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The following is the Irresistible wave of electrification From China auto industry recommended by And this article belongs to the classification: kpmg , Automobile industry, research report.

In 2020, great changes have taken place in China’s new energy vehicle market. With the improvement of consumers’ awareness of new energy vehicles and their preference for sustainable environmental lifestyle, the market, which was originally driven by supply and policy, has further developed to be demand-oriented. In addition, the position of regulators has also changed. For example, China has promised to be carbon neutral by 2060, and the electrification of vehicles will help achieve this goal.

Norbert meyring, managing partner of KPMG China automotive industry, said: “at present, we are in the trend of the automotive industry evolving towards electrification, sharing, service innovation and networking. At present, it is not only the rising stars of the new forces of car making who are involved in the new energy tide, but also the traditional automobile manufacturers are increasingly launching new energy automobile products. Under the simultaneous development of many parties, the new energy vehicle market of China and other auto powers has begun to burst out great vitality. “

In recent years, domestic manufacturers have accounted for more than 80% of the market share of China’s new energy vehicle market as a whole. Relatively speaking, foreign traditional automobile manufacturers are relatively conservative in the pace of electrification. However, with the strong support of the government, the improvement of infrastructure and the narrowing of the production cost gap between new energy vehicles and fuel vehicles, foreign automobile manufacturers have become more willing to compete in the new energy vehicle market. It is expected that they will increase their share in the new energy vehicle market through their joint ventures in China in the future.

As the growth of the overall auto market size may not be able to reach the total sales target of all auto manufacturers, market integration will be inevitable. “The market leader of electric vehicles will continue to change,” said Xu Jia, partner of KPMG China financial consulting. As traditional car manufacturers pay more attention to electrification, domestic and international competition will become more and more fierce. “

Price is still an important factor for consumers to consider when purchasing new energy vehicles. As batteries account for the main part of the total cost of new energy vehicles, automobile manufacturers who can develop or purchase better batteries will gain a competitive advantage. China continues to provide guarantee for the supply of main raw materials for new energy vehicle battery production, and plays a leading role in material processing. Although some international suppliers join in the competition, it is difficult for foreign suppliers to further gain market share in the future because more and more international automobile manufacturers have established close cooperation with local battery suppliers. “Leading Chinese new energy vehicle battery suppliers, as well as other major Asian suppliers such as Japan and South Korea, occupy a strong market position and will continue to lead the global supply chain,” said Miguel Montoya, partner of KPMG’s China deal advisory

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