"The penetration rate of new energy vehicles exceeded 48.2% last week. If it develops at this rate, it is expected that the penetration rate of new energy vehicles may exceed 50% or even higher in the next three months, forming a dominant position of new energy vehicles in the market." BYD Co., Ltd. Chairman and President Wang Chuanfu said at the China Electric Vehicle 100 Forum (2024) held on the 16th that current opportunities and challenges coexist, and we must maintain strategic focus and ensure the correctness of the strategic direction.
Wang Chuanfu said that my country has created new industrial development advantages in the process of promoting carbon peaking and carbon neutrality. The production and sales of new energy vehicles have ranked first in the world for nine consecutive years, accounting for more than 60% of the global share, forming a highly resilient and competitive environment. The complete industrial chain has set a demonstration for the green transformation of global automobiles. In the new wave of technological revolution and industrial transformation, whether it is AI computing power or electric vehicles, the underlying logic is the demand for energy, the conversion of energy types and the improvement of energy utilization efficiency.
Wang Chuanfu said that new energy vehicles are an irreversible trend. Global sales of new energy passenger vehicles exceeded 13 million units last year, with an overall penetration rate of about 18%. China's new energy passenger vehicles sold approximately 7.88 million domestically last year, with an overall penetration rate of more than 35%, which is a critical period from quantitative change to qualitative change. As the research and development of new energy vehicles continues to increase and the number of new vehicles launched increases rapidly, my country's new energy vehicle transformation progress continues to deepen and is breaking through the critical point of iteration.
The new energy automobile industry has had its ups and downs to this day. Wang Chuanfu said that the good news is that there is still a lot of space in the new energy vehicle market. If the average penetration rate of domestic new energy passenger vehicles increases from 35% in 2023 to 45% this year, that is, an annual increase of 10 percentage points, which is equivalent to the domestic new energy vehicle market this year. An increase of more than 2 million vehicles will be achieved. At the same time, the accelerated export of new energy vehicles will also lead to a larger increase.
The worry is that market competition is becoming increasingly fierce, and the industry has entered a tragic knockout stage. On the one hand, China's automobile industry has experienced 70 years of development and has entered a stage of structural adjustment. Looking at the road to becoming a global automobile power, increasing industrial concentration is an inevitable stage. On the other hand, China's new energy vehicles have experienced 20 years of cultivation and growth and have entered a stage of cyclical adjustment. Enterprises need to form economies of scale and brand advantages as soon as possible.(Source: Xinhua Finance)
The original article was originally published on the WeChat public account (Electric Vehicles 100 People Association):Wang Chuanfu: The penetration rate of new energy vehicles may exceed 50% in the next three months
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