China's auto industry-a new engine leading the global new energy and intelligent development_Tencent News
In recent years, China's automobile industry has risen against the trend in the tide of global economic recovery and technological change, and has rapidly established a leading position in the global new energy vehicle field. China is not only the world's largest automobile producer and consumer, but also a global benchmark for promoting the development of new energy vehicles. With the strong support of national policies, innovative breakthroughs of enterprises and a complete industrial chain layout, China has made a series of world-renowned achievements in new energy and intelligent technology.
New Energy Vehicles: A Magnificent Transition from Starter to Global Leader. China's new energy automobile industry has achieved a historic leap from "chaser" to "leader. From 2017 to 2023, the market penetration rate of new energy vehicles rose rapidly from 2.19 per cent to 34.71 per cent, reaching 42.88 per cent in January-September 2024, and under the retail caliber, the penetration rate of new energy vehicles has continued to exceed 50 per cent since July. This rapid increase in penetration not only marks a key step in the green transformation of the Chinese auto market, but also injects new vitality into the global new energy vehicle market.
sales figures also achieved impressive growth. In 2017, the wholesale sales volume of new energy vehicles nationwide was 531000, which had increased to 8.873 million by 2023, and the sales volume in the first nine months of 2024 reached 7.911 million. From a global perspective, since 2022, China's new energy vehicle sales have accounted for more than 60% of the global market, highlighting the development speed of China's new energy industry and further consolidating China's leading position in the global new energy vehicle market.
this achievement can not be achieved without the combination of policy guidance and market synergy. The state continues to introduce measures such as subsidies for the purchase of new energy vehicles, support for the construction of charging infrastructure and the "double points" policy to ensure a stable policy environment and sustained market impetus for the industry. The combination of government guidance and independent innovation of enterprises provides a strong driving force for the vigorous development of the new energy vehicle market.
technological innovation: to build the core competitiveness of the industry. In the context of increasingly fierce competition in the global market, technological innovation has become the core engine to promote the development of China's new energy automobile industry. The continuous breakthroughs of Chinese car companies in the fields of battery, motor and electronic control technology have made domestic new energy vehicles among the world's leading ranks in terms of endurance, charging speed and reliability. For example, the Ningde era andBYDand other companies have developed high-energy density and fast-charging battery technology, which has greatly improved the convenience and economy of vehicles. In addition, independent research and development and international technical cooperation are parallel, enabling Chinese car companies to cope with complex international market competition and continue to enhance market competitiveness.
intelligence is particularly noticeable. In the first half of 2024, the smart cockpit penetration rate of China's new energy vehicles has exceeded 80%, an increase of about 60 percentage points compared to 2019. Car networking, OTA online upgrade, large central control screen, voice recognition and other intelligent technologies have gradually become the mainstream configuration, greatly improving the user experience. In 2023, the loading rate of L2 and above automatic driving functions will reach 55.3 percent, indicating that Chinese car companies have made significant progress in the research and development of automatic driving technology. Some leading companies have implemented L3 and above advanced driving assistance functions and tested L4 automatic driving technology in complex urban environments, demonstrating China's global leading position in the field of intelligent driving.
globalization: a leap from domestic to international. With the gradual maturity of the domestic market, Chinese car companies are actively promoting the international layout to seize the new heights of the global market. From 2021 to 2023, the number of passenger car exports in China increased from 1.5 million to 3.83 million, and the export from January to September 2024 reached 3.55 million, of which the export of new energy vehicles accounted for 27%. This reflects that Chinese car companies have quickly entered international markets such as Europe, Southeast Asia, the Middle East and South America by virtue of their technological advantages and high cost performance. BYD,Weilai,Great Wall Motorand other companies have expanded overseas markets through various methods such as exporting, setting up factories, and cooperating with international brands, and have established a high-quality brand image of "Made in China" on a global scale.
Chinese car companies have not only shortened the delivery cycle by setting up factories overseas, but also enhanced their ability to respond quickly to local market demand. This strategic layout has effectively increased the company's global market share and international competitiveness, and provided new momentum for the global development of China's automobile industry.
parts enterprises and domestic substitution. The rapid development of China's new energy automobile industry has also led to the rise of upstream parts enterprises, promoting the domestic substitution of core technologies such as batteries, motors and electronic control. In the Ningde era, BYD battery and other companies have become the world's leading power battery suppliers, showing excellent technical strength and international market influence. By continuously increasing R & D investment and technological innovation, domestic parts companies not only meet the needs of the domestic market, but also gradually form a competitive advantage in the international market. This independent and complete industrial chain system ensures the sustained and stable development of China's new energy automobile industry, and enhances the independent controllability of the industry and the stability of the global supply chain.
looking to the future, intelligent and electric integration together. In the future, the intellectualization and electrification of new energy vehicles will continue to be an important direction for the development of China's automobile industry. The trend of global low-carbon transformation and sustainable development provides a huge market opportunity for the new energy vehicle industry. According to Frost & Sullivan's forecast, China's new energy vehicle sales will reach 21 million in 2028, and the compound annual growth rate after 2024 is expected to be 16.8. China's market share in the global pure electric vehicle market will continue to remain above 50% and continue to lead the global market.
With the rapid development of cutting-edge technologies such as 5G, artificial intelligence, and the Internet of Things, Chinese car companies will further promote the development of intelligent driving and human-vehicle interaction technologies. The popularization of intelligent cockpit and advanced automatic driving functions will make new energy vehicles no longer just a means of transportation, but a mobile intelligent terminal, providing users with a more convenient and safe travel experience. At the same time, domestic parts companies will accelerate the pace of technological upgrading, develop efficient and intelligent battery management systems and on-board chips, and consolidate their technological advantages in the global market.
continues to lead and contribute to global green change. China's automobile industry, especially in the field of new energy vehicles, has become the backbone of the global new energy market with its strong technical strength, mature industrial chain layout and policy support. In the future, under the promotion of technological innovation, market expansion and globalization strategy, Chinese automobile enterprises will continue to make efforts to realize the leap from "global follower" to "global leader. China's automobile industry will take innovation as the driving force, continue to contribute wisdom and solutions to the green transformation and sustainable development of the global automobile industry, and demonstrate the responsibility and responsibility of "made in China" on the world stage. (Li Hengguang, Chief Automotive Analyst, Northeast Securities Research and Consulting Branch)
