China Automotive Exhibition

On June 1st, the 28th Guangdong Hong Kong Macao Greater Bay Area Auto Show and the first China New Energy Vehicle Technology Exhibition (hereinafter referred to as the Guangdong Hong Kong Macao Greater Bay Area Auto Show) opened. According to official data, a new exhibition hall was adopted for the first time at this auto show, with a scale of 200000 square meters. A total of 107 car brands and 1036 new models were unveiled.
24 years is an important turning point for the automotive industry, and the price war for new energy is still ongoing, continuously eroding the share of gasoline vehicles with advantages in intelligence and other aspects.
The China Association of Automobile Manufacturers pointed out that with the decline in prices, the launch of new energy products before and after the Beijing Auto Show, and the increase in volume brought by new marketing strategies, the new energy market continues to rise. In April, the retail sales of new energy vehicles in the market increased by 29.0% year-on-year, with a penetration rate of 44.1%.
According to data from the China Association of Automobile Manufacturers, the domestic retail penetration rate of new energy vehicles in April was 43.7%, an increase of 11.7 percentage points from the 32% penetration rate in April 2023. Among them, the penetration rate of domestic brand new energy vehicles reached 66.8% in April. According to the organizing committee of the auto show, the market penetration rate of new energy vehicles in Shenzhen reached 67.9% in 2023.
At this year's Guangdong Hong Kong Macao Greater Bay Area Auto Show, the popularity of new energy vehicles remains high. Among them, BYD has once again taken over the exhibition hall, creating an indoor exhibition area of 20000 square meters and an outdoor exhibition area of nearly 30000 square meters. Factors such as Dynasty Net, Ocean Net, Equation Leopard, Tengshi, and Yangwang have made their debut. In addition, at outdoor booths, the installation of U8 emergency floating technology is being showcased to the public for the first time globally.
Another highly anticipated brand is Hongmeng Zhixing, whose three major brands, Wenjie, Xiangjie, and Zhijie, have all made appearances. Among them, the Wenjie New M7 Ultra was officially launched before the auto show, with a starting price of 289800 yuan. According to Hongmeng Zhixing, on the first day of the new car's launch, Dading exceeded 12000 vehicles.
The Xiangjie S9 has opened pre-sales for 450000-500000 yuan, and Yu Chengdong said that this car will reshape executive luxury and benchmark with international brands such as Mercedes Benz, BMW, and Audi.
Yu Chengdong introduced the latest achievements of multiple products under the Hongmeng Zhixing brand, and the Wenjie New M5 is expected to exceed 20000 units within one month of its launch; Zhijie S7 ranked No.3 in April delivery volume of 300000+pure electric sedans; Within 5 months of its launch, the Wenjie M9 is expected to exceed 90000 units; The Wenjie New M7 is expected to exceed 180000 yuan in 8 months after its listing.
The newly emerging top tier Xiaomi Motors in the automotive industry did not participate in this year's Guangdong Hong Kong Macao Greater Bay Area Auto Show. However, at the Future Automotive Pioneers Conference during the auto show, Lei Jun and Yu Chengdong stood on the same stage. Lei Jun revealed that Xiaomi Motors needs to ensure the delivery of 100000 vehicles throughout the year and sprint to deliver 120000 vehicles.
The staff carried prominent price signs such as "Buy a car to deliver Guangdong B license plate" and "Dongfeng e π limited time subsidy up to 50000 yuan" as they shuttle through various museums; The latest promotional information has been displayed on the roofs of multiple GAC Toyota showrooms, among which the Weisa has been reduced by 60000 yuan; Starting from 279800 yuan for the Saina, a Guangzhou Toyota salesperson told Time Finance, "This year's prices are even higher than last year. Even the latest Highlander, which was launched before the auto show, still has discounts to negotiate beyond the highest official discount of 53000 yuan. The Camry offers a comprehensive discount of 30000 yuan, while the Fenglanda offers a discount of nearly 40000 yuan.".
Luxury cars have also released large discounts on car sales. A BMW salesperson told Time Finance that the BMW i3, with a suggested retail price of over 300000 yuan, will be priced at approximately 215000 yuan after being discounted. "There are considerable discounts on multiple gasoline and new energy vehicles in the store," the salesperson said.
It is reported that the organizing committee of the auto show and major car manufacturers will jointly release a total of billions of yuan in car purchase subsidies. During this auto show, Shenzhen city and district collaborated to support citizens in purchasing new cars through a series of policies and measures. According to the Implementation Guidelines for the 2024 Shenzhen Automobile Replacement and Renewal Subsidy Project, individual consumers who transfer their vehicles in Guangdong and purchase new energy vehicles and fuel vehicles that meet the National VI emission standards in Shenzhen will be given a one-time subsidy of up to 8000 yuan.
On the opening day of the auto show, multiple new energy vehicle companies announced their sales data for May, with new forces such as NIO and Geely delivering a record high. NIO delivered 20544 new cars, a year-on-year increase of 233.8% and a month on month increase of 31.5%. Jike delivered 18616 units, a year-on-year increase of 115% and a month on month increase of 16%. Xiaopeng Motors delivered over 10000 new cars in May, marking the first time this year that a single month delivery has exceeded 10000 vehicles. With the implementation of local consumption promotion policies and the holding of this auto show, it may further catalyze and promote automobile consumption.