Author: Zhu Yulong

After getting preliminary data, the overall data for August shows a gradual upward trend based on July. With efforts to maintain the car market in various places, the car market is in a relatively optimistic range. In August, the overall insurance data was 1.886 million. Despite the hot weather, the passion for cars is still high. After being suppressed in the first half of the year, everyone is still buying cars. Based on the data, the growth rate of the car market in August has followed a good upward trend in the channel of the declining growth rate compared with last year.

Note: The improvement of the supply of automotive chips is also currently significant. The overall quality of chips for non-new energy vehicles has improved a lot.

The Overall Differentiation of the Industry

In 2022, the difference in the growth rate of different companies became particularly evident by mid-year. Currently, BYD has sold 156,400 cars in a single month, and is about to surpass FAW-Volkswagen, which has sold 172,000 cars. In fact, this wave of BYD has opened up the gap between Chang’an and Geely. In the group of Sino-foreign joint ventures, FAW-Volkswagen is also a king. The differentiation of the entire market is bigger than we think.

Note: This is mainly based on wholesale data; retail end data will be slower.

The overall growth rate of new forces is not meeting expectations. According to the current supply chain situation, several companies will start making efforts in Q4.

The Situation of Key Automotive Companies

BYD

From wholesale data, BYD’s PHEV has surpassed BEV, but from a terminal perspective, there were 80,000 BEV and 75,500 PHEV sold.

In terms of pure electric vehicles, there are 80,590 units, distributed as follows: Dolphin with 23,160 units (costing between 100,000 and 150,000 yuan), Yuan Plus with 15,283 units (costing between 100,000 and 150,000 yuan), Han with 11,453 units (costing between 200,000 and 300,000 yuan), Qin Plus with 11,068 units (costing between 100,000 and 150,000 yuan), Qin with 8,099 units (costing between 100,000 and 150,000 yuan), and Song Plus with 5,038 units (costing between 150,000 and 200,000 yuan).

As for plug-in hybrids, the main models are Song Plus with 25,995 units, Qin Plus with 17,625 units, Tang DM-i with 7,443 units, and Han DM-i with 11,207 units.

Tesla

According to the China Passenger Car Association, Tesla’s total sales volume is 76,946 units, of which 42,463 units are export sales and about 34,000 units are domestic sales. According to insurance data, this month there are 31,796 Model Y units and 3,842 Model 3 units in China.

Geely

For Geely’s data, plug-in hybrids are also further split. Currently, Geometry is gradually exceeding 10,000 units, Ji XK has reached 9,000 units, and it is expected to exceed 10,000 units soon with the fast-growing momentum.

Changan

Of course, in terms of compact cars, Changan has entered a special period of Benny’s discontinuation and switching. As for Great Wall Motor, the transition from Black Cat/White Cat to Haval (Good Cat), Ballet Cat, and Lightning Cat did not go as smoothly as expected.

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Final Notes on Volkswagen Automotive

Recently, we have observed the urbanization-driven effect in the automotive market, especially in first-tier cities where we have seen strong policy support. This is reflected in the increased sales of Volkswagen’s ID series. Although the sales figures in the north and south regions of China fell short of our expectations, overall sales remained on track.

Conclusion

As September is a transition month, the majority of production is expected to occur between September to November, followed by concentrated deliveries between October to December. Therefore, we anticipate a substantial increase in sales volume in Q4 this year. The end-of-year surge will be particularly evident.

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.