Looking far into the future and seeing the changes of products From 2022 CICC auto white paper
The following is the Looking far into the future and seeing the changes of products From 2022 CICC auto white paper recommended by recordtrend.com. And this article belongs to the classification: Automobile industry.
In 2022, the penetration rate of new energy vehicles in the global mainstream market will break through the critical point of 10%, and will enter the steep stage of the S-shaped growth curve. China is one of the most important markets and producing areas in the world. We expect the penetration rate of China’s new energy passenger vehicles to reach 30% / 61% / 90% respectively in 2025 / 30 / 50, with a corresponding output of 747 / 1736 / 36.29 million.
Due to the accelerated penetration of new energy vehicles, we expect that the number of fuel passenger vehicles will reach the peak in 2025 in advance; Moreover, the number of new energy passenger vehicles will exceed that of fuel vehicles in 2034. This may lead to significant changes in industry assumptions such as automobile oil, automobile service, charging and replacement facilities and residential electricity.
As the number of fuel vehicles peaked in advance and the electric vehicle power surged, we expect that the demand for automobile oil will decline rapidly, and electric vehicles are expected to become an important carrier of power grid energy storage technology.
Due to the accelerated penetration of new energy vehicles, we believe that the charging facilities will lag from 2022, and the energy supplement contradiction may become more and more serious. We believe that this contradiction will directly promote: 1) the commercialization of “power change”, 2) national laws and regulations promote the acceleration of “slow charging” into the community, and 3) car enterprises will accelerate the self construction of “fast charging” network to form the difference of user experience.
Benefiting from the accelerated penetration of new energy vehicles, we believe that China’s independent brands benefit the most. Taking advantage of the trend of electric intelligence and giving full play to the advantages of localization and talents, the market share of China’s independent brands is expected to reach 52% / 58% / 73% by 2025 / 2030 / 2050.
From a big automobile country to a powerful automobile country, Chinese automobile enterprises are expected to enjoy the dividends of energy transformation, industrial upgrading and technological innovation, and realize the global trend of Chinese brands. We expect that the proportion of China’s passenger car exports is expected to reach 35% in 2050, and the leading independent car enterprises will open up long-term growth space.
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Automobile production and sales were less than expected, and the penetration of new energy was less than expected.
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In the era of great changes in the global automobile industry, where will China’s automobile consumption and automobile industry go?
Summary: automobile consumption is stable and upward, and multiple trends promote China to become an automobile power
At the end of the first wave of popularity of automobile consumption, the industry changed to replacement / additional purchase, younger and female car purchase, and the overall consumption was stable and upward. On the demand side, with the rapid increase of car ownership, China’s family car purchase is characterized by a new purchase demand dominated by men, gradually changing to a younger, “her economy” and replacement / additional purchase demand, and car purchase in low-level cities, which also brings the general trend of upgrading the consumption of automobile products. In the long run, we believe that China’s local automobile consumption market will remain stable and upward, and the automobile sales volume is expected to reach 2241 / 2419 / 26.21 million in 2025 / 2030 / 2050.
We believe that under the background of low-speed and steady growth of automobile, the industry is facing great changes, and the trend changes deserve attention: intelligent electrification drives the change of market pattern; We expect that new energy will enter the stage of sharp increase of S-shaped growth curve, and the penetration rate will accelerate, driving major evolution in post market areas, including oil consumption, residential power consumption, energy supply routes and infrastructure; Taking advantage of the accelerated upward trend of new energy, independent brands are expected to achieve a breakthrough in overall market share by virtue of their leading advantages in new energy; In terms of internationalization, in the long run, the export market is expected to achieve multiple growth. Corresponding to the leading independent car enterprises, it is expected to achieve a breakthrough in sales and go global.
Specifically:
In the era of great changes in the global automobile industry, where will China’s automobile industry go in the future?
China has more than 150 private cars per thousand people, the first purchase demand in new car consumption has dropped to 50%, and the first wave of popularity of car consumption has basically ended; In the long run, we believe that China’s consumer demand for passenger cars will continue to grow steadily and maintain a low single digit growth rate. We expect that the vehicle sales volume is expected to reach 2241 / 2419 / 26.21 million in 2025 / 2030 / 2050.
New energy penetration breaks through the critical point. How to look at the future growth drivers and consumption trends?
We believe that the penetration rate of new energy vehicles has exceeded the key node of 10%, and will enter the stage of sharp increase of S-shaped growth curve in the future. From “early taste” to “Popularization”, the cultivation of consumer habits is perfect + the “multi-point flowering” of supply side products. We expect that the multiplication penetration rate of new energy will reach 30% / 61% / 90% respectively in 2025 / 2030 / 50, with a corresponding output of 747 / 1736 / 36.29 million.
In the period of energy transformation, the gap between charging supply and demand has expanded, and the number of fuel vehicles has peaked in advance. How will the automotive aftermarket evolve?
We expect that the number of fuel vehicles in passenger cars will reach the top in 2025, and the number of new energy vehicles in passenger cars will exceed that of fuel vehicles in 2034. The number of fuel vehicles peaked in advance, or led to major hypothetical changes in the logic of automobile oil, automobile service, charging and replacement facilities, residential power and other industries. We believe that the gap between supply and demand of charging will increase sharply next year, and the contradiction between energy supply and demand may become more and more serious. The state will promote slow charging to accelerate the entry into the community, and car enterprises will accelerate the investment in fast charging. At the same time, it is conducive to the rapid spread of power exchange technology.
Under the trend of intelligent electrification, how does the pattern of China’s automobile supply market appear?
The multi-dimensional ability accumulation of domestic independent brands, relying on the new trend, the rising opportunity is mature. Taking advantage of the wind of electric intelligence, we expect the market share of China’s independent brands to reach 52% / 58% / 73% in 2025, 2030 and 2050 respectively.
From a big automobile country to a powerful automobile country, how can Chinese brands achieve breakthroughs in overseas markets?
In the case of Toyota going to sea, Chinese auto enterprises are expected to grasp the energy transformation period, that is, the period of strategic opportunity. We expect that in 2050, the proportion of China’s passenger car exports in the total output is expected to reach 35%. Leading independent car enterprises will open up long-term growth space and brands will go global.
Chart: from the experience of Japan and South Korea, China is at a per capita level GDP Middle level competition stage of automobile industry of USD 4000-17000
Source: China Travel Association, research department of CICC
New energy: global electric power has broken through the critical point and entered the period of sharp increase of S-curve
Summary: global electric industry breaks through the critical point or enters the S-shaped growth curve
We believe that the rapid growth of China’s new energy vehicle industry comes from the resonance between the consumer end and the supply end. After breaking through the critical point, it may usher in accelerated expansion. According to the experience of S-shaped growth curve, we judge that China’s automobile electrification has broken through the key critical point (10% penetration rate) or entered a steep growth period. We predict that the penetration rate of new energy passenger vehicles will reach 30% / 61% / 90% respectively in 2025 / 2030 / 50, and the corresponding output will be 747 / 1736 / 3629000 respectively.
Chart: global new energy passenger vehicles are expected to enter the S-shaped growth curve
Source: China Travel Association, research department of CICC
Growth outlook: from “tasting fresh” to “Popularization”, enter the S-shaped growth curve, and the products will blossom at multiple points
From “early taste” to “Popularization”, China’s new energy penetration has entered an S-shaped growth curve. Since 2021, the global sales volume and penetration rate of new energy vehicles have accelerated: 9m21, the sales volume of new energy vehicles in China, eight European countries and the United States are 214 / 131 / 430000 respectively, with a year-on-year increase of + 193% / 105% / 101% respectively. Looking ahead, we believe that the main driving force of the new energy industry has changed from policy subsidies to supply side improvement to stimulate the release of the C-end market. New energy vehicles have crossed the 10% penetration mark. We expect to show an S-shaped curve growth, enter the “Popularization” stage from “early taste” and gradually enter the consumption of mainstream vehicles.
Chart: key nodes of new energy breakthrough S-shaped growth curve
Source: China Automobile Association, research department of CICC
Supply side products blossom at multiple points, sink, accelerate the penetration of the market, and the product structure is “powered in the middle” and close to traditional fuel vehicles. On the supply side, we expect to shift from the current pattern of Tesla and strong new forces in front-line car manufacturing to the pattern of “more super and more powerful” of “traditional car enterprises’ advantageous new energy brands, first and second-line car manufacturing new forces brands and other new entrants”, drive the multi-point flowering of new energy products and accelerate the popularization of new energy. On the demand side, with the gradual penetration of new energy in the B-class vehicle market and the endogenous growth brought by the decline in the price of new energy models and the improvement of endurance, it is expected to drive the structure of new energy sales from the current “dumbbell type” to “spindle type”.
Chart: new energy sales structure: the scissors gap between non licensed cities and licensed cities continues to expand, and low-level cities accelerate their penetration
Source: China Automobile Association, research department of CICC
The change of car ownership structure has driven the significant evolution of the post market
General remarks: after the change of automobile ownership structure, the market has undergone significant evolution
Overall, we expect that China’s car ownership will follow the continuous consumption demand of cars and grow steadily upward. Previously, the market generally expected the number of fuel vehicles to peak in 2040; However, based on our expectation that the new energy penetration rate enters the S-shaped growth curve, with the acceleration of electrification, we expect that China’s fuel vehicle ownership will peak 10 years earlier than the market expectation, or even in 2025 within 5 years. We expect that the number of passenger cars – fuel vehicles will reach the top in 2025, and the number of new energy vehicles in passenger cars will begin to exceed the number of fuel vehicles in 2034, and the number of fuel vehicles will peak in advance, which may lead to major hypothetical changes in the valuation logic of automobile oil market, automobile service market (maintenance, distribution, etc.), automobile trust, insurance leasing and other industries.
Chart: Forecast of China’s passenger car ownership by energy structure
Source: Ministry of public security, China Automobile Association, China passenger Federation, research department of CICC
New energy vehicles will really become the carrier of energy storage technology
We expect that in the near future, new energy vehicles will become an important carrier for the application of residential electric energy storage technology. Based on our calculation of China’s new energy vehicle ownership, we predict that China’s new energy vehicle ownership may reach 340 million in 2050. In terms of structure, the new energy passenger vehicle ownership will be 310 million and the new energy commercial vehicle ownership will be 35.14 million. By 2050, we expect that the total charged capacity of new energy vehicles in China is expected to reach 19000 GWH, so the on-board energy storage capacity is basically equivalent to the current total daily power consumption in China.
Chart: we predict that the number of new energy vehicles in China may reach 340 million in 2050
Source: Ministry of public security, research department of CICC
Chart: we predict that the total electrification of new energy vehicles in China is expected to reach 19000 GWH in 2050
Source: China charging Union, China Automobile Association, China passenger Federation, Ministry of public security, research department of CICC
Power consumption will not become a bottleneck in the development of new energy vehicles
Based on our above calculation of the number of new energy vehicles in China, we predict that the annual power consumption of new energy vehicles in China is expected to reach 1.65 trillion kwh in 2050, the annual power consumption of new energy vehicles is expected to exceed 10% of the power consumption of the whole society in 2050, the annual power consumption of new energy private cars is expected to exceed 25% of the domestic power consumption of urban and rural residents in 2050, and the annual power consumption of new energy vehicles is expected to exceed 25% The annual electricity consumption (excluding private cars) is expected to account for more than 25% of the electricity consumption of the tertiary industry in 2050. In conclusion, we expect that in the short term, the electricity consumption of electric vehicles does not account for a high proportion of residents’ electricity consumption, which is not the cause of power shortage; of course, with the increase of the electricity consumption of new energy vehicles in the future, it means that there is an obvious demand for corresponding distribution investment.
Chart: we predict that the annual power consumption of China’s new energy vehicles will reach 1.65 trillion kwh in 2050
Source: China charging Union, China Automobile Association, China passenger Federation, Ministry of public security, research department of CICC
Chart: we expect that the annual power consumption of new energy vehicles will account for more than 10% of the power consumption of the whole society in 2050
Source: China charging Union, China Automobile Association, China passenger Federation, Ministry of public security, research department of CICC
As the number of fuel vehicles peaked rapidly, the demand for vehicle fuel decreased rapidly
Based on our above calculation on the number of fuel vehicles in China, we predict that the number of fuel vehicles in China will reach the top in 2025, reaching 290 million, and the number of fuel vehicles may be less than 50 million by 2050. Based on the number of fuel vehicles, by 2050, the number of fuel vehicles in China will decrease by 89% compared with the peak in 2025. We simply estimate that the fuel consumption of corresponding fuel vehicles will also decrease by 89%. Considering that China’s automobile oil consumption accounts for about 70-80% of China’s total gasoline consumption, we believe that this may trigger a new “energy revolution”.
Chart: we predict that the number of fuel vehicles in China will reach the top in 2025
Source: China Automobile Association, Ministry of public security and Research Department of CICC note: the retirement life of our passenger cars is 15 years and that of commercial vehicles is 8 years
Chart: we predict that by 2050, China’s fuel vehicle ownership and fuel consumption will decrease by 89% compared with the peak in 2025
Source: China Automobile Association, Ministry of public security and Research Department of CICC note: the retirement life of our passenger cars is 15 years and that of commercial vehicles is 8 years
The sharp increase of vehicle pile ratio and the prominent problem of difficult charging bring new opportunities for fast charging and power replacement
According to the data of the State Grid, three days before the National Day holiday this year, the total charging capacity of the State Grid charging and replacement service network was + 59% year-on-year, and the charging capacity of Expressway charging facilities was + 56.5% year-on-year, a record high. We believe that with the sharp increase in sales of new energy, the number of private piles is limited, and it is difficult for public piles to meet the demand for use. It may be difficult to charge in the first and second tier urban areas next year.
We expect that the number of charging piles in China will reach 2.65 million in 2021, an increase of 730000 year-on-year, including 1.2 million public charging piles and 1.45 million private charging piles respectively. Structurally, the increase in the number of new energy private cars will drive the growth in the demand for private charging piles. However, due to the limitations of the number of private parking spaces and the installation of private charging piles in residential areas, the scissors gap between the sales of new energy private cars and private charging piles continues to expand. Based on our prediction of the number and sales of new energy vehicles, we predict that the scissors gap may expand to 2.53 million in 2021, and the corresponding 2.53 million new energy private car owners can only use public charging piles for charging. The charging problem of new energy car owners may become more serious next year.
Looking back, we believe that after new energy enters the S-shaped growth curve, the development main lines of the two charging pile industries become clearer: 1) relax the policy of private charging piles entering the community and reduce the scissors gap between private car owners and private charging piles; 2) Overcharge stations and other public charging facilities are difficult to be continuously laid out in consideration of location and economy. The power exchange mode is promoted from the perspective of battery standardization.
Chart: under the ownership caliber, the charging pile lags behind the ownership of new energy vehicles
Source: China charging Union, CICC research department note: charging piles include public and private charging piles
Chart: annual sales volume rebounded rapidly compared with 2021
Source: China charging Union, CICC research department note: charging piles include public and private charging piles
Chart: we expect the sales of new energy private cars and private charging piles to continue to expand
Source: China charging alliance, CICC Research Department
Policy catalyses the development of power exchange mode, or become the next mainstream track of new energy. On the policy side, the policy will gradually promote the power exchange mode and write it into the government work report in 2020. This year, the group standard of code for construction of shared power station for electric passenger vehicles has passed the review. Looking ahead, we believe that the development of the power exchange industry chain can be accelerated by breaking through the key technologies of power exchange products, opening up the infrastructure approval process, establishing a power exchange vehicle supervision platform, improving the power exchange technology standard system, forming an industrial ecology of power exchange mode, and building a power exchange policy support system. Through series connection of battery enterprises, vehicle enterprises, power grid enterprises and battery recycling enterprises, Solve the pain points in the current consumption of new energy vehicles.
Chart: national policies related to power exchange mode from 2019 to 2021
Source: State Council, national energy administration, national development and Reform Commission, research department of CICC
On the basis of accelerating the construction of private electric piles and public electric piles effectively used, vehicle enterprises are the main driver, and each family is laying out different routes to solve the problem of energy supplement for new energy vehicles. For example, Tesla and gac-e’an adopt super fast charging scheme, and Weilai adopts power exchange mode. At present, the influence of the ecological chain in the field of power exchange is gradually expanding. In addition to the automobile enterprises such as Weilai, Chang’an, Geely, Nezha and Dongfeng, the upstream and downstream enterprises of the industrial chain have begun to enter the Bureau.
Chart: new energy power exchange industry chain of “separation of vehicle and electricity”
Source: Research on Industrial Ecological Construction of vehicle electricity separation mode (China electric vehicle hundred people’s Association, 2021), research department of CICC
We believe that the current power exchange industry is on the eve of a rapid growth period, and the long-term market space is upward. According to the data of China charging Union, by the end of 2020, there were 555 replacement power stations in China, and the number of new energy vehicles and replacement power stations was nearly 10000. We believe that when the pattern of power battery industry is basically established, the unified standard of battery pack is in line with the interests of many parties; All car companies actively respond to the policy guidance and are expected to break the power exchange mode of single car companies and single models in the future, making the power exchange mode more in line with commercialization. In the long run, we believe that the power exchange industry is on the eve of a rapid growth period, and the long-term market space is upward.
Chart: number of replacement power stations based on ownership
Source: China Automobile Association, research department of CICC
Chart: market share of power exchange stations in China (March 2021)
Source: China charging alliance, CICC Research Department
The rise of domestic products: the transformation of Electric Intelligence benefits China most
General comment: Taking the electric intelligent east wind, the rise of domestic vehicles is just at that time
The multi-dimensional ability accumulation of domestic independent brands, relying on the new trend, the rising opportunity is mature. Independent brands have formed competitive advantages in emerging technology reserves for intelligent electrification, supply chain control and diversified channels / marketing modes, and have the rising soft and hard strength. Chinese independent brands had long been in an annual sales volume of 8 million, with a price of less than 100000 yuan, and the edge of small profits on bicycles. We expect that China’s independent brands are expected to take the electric smart Dongfeng, and the annual sales volume will expand to 32 million in the future, with a price of more than 150000 yuan and a net profit of more than 10000 yuan per vehicle (including services). In this process, the leader can obtain greater growth space by going to sea independently. In the long run, we expect the market share of China’s independent brand passenger cars to reach 52% / 58% / 73% in 2025 / 2030 / 2050.
Chart: resumption of important nodes of independent brand development in the era of fuel vehicles
Source: China Automobile Association, research department of CICC
Chart: we expect that independent brands are expected to take the opportunity of “electric, intelligent and national tide” to gradually break through the ceiling of market share in the domestic market
Source: China Automobile Association, research department of CICC
Since this year, the share of independent brands has increased significantly, exceeding 45% in September, with a year-on-year increase of + 10ppt. From the perspective of spin off, we believe that on the one hand, the advantages of fast iteration of independent brand products and strong consumer insight drive the share increase; On the other hand, independent brands started early in intelligence and electrification, and have obvious first mover advantages in the field of intelligent electric vehicles, driving them to maintain their sales share in the new energy market at more than 70%, far exceeding the share of fuel vehicles. We expect that with the rapid increase of new energy penetration, the market share of independent brands is expected to increase rapidly. We estimate that when the penetration rate of new energy reaches 20% / 30%, the share of independent brands is expected to exceed 47% / 58%. For leading independent brands, it is expected to double the growth space under the dual advantages of the rise of new energy + going to sea.
Specifically: continuously invest high-level R & D personnel, deeply cultivate the Chinese market, and more scientific product planning methodology to help accurately understand the market demand; Platform manufacturing capability and strong domestic supply chain system promote the competition between domestic independent brands and traditional multinational car enterprises; Innovate the channel and marketing mode, focus on the whole life cycle management from goods to services; Create brand, create community culture and enhance user stickiness. In addition, we believe that a more important point is that the benign inflow of China’s high-quality human resources will become a long-term driving force for the rise of independent brands.
Chart: market share trend of independent brands
Source: China Travel Association, research department of CICC
Chart: changes in market share of independent brands
Source: China Travel Association, research department of CICC
Automobile consumption has experienced the first wave of popularity, diversified demand and intelligent networking, and independent automobile enterprises have transformation advantages. At present, China’s automobile consumption has gradually changed to focus on youth, the rise of “other economy” and the demand for replacement and additional purchase. The growth of per capita GDP also brings the general trend of consumption upgrading. With the gradual intelligent networking of automobiles, automobile enterprises need to expand from selling cars as the core to focusing on the operation of the whole product life cycle, and promote the realization of diversified income structures such as vehicle sales and software payment. In this process, China’s independent auto enterprises will have transformation advantages in accurately defining products based on market demand, user to brand building and other Internet product thinking.
Chart: independent auto enterprises have leading advantages in digital channel and new retail construction
Source: Official Website of Great Wall Motors, research department of CICC
Internationalization: press the fast forward button of going to sea in the electric vehicle era, and Chinese cars will go global
Summary: the period of energy transformation is also a period of strategic opportunities. China’s independence is expected to replicate Toyota’s path of globalization
In the case of Toyota going to sea, the energy transformation period is also a period of strategic opportunity, and the growth trend of the going to sea market is open. Since 4q20, the export of passenger cars has shown an accelerated growth trend, and the monthly export volume is significantly higher than that of the same period in previous years. It exceeded 100000 vehicles in April 2021. We can see the opening of the growth trend. After reviewing the case of Toyota going to sea, we believe that China’s independent brands are facing a period of major strategic opportunities and are expected to replicate Toyota’s path of globalization.
In the long run, the proportion of exports is expected to reach 35%. Leading independent car enterprises open up long-term growth space, achieve sales breakthrough and go global. Independent brands have accumulated first mover advantages in China, actively distributed overseas markets, exported electric products to Europe and the United States, and independently exported to Asia, Africa and Latin America. We expect that independent car companies are expected to establish a leading position in the global market through the advantages of mileage, interior and exterior decoration design and intelligent Internet connection. In addition, the independent layout of local chemical plants abroad by leading enterprises can not only enjoy preferential policies, but also avoid the impact of tariffs and RMB appreciation. Localized production will make the brand go to the world. We predict that in 2025 / 2030 / 50, overseas export sales will account for 10% / 15% / 35% of the output, and the corresponding sales volume will reach 249 / 427 / 14.11 million vehicles.
Chart: in the long run, we expect China’s passenger car exports to account for 35% of China’s domestic output
Source: China Automobile Association, research department of CICC
Chart: resumption of Toyota’s rise
Source: Toyota official website, oica, China Automobile Association, CICC Research Department
The passenger car exit enters the fast lane, and new energy has become an important driving force
The export enters the fast lane, and new energy models contribute to the export increment. Since 4q20, the export of passenger cars has shown an accelerated growth trend, and the monthly export volume is significantly higher than that of the same period in previous years, exceeding 100000 in April 2021. The proportion of new energy has increased significantly, accounting for 17% from January to September 2021, becoming an important driving force.
Chart: the monthly export volume of 4q20 passenger cars enters the high growth channel
Source: China Automobile Association, research department of CICC
Chart: the proportion of new energy passenger vehicle exports increased significantly
Source: China Automobile Circulation Association, CICC Research Department
The export layout is optimized day by day, and the direct export and localized production are two wheel drive
The export layout tends to be balanced, and the export of high-end market shows an upward trend. With the continuous expansion of China’s automobile trade scale, the diversification trend of export market layout is becoming more and more obvious. In addition, China’s export market is gradually shifting from developing countries to high-end markets with more stringent regulations and technical requirements in Europe and the United States.
Chart: in 2012, China’s vehicle exports were concentrated in the Middle East market
Source: China Automobile Circulation Association, CICC Research Department
Chart: China’s complete vehicle export layout will be more balanced in 2019 and 2020
Source: China Automobile Circulation Association, CICC Research Department
China’s automobile export mode is gradually switching from direct product export to overseas localized production mode. Most of China’s automobile enterprises adopt the method of direct product export. In the early stage, they are mainly oriented to countries and regions with weak economic foundation and poor automobile industry foundation, so as to rapidly expand the sales scale and gradually change the development focus to the markets of Europe, America and other developed countries. In recent years, the leader has independently expanded the scale of investment and plant construction in key export markets, and the export mode has changed from direct export to localized assembly production.
Chart: main modes and characteristics of Chinese independent car enterprises going to sea
Source: Official Website of the company, research department of CICC
More reading: from January to September 2021, the sales volume of Porsche taycan has exceeded that of the flagship 911 sports car. Weilai: 3q20 financial report gross profit margin 14.5% Q4 delivery 5600 + second generation platform NT2 is absolutely ahead. Li Bin is very confident. Flickr: the proportion of mobile phone photos of the world’s top ten photos in 2017 exceeds 50%. China Automobile Circulation Association: inventory coefficient of automobile dealers in August 2021. Analysis of automobile market in Beijing in January 2020. China automobile industry Industry Association: brief introduction to the operation of automobile industry in May 2021 China Automobile Circulation Association: monthly report on China’s imported automobile market in April 2020 China Automobile Circulation Association: in March 2020, the sales volume of domestic narrow passenger car market reached 1045000, with a year-on-year decrease of 40.4% PwC strategy: 2019 digital automobile report (attached) China Automobile Circulation Association: 57 newly authorized 4S stores and 41 off-line 4S stores for luxury brands in the first quarter of 2020 China Automobile Circulation Association: in-depth analysis of the national second-hand car market in June 2021 McKinsey: the future of Asian consumers leading mobile travel Ministry of Commerce: 373000 cars will be exported from January to may 2020 China Automobile Circulation Association: 2021 In July, domestic retail sales of new energy passenger vehicles were 222000 Tesla, down 69% month on month
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