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Sales Continue to Recover in World's Largest Car Market

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Sales Continue to Recover in World's Largest Car Market CHINA DAILY | HONG KONG EDITION Monday, October 19, 2020 | 17 10 | Wednesday, March 6, 2019 CHINA DAILY Chinese NEV startups getting firmer foothold as sector resumes rise By LI FUSHENG JP Morgan analysts in a research [email protected] note last week. “In China’s smart electric car mar­ Chinese electric car startups that ket, we expect Nio to be a long­term have put the bit between their teeth winner in the premium space among to navigate a labyrinth of financial Chinese brands; Xpeng to lead the hardships, weaker demand and the mass market while BYD should like­ coronavirus pandemic are seeing ly see strong electric car demand signs of approval from both custom­ with rising external battery sales ers and investors. from 2022,” said JP Morgan analysts Nio, the first startup to launch in the note. mass­production models in the mar­ Xpeng stock closed $22.16 on Oct ket, saw the price of its shares on the 16, up more than 47 percent from its New York Stock Exchange skyrocket $15 IPO price, while another US­list­ to a record high of $28.07 on Oct 16, ed startup Li Auto’s stock was $20.5 up 5.92 percent from the previous on the same day, up about 78 percent trading day. from its $11.5 IPO price. The same month in 2019, its stock Xpeng delivered 3,478 vehicles in price was as low as $1.19. Nio was on September, up 145 percent year­on­ the verge of bankruptcy, warning its year. Li sold 3,830 vehicles in Sep­ cash flow was not sustainable for tember, and total deliveries in the another 12 months. first three quarters totaled 18,722. Great Wall Motors, the country’s largest pickup and SUV maker, displays its VV5 model at the 2019 Shanghai auto show. The automaker Yet new investments as well as its As China’s electric car makers pro­ sold 117,812 vehicles in September, up 20 percent year­on­year. LI FUSHENG / CHINA DAILY growing popularity with customers duce and sell more cars, they have and China’s overall favorable policies also been able to absorb costs more for the segment, have helped Nio’s effectively. stock price surge from the end of In the first half of 2020, Nio and May despite some slight road bumps. Xpeng narrowed their net losses by Sales continue to recover in Nio delivered a record 4,708 vehi­ more than 50 percent compared cles in September, up 133 percent with the same period a year ago. year­on­year. The company sold JP Morgan expects Xpeng to break 12,206 vehicles in the third quarter, a even in 2023 and sell 345,000 cars a new high in quarterly deliveries. year by 2025. world’s largest car market Electric vehicle penetration in Chi­ WM Motor announced in Septem­ na is set to quadruple by 2025 to 20 ber that it has raised 10 billion yuan percent from less than 5 percent in ($1.47 billion) in round­D financing, By CAO YINGYING Chinese carmakers exported 2019, according to the Chinese more than any other Chinese electric [email protected] 99,000 cars in September, up 10.7 authorities’ plan. car startup has raised in a single percent year­on­year and 39.1 per­ The State Council, China’s Cabi­ financing round. China’s auto market hit a new cent from August. net, has passed a long­term develop­ Enovate said last week that it has high for the year in September in Xu said, “Some overseas markets ment plan for the sector, stressing raised 5 billion yuan, and plans to go terms of both production and sales, are gradually recovering from the the market and electric car makers public in 2021. The announcement and the trend is expected to contin­ pandemic, and more Chinese car­ are to have a larger say in resource came three weeks after the Shang­ ue into the fourth quarter, according makers are expanding their over­ allocation and technological paths. hai­based startup launched its first to the China Association of Automo­ seas presence.” Deutsche Bank claimed in a production model in late September. bile Manufacturers. For trucks and other commercial research note in September that Nio China was one of the first coun­ The industry association’s latest vehicles, which constitute around a could be the “next iconic auto brand” tries to promote electric vehicles statistics show sales rose 12.8 per­ quarter of the overall market, sales in terms of its products and services when it started to offer subsidies for cent in September in terms of year­ surged 40 percent in September, including its battery swap initiative. the sector in 2009. Dozens of electric on­year comparison, with 2.57 driven by government investment Nio’s current stock price has car startups were set up wishing to million vehicles sold in the month — in infrastructure and as buyers already beat the bank’s estimate of ride on the wave of e­mobility, but China’s fifth straight month of dou­ upgraded to comply with tougher $24 and is continuing to march many failed before rolling out their ble­digit sales growth in recovering emissions rules. toward the estimate of $40 given by first vehicles. from the impact of COVID­19 on the country. China’s largest private carmaker Geely shows an SUV at the 2020 Sales of passenger vehicles rose 8 Beijing auto show. CAO YINGYING / CHINA DAILY percent year­on­year in September to 2.09 million vehicles. The association said the strong cent decline on the whole year. Geely sold 126,365 vehicles in Sep­ increase in sales comes as a result of New energy vehicle sales surged tember, up 11 percent year­on­year, the Beijing auto show, held in late 67.7 percent to 138,000 units for the and also up 11 percent from August. September, promotional events and third consecutive month in Septem­ Over the first three quarters, the car­ local policies. ber. The sales in first nine months maker delivered over 875,000 vehi­ Sales for the first nine months this stand at 734,000 units. cles, accounting for 66 percent of its year are still down 6.9 percent at a With more preferential policies sales target for 2020. total of 17.12 million vehicles, targeting Chinese­branded new Geely’s premium arm Lynk & Co because of how the market was hit energy vehicles priced below saw its September sales soar almost by the pandemic in the beginning of 100,000 yuan ($14,886.93) in rural 40 percent to a record monthly high the year. However, the decline con­ areas, new energy vehicles sales of 18,745 vehicles. tinues to narrow, according to the show signs of growth. Great Wall Motors, the country’s CAAM. Xu said the sales of new energy largest pickup and SUV maker, sold Xu Haidong, vice­chief engineer vehicles are likely to exceed 1 million 117,812 vehicles in September, up 20 of the CAAM, said the market per­ units for the whole year. percent year­on­year. Its overseas formance exceeded expectations. Chinese auto brands sold 784,000 sales rose in that month as well. The The association forecast that the units last month, increasing 7.5 per­ carmaker said it sold 7,773 vehicles fourth quarter will continue to show cent year­on­year. in international markets, up 46 per­ positive growth and expects a 7­per­ China’s largest private carmaker cent year­on­year. the domestic brands are still lag­ ging. Domestic brands need to be Upped quality paying off aware of their own shortcomings and make continuous efforts to improve vehicle quality,” said Cai. for domestic carmakers Sales of Chinese brands are tell­ ing. Carmakers including Great By LI FUSHENG This year’s study also showed Wall Motors and Geely are seeing that the percentage of those who their sales continue to rebound. Chinese carmakers’ efforts to choose domestic brands due to China’s largest sport utility vehi­ improve their vehicles’ quality are lower prices have dropped to 6 per­ cle and pickup manufacturer, paying off, according to a survey by cent from 12 percent in 2015. Great Wall Motors saw vehicle US­headquartered market research According to the 2020 study, the sales rise 32 percent month­on­ company J.D. Power. percentage of vehicle owners who month to 117,812 units in Septem­ One out of four new vehicle buy­ say that Chinese brands are inno­ ber. From January to September, it ers in China choose local brands vative, reliable, environment­ sold 680,690 vehicles. instead of their international rivals friendly and reputable has Geely Auto, China’s largest pri­ because of their product quality or increased by 12 percent, 9 percent, vate carmaker, sold 126,365 vehi­ driving performance, according to 7 percent and 10 percent since cles in September, up 11 percent the results of the 2020 J.D. Power 2015. year­on­year and also up 11 percent China Initial Quality Study The study, now in its 21st year, from August. Over the first three released on Thursday. measures initial vehicle quality by quarters, the carmaker delivered The company said those who examining problems experienced over 875,000 vehicles. chose local brands for the same by new­vehicle owners within the An Conghui, Geely Auto’s presi­ reasons accounted for 16 percent first two to six months of owner­ dent, said Chinese carmakers have of respondents back in 2015. ship. a better chance of overtaking This year’s findings were based Overall initial quality is deter­ international rivals in the new era on a poll of 32,536 vehicle owners mined by problems reported per of smart and electrified vehicles.
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