News from the Financial Association on March 2 (edited by Zhou Xinyang)On the evening of March 1, a number of new energy vehicle companies listed on the Hong Kong stock market successively released their February vehicle delivery report cards.
Among them, the “boss” BYD (01211.HK)’s overall sales in February once again approached 200,000 units. Among the new car manufacturers, Li Auto (02015.HK) ranked first in the delivery list for three consecutive months. NIO ( 09866.HK) and Nezha Motors followed closely behind, while Xiaopeng Motors (09868.HK) and Leap Motors (09863.HK) saw year-on-year sales declines.
According to BYD’s February production and sales bulletin, a total of 193,655 new energy vehicles were sold in February, compared with 88,283 in the same period last year; including 90,639 pure electric passenger vehicles and 101,025 plug-in hybrid passenger vehicles. In the first two months of this year, BYD’s cumulative sales of new energy vehicles reached 345,000, a year-on-year increase of 90%.
Entering February, the sales of domestic new energy vehicle companies have generally improved significantly. According to the latest statistics from the Passenger Passenger Association, domestic retail sales of passenger vehicles in the narrow sense are expected to reach 1.35 million units in February, a year-on-year increase of 7.2% and a month-on-month increase of 4.3%. Among them, the retail sales of new energy vehicles are expected to be 400,000 units, a year-on-year increase of 46.6%, a month-on-month increase of 20.3%, and a penetration rate of 29.6%.
Based on this calculation, BYD’s new energy passenger vehicles accounted for 48% of the overall domestic sales. At the same time, BYD’s overseas sales of new energy passenger vehicles totaled 15,000 in February, setting a new record again.
The delivery volume of new car-making forces has improved in February
On March 1, five new car manufacturers successively announced their delivery status in February. Among them, Li Auto ranked first in the delivery list for three consecutive months, followed by Weilai Automobile and Nezha Automobile, while sales of Xiaopeng Automobile and Leapmotor experienced a year-on-year decline.
Sales of most car companies rebounded significantly in February, which was also expected by the market. According to the analysis of the Federation of Passengers, in February, many car companies have successively adjusted their sales prices, intensified terminal promotions, and introduced policies to stimulate car consumption in multiple places, which has promoted terminal sales to a certain extent.
CICC also believes that recently, local governments have actively introduced local subsidies to smooth demand fluctuations caused by the decline in national subsidies and boost auto consumption. In addition, the release of new products by car companies has also attracted widespread attention from consumers. The decline in upstream lithium prices has brought about plenty of room for car companies to adjust prices, which is good for demand recovery.
Everbright Securities also stated that various localities support the consumption of new energy vehicles according to local conditions, coupled with recent price cuts by car companies, the market’s confidence in the sales performance of new energy vehicles in 2023 has recovered.
However, there are still unstable factors in the market. According to the Federation of Passengers and Passengers, starting in 2023, the withdrawal of the subsidy policy for new energy vehicles and the departure of the preferential policy for the purchase tax of fuel vehicles will have a certain impact on the auto market. Further expectations for the policy, as well as the instability caused by the price turmoil in the auto market at the beginning of the year, have led to a strong wait-and-see atmosphere among consumers, and it will take time for this wait-and-see atmosphere to dissipate.