Zhineng Kuai Bao | February Domestic New Energy Market Data Analysis

The insured vehicles in January and February 2023 were 1.2935 million and 1.2848 million, respectively.

Due to time differences caused by the Spring Festival, the total for these two months was 2.578 million, which is down 24.6% compared with the same period last year (3.418 million). We can no longer attribute problems in automobile sales to the pandemic.

With the arrival of March, the weekly sales data has not yet been released. In fact, why do car companies need to start a price war? This is because under the normal pricing system, there has not been a significant improvement in terminal demand.

• Joint ventures: BMW and Mercedes-Benz, both luxury car companies, ranked third and fourth respectively, while foreign brands that ranked behind them may indeed have no way to follow up.

• Domestic brands: The outcome is also cruel, imposing high demands on the company’s operations. Six new forces we are familiar with may face survival problems unless they have measures to cope. Among them, only the first two are relatively safe.

• Tesla: After a series of price wars, the company has only sold 61,300 cars in China in the first two months of 2023. Compared with last year, the data for the first two months is only passable. Even BYD, which specializes in plug-in hybrid cars, is affected by the price war. Currently, only two small and medium-sized pure electric cars, the Dolphin and the Yuan Plus, remain relatively stable.

Among these companies, I think Huawei’s new model will be adjusted in the future. Among the traditional car companies, the Great Wall company has experienced the most direct challenge and subsequent reforms and development should be more resolute.

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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.