, with a year-on-year increase of twice, ranking the first in the world for seven consecutive years. Although the production of China's automobile industry has declined due to the epidemic, the added value of China's new energy automobile industry has increased steadily, the level of technological innovation has been significantly improved, and significant progress has been made in power batteries, electric motor control, hydrogen fuel, intelligent Internet connection systems, etc.

The development of new energy vehicles is the only way for China to move from an automobile power to an automobile power. The birth and rise of a new round of scientific and technological revolution and the automobile revolution, as well as the implementation of the relevant tasks and measures of the New Energy Vehicle Industry Development Plan (2021-2035), have accelerated China's new energy vehicle industry to enter a new stage.

In recent years, with the gradual improvement of the supply system, a number of iconic self-owned brand models have been recognized by the market, and the core competitiveness and ecological leadership of enterprises have been significantly enhanced. According to customs data, the cumulative penetration rate of new energy vehicles will reach 25% from January to November 2022;

The view is that the decline of subsidy policy, the establishment of business model, the product winning the market, and the continuous expansion of market scale undoubtedly represent that China's new energy vehicle market has completed the transformation from policy-driven to product-driven, and has officially entered the growth period.

The competition pattern of new energy vehicles in China is being reconstructed. According to customs data, in November 2022, the sales of domestic high-end brand passenger cars reached 380000, with a year-on-year increase of 18.2%, 23.8 percentage points higher than the passenger car market. The trend of high-end products in China's new energy automobile market is inevitable. The automobile market is undergoing structural adjustment, and the market share of luxury cars is rising. Independent automobile enterprises have launched high-end brands one after another. The leading role of independent automobile enterprises is obvious, the trend of industry homogenization competition is intensifying, and the industry concentration is rapidly increasing under the Matthew effect.

Relying on the first-mover advantage, China's new energy vehicle enterprises have mastered core technologies in the core links of new energy vehicles such as batteries, motors and electric controls, and gradually led the industry's voice. In addition, with the deepening of application and promotion, and the increasingly perfect supporting environment, the construction of charging and replacement facilities and power battery recovery service network in China has been accelerated.

The activities of new energy vehicles to the countryside have accelerated the development of potential markets, and the third-tier and fourth-tier cities and rural markets are expected to become the next explosive point of China's new energy vehicle market growth.

According to customs data, in the whole year of 2021, 1.068 million new energy vehicles will be sold in the countryside, about 10% higher than the growth rate of the overall new energy vehicle market. There is broad market space for future settlement. In 2022, the activities of new energy vehicles to the countryside continued to be promoted, with 26 automobile enterprises participating in 70 models, an increase of 8 compared with 2021, and an increase of nearly 20 models.

The view is that rural areas have the natural advantages of promoting new energy vehicles. Expanding the promotion and application of new energy vehicles in rural areas can improve the rural traffic safety level, drive the improvement of road network, power grid and other infrastructure, and help the green and low-carbon transformation and high-quality development of rural economy.

Looking forward to 2023, the Advanced Manufacturing Research Center of CCID Research Institute believes that the new energy vehicle industry will continue to maintain a stable growth trend, and the penetration rate is expected to continue to rise, becoming an important force for the steady growth of industry.

It is noteworthy that in the context of the decline in external demand, new energy vehicles are expected to become the structural highlights of exports next year. According to customs data, from January to November 2022, 593000 new energy vehicles were exported, doubling the year-on-year growth. In recent years, China's new energy vehicle enterprises have continued to strengthen their overseas layout, driving the acceleration of international influence. Experts predict that the export growth rate of new energy vehicles is expected to exceed that of the domestic market, considering that the national subsidies are declining and the domestic market is under pressure.