The latest data released by the China Association of Automobile Manufacturers (CAAM) shows that in the first half of the year, China's automobile industry delivered a beautiful report card, with production and sales reaching 13.891 million and 14.047 million vehicles respectively, an increase of 4.9% and 6.1% year-on-year, with new energy vehicles and exports being important drivers of growth. In the context of sustained recovery in automobile consumption, the major economic indicators of the automobile industry have shown a growth trend, fully playing the role of the pillar of the national economy.
　　The cumulative production and sales of new energy vehicles have exceeded 30 million units
　　Data shows that, except for June, China's monthly automobile sales from January to May have all increased compared to the same period last year. Chen Shihua, deputy secretary-general of the China Automobile Association, said that with the orderly development of car trade in activities, the introduction of local supporting policies, the continuous listing of new models of enterprises, and the superposition of various promotional measures of automobile enterprises, the current automobile market shows a good development trend. The China Association of Automobile Manufacturers stated that due to a relatively low base in the same period of the first quarter, with growth rates exceeding double digits, the overall growth rate in the second quarter has slowed down compared to the first quarter.
　　New energy vehicles and exports are the two important pillars driving the growth of the automotive market in the first half of the year. From January to June, the production and sales of new energy vehicles reached 4.929 million and 4.944 million respectively, an increase of 30.1% and 32% year-on-year, with a market share of 35.2%. According to the current development trend, the sales of new energy vehicles are expected to exceed 10 million units this year. Data shows that as of the end of June, the cumulative production and sales of new energy vehicles in China have exceeded 30 million units.
　　It should be noted that the current terminal inventory is higher than normal levels, which brings great pressure to the terminal market. It also requires car companies to pay attention to adjusting their production pace and maintaining normal circulation levels in the second half of the year. The survey report on the inventory warning index of Chinese automobile dealers released by the China Automobile Dealers Association shows that only 18.4% of dealers have completed their sales targets for the first half of the year, 34.8% of dealers have a task completion rate of over 80%, and 13.5% of dealers have a completion rate of less than 50%. In the second half of the year, most dealers may face significant downward pressure, with 22% of dealers expecting sales to remain basically unchanged, while 17.7% of dealers expect sales to decline by more than 15%.
　　Looking ahead to the second half of the year, favorable policies such as trade in and new energy vehicles going to rural areas will continue to be implemented, and the intensive launch of new products by enterprises will help further unleash the consumption potential of the automotive market and provide assistance for the industry to achieve stable growth throughout the year. However, it should also be noted that the problem of insufficient domestic consumer confidence is still prominent, international trade protectionism is becoming more severe, industry competition is further intensifying, business pressure continues to increase, and the industry as a whole still faces significant pressure. Consumer confidence and market environment need to continue to be boosted and improved. I hope that in the second half of the year, cities with purchase restrictions can further relax their purchase control measures and enhance consumer vitality, "said Chen Shihua.
　　The share of autonomous passenger cars exceeds 60%
　　Thanks to the rapid growth of Chinese brands in the new energy vehicle and export markets, the sales of self owned passenger cars reached 7.419 million units in the first half of the year, a year-on-year increase of 23.9%; The market share reached 61.9%, an increase of 8.8 percentage points. Among them, the independent shares of several major car companies and groups continue to grow.
　　In the first half of the year, the top ten enterprise groups in terms of sales totaled 11.917 million vehicles, a year-on-year increase of 6.3%. In the first half of the year, SAIC Group's wholesale sales of complete vehicles reached 1.827 million units, and the terminal delivery volume reached 2.122 million units. The delivery volume of SAIC's independent brand terminals reached 264000 vehicles, accounting for 59% of the total sales; The delivery volume of new energy vehicles reached 522000 units, a year-on-year increase of 29.5%; The delivery volume of overseas market terminals reached 554000 vehicles, a year-on-year increase of 13.9%.
　　With the acceleration of the global automotive industry entering a new era of electrification and intelligence, as well as the strong rise of new energy vehicles in China, joint venture cooperation in the Chinese automotive industry is shifting from "technology introduction" to "technology co creation", and joint ventures are entering a new stage of "in China, for China". On May 20th, SAIC and Audi signed a cooperation agreement to jointly develop multiple high-end intelligent electric new cars for SAIC Audi and jointly develop the Advanced Digitized Platform intelligent digital platform; On June 27th, SAIC and Volkswagen signed a new product technology cooperation agreement to jointly develop three plug-in hybrid models and two pure electric models. Relying on globally leading intelligent electric technology, SAIC will work together with partners to "empower technology" and jointly support joint ventures in building new core capabilities, exploring new business markets, and creating new travel and lifestyle.
　　In the first half of the year, Dongfeng Motor Group sold a total of 1.25 million vehicles, a year-on-year increase of 16.7%. Among them, the sales of new energy vehicles reached 380000 units, a year-on-year increase of 118.4%; The sales of domestic brand vehicles reached 664000 units, a year-on-year increase of 45.5%; 112000 vehicles were exported, a year-on-year increase of 9.1%.
　　In the first half of the year, Changan Automobile sold a total of 1.3341 million vehicles, a year-on-year increase of 9.74%, achieving 50% of the annual target of 2.65 million vehicles. Among them, the sales of domestic brands reached 1.1213 million units, a year-on-year increase of 9.88%; Sales of autonomous passenger vehicles reached 821900 units, a year-on-year increase of 7.01%; Overseas sales of domestic brands reached 203200 units, an increase of 74.85%; Self owned brand new energy vehicles sold 299100 units, an increase of 69.87%.
　　From January to June, BAIC Group sold a total of 771000 vehicles. Among them, 73000 self owned passenger cars were sold; Beijing Benz's cumulative production has exceeded 5 million vehicles, officially entering a new era of "double 5 million" in vehicle and engine production; Beijing Hyundai achieved sales of 100000 vehicles in the first half of the year. Wu Zhoutao, Director and Permanent Vice General Manager of Beijing Hyundai, said: "As a joint venture, our focus has been more on the domestic (Chinese) market in the past. Currently, we are undergoing strategic transformation, vigorously developing electric and intelligent products in the domestic market, while exploring overseas markets to cope with current market competition through transformation. ”

2.8 million vehicles! Automobile exports increased by 30.5%
　　Although the current international economic and trade situation is complex and automobile exports face many uncertain factors, China's automobile exports still showed strong growth momentum in the first half of the year, with a cumulative export of 2.8 million vehicles, a year-on-year increase of 30.5%.
　　In the first half of the year, BYD sold a total of 1.613 million vehicles, a year-on-year increase of 28.46%. Factors such as updating the plug-in hybrid architecture, launching a price reduction strategy, and further increasing overseas sales have driven BYD's continued sales lead. Taking exports as an example, in the first half of the year, BYD exported 207000 cars, a year-on-year increase of 1.6 times. On July 4th, BYD held a ceremony for the completion of its Thai factory and the production of its 8 millionth new energy vehicle in Rayong Province, Thailand. BYD became the world's first car company to achieve the production of its 8 millionth new energy vehicle. BYD's Executive Vice President He Zhiqi said, "The production of BYD's Thailand factory and the production of its 8 millionth new energy vehicle are of great significance and are important milestones for Chinese car brands to go global. Many Chinese car companies have chosen the foreign OEM model to 'go global' and reduce investment risks. BYD's large-scale construction of vehicle and component projects in Thailand reflects the confidence of Chinese brands in the local market and their own competitiveness.”
　　Faced with the "blockade" of China's electric vehicle exports by the European Union and other countries and regions, Chinese companies are working hard to take various measures to cope. Guangzhou Automobile Group stated that GAC Aion has completed a comprehensive layout in the ASEAN region. The star model M8 has officially landed in the UAE market and plans to continue expanding to countries such as Saudi Arabia and Bahrain, continuously enhancing GAC Group's product strength in the Middle East market. Along with the growth of exports, GAC Group is also accelerating the localization of production, and the Malaysian factory has already started production. On June 19th, GAC Aion landed in Indonesia, officially launching its Indonesian strategy, which aims to achieve local assembly and research and development in stages, and strive to build Indonesia into one of GAC Aion's core bases in Southeast Asia. The world's first overseas production base of GAC Aion, Thailand's intelligent ecological factory, will be completed in mid July. At that time, GAC Aion will form a "Thailand+Indonesia" dual factory strategic layout, continuously radiating to the Southeast Asian and even global automotive markets. Guangzhou Automobile Group stated that it will accelerate the promotion of other KD projects in ASEAN countries, simultaneously study the feasibility of localizing in European, African, and Latin American markets, accelerate "entry", and promote the integrated development of the local automotive industry.
　　From January to June, Geely Holding Group sold a total of 1.4937 million vehicles, a year-on-year increase of 25%. Among them, the cumulative sales of new energy vehicles reached 586500 units, a year-on-year increase of 49%; Overseas export sales amounted to 590000 vehicles, a year-on-year increase of 22%. In the first half of the year, Geely's overseas market layout accelerated. In June, Geely's new model Okavango was launched in Panama, while Jike entered the markets of Indonesia and Malaysia, simultaneously advancing its Southeast Asian market strategy. Gan Jiayue, CEO of Geely Automobile Group, stated that Geely is expanding its sales model as planned. In the second half of the year, it will accelerate the transformation and upgrading of its European strategy in conjunction with the launch of new models in Europe, and continue to strengthen its brand's high-end attributes. Geely will focus on expanding its presence in the Middle East, Eastern Europe, and Africa markets, while simultaneously activating markets such as Central Asia and Mexico, and accelerating the expansion into emerging markets such as Vietnam, Indonesia, Australia, and New Zealand. With the rapid development of overseas markets, Geely has adjusted its sales target for overseas markets in 2024, from 330000 vehicles at the beginning of the year to 380000 vehicles.
　　According to data released by Chery Holdings Group, Chery sold a total of 1.1 million vehicles from January to June, a year-on-year increase of 48.4%. This is the first time that Chery Group's sales in the first half of the year have exceeded one million vehicles, setting a new historical high. After years of accumulation, exports have become an important sector driving sales growth for Chery Group. In the first half of the year, Chery Group exported a total of 530000 vehicles, a year-on-year increase of 29.4%, continuing to lead Chinese automotive brands.
　　In the first half of the year, Great Wall Motors sold a total of 560000 vehicles, an increase of 7.79% compared to the same period last year. Among them, the sales of new energy vehicles reached 130000 units, a year-on-year increase of 41.99%; Overseas sales have also significantly increased to 200000 units, with a growth rate of 62.59%. According to the financial report, Great Wall Motors expects a net profit attributable to shareholders of the listed company of 6.5 billion to 7.3 billion yuan in the first half of the year, a year-on-year increase of 377.49% to 436.26%; After deducting non recurring gains and losses, the net profit was 5 billion to 6 billion yuan, a year-on-year increase of 567.13% to 700.56%.
　　New forces in car manufacturing repeatedly set new highs
　　In June, Ideal Auto sold 47800 units, firmly ranking first in sales among new forces; In the first half of the year, a total of 189000 vehicles were delivered. As of June 30, 2024, the cumulative delivery volume of Ideal Automobile has reached 822300 vehicles, becoming the first new force enterprise in the automotive industry to deliver over 800000 vehicles. Li Xiang, Chairman and CEO of Ideal Automobile, has a clear understanding of the current development of the company: "In June, the sales momentum of the Ideal L series continued to increase, and the monthly delivery volume of Ideal L exceeded 20000 vehicles, with a total monthly delivery volume of over 40000 vehicles for all products in the series. Since the second quarter, under the dual effects of the launch of the new model Ideal L6 and the improvement of store efficiency, Ideal Automobile has returned to the top spot in sales for new force brands in China
　　According to data released by Seres, from January to June, AITO delivered a cumulative total of 100800 vehicles. Among them, AITO's entire lineup delivered over 40000 vehicles in June, reaching a record high of 42800 units, a significant increase of 654.76% compared to the same period last year's 5668 units; AITO's M9 sales have reached a new high, with 17200 units delivered in June and over 100000 units ordered. Wanjie, who came from behind, maintains a continuous upward development momentum.
　　In the first half of the year, NIO delivered a total of 87400 new cars, a year-on-year increase of 60.2%. Among them, in June, 21200 new cars were delivered, a year-on-year increase of 98%, setting a new historical high; In the second quarter of 2024, NIO delivered 57400 new cars, a year-on-year increase of 143.9%.
　　Zero Run also crossed the 20000 vehicle mark in June, with a monthly delivery volume of 20100 vehicles and a delivery volume of 86700 vehicles in the first half of the year, surpassing Xiaopeng Motors' sales of 52000 vehicles and narrowing the gap with NIO. However, with the promotion of NIO and Xiaopeng Motors' second brand strategies, there is still a lot of room for growth in their sales.
　　Cui Dongshu, Secretary General of the Passenger Car Market Information Joint Branch of the China Automobile Dealers Association, stated that factors such as the issuance of electric vehicle license plates in Beijing and the implementation of the national trade in policy have jointly promoted the upgrade of car buying enthusiasm in June. As of 12:00 noon on June 25th, the Ministry of Commerce's automobile trade in information platform has received 113000 applications for automobile scrapping and renewal subsidies, and automobile consumption is expected to continue to rise in the second half of the year.
　　At present, the competition among new forces in car manufacturing is becoming increasingly fierce, and their competitiveness is constantly increasing. The outstanding ones among them can already compete with traditional mainstream car companies on the same field. With the further growth of their strength, new forces in the automotive industry have also accelerated their expansion into overseas markets, becoming an important force in China's new energy vehicle exports. For example, although Nezha's domestic delivery volume has been declining for five consecutive months, its overseas business is thriving. The prospectus shows that Nezha Motors has entered markets such as Thailand, Indonesia, and Malaysia. In addition, factories in Thailand and Indonesia have already started production in March and May 2024, respectively, while the Malaysian factory started construction in January 2024. As of the end of 2023, we have established cooperative relationships with approximately 100 local distributors in 28 countries and regions overseas. Based on the above insurance coverage, Nezha Motors has sold over 20000 vehicles overseas.
　　Overall, there were many highlights in China's automobile market in the first half of the year. With the continuous implementation of relevant policies to promote consumption, the automobile market is expected to achieve stable growth throughout the year.