New energy vehicle production and sales in the first half of 2024 are close to 5 million, with a market share of over 40% in June
By Helen
July 13th, 2024
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According to the data from the China Association of Automobile Manufacturers, the production and sales of new energy vehicles in June reached 1.003 million and 1.049 million respectively, up 28.1% and 30.1% year-on-year, respectively, and the market share reached 41.1%.
At the end of May, the State Council issued the "2024-2025 Energy Conservation and Carbon Reduction Action Plan", and local policies were launched to strongly stimulate the electrification transformation. In the traditional off-season, the performance of new energy vehicles in June was better than expected, and it continued to grow compared with May.
From January to June, the cumulative production and sales of new energy vehicles were 4.929 million and 4.944 million, up 30.1% and 32% year-on-year, respectively, with a market share of 35.2%, and it is about to enter the 5 million mark. If the growth rate is maintained in the third and fourth quarters, new energy vehicles are still expected to deliver an unexpected "report card" in 2024.
From the perspective of power type, new energy vehicles will accelerate the replacement of fuel in the first half of 2024, with a market share of more than 40% in June, and fuel vehicles will decline.
Among new energy vehicles, the proportion of plug-in hybrid and pure electric models remains "4:6", and the growth rate of plug-in hybrid remains strong. Whether it is June or the first half of 2024, the year-on-year growth is more than 85%. The industry believes that by 2030, the three types of plug-in hybrid, pure electric and fuel vehicles in the domestic auto market will form a "4-3-3" pattern.
Specifically in terms of the performance of auto companies, the high-pressure competition situation seems to be gradually improving towards relaxation, but the reshuffle of the competition pattern of auto companies' brands is still continuing.
After the car companies went through the frenzy of price cuts in April, in June, the promotion efforts were gradually controlled, but sales guaranteed growth. In particular, the new forces in car manufacturing showed a year-on-year growth rate that exceeded the basic plate. According to statistics from Gaogong Industry Research (GGII), in June, Ideal, Weilai, Leapmotor, Zeekr, Xiaopeng, and Lantu increased by 47%, 98%, 52%, 89%, 24%, and 83% year-on-year respectively.
Under the reshuffle of the domestic auto market, opportunities have emerged in the power battery link.
First, the better-than-expected sales performance of the car end has driven the recovery of the lithium battery industry chain's operating rate. In the first half of the year, the operating rates of batteries, iron lithium, negative electrodes, diaphragms, and electrolytes recovered significantly, and battery companies once again issued large material orders and raised bidding prices.
Combined with the production schedule of lithium batteries, the overall battery production schedule in July was the same as in June. The production schedule of electrolytes, negative electrodes, and diaphragms in the material link increased by nearly 30% month-on-month, and the consumption of each link accelerated and slowly recovered. However, at this stage, lithium carbonate continues to bottom out, the unit price of battery cells is still at a historical low, and the profit margin of the industrial chain is still shrinking compared with the past.
Second, based on the judgment of the "4-3-3" pattern of domestic plug-in hybrid, pure electric, and fuel vehicles in the future, seize the plug-in hybrid installation share and stir up the concentration of the domestic power battery installation market share.
GGII's previous domestic installation data from January to May showed that the domestic power battery companies Honeycomb Energy, Xinwanda, Zhengli New Energy, and Ruipu Lanjun, which ranked TOP5-10, have successively disclosed their efforts in the PHEV market in recent years to seize the installation share, and have all launched short knives and fast charging new products that are more suitable for PHEV models.
Third, the electrification transformation of the commercial vehicle market segment is accelerating. In 2024, CATL, EVE Energy, Ruipu Lanjun, and Lanjun New Energy will begin to launch new commercial vehicle battery products to open up a blue ocean for commercial vehicles.
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