BYD and other Chinese makers are already displacing Japanese makers rapidly in China and very soon in South East Asia.
New Energy Vehicles (NEVs) in China
- Thread starter supercat
- Start date
BYD and other Chinese makers are already displacing Japanese makers rapidly in China and very soon in South East Asia.
supercat
Major
J.P. Morgan's survey indicates that the speed of electrification of China's auto market will be much faster than we thought:
- Almost 60% wants EV, and more that 30% wants hybrid EV, only 10% wants a gas car
- 75% willing to trade-in for a smaller car, contrary to the rest of the world
Remember that the US has very high tariffs for Chinese car imports and that the IRA is specifically subsidising cars made in the USA with no Chinese content.
The US market will remain insulated from Chinese competition and suffer from higher prices.
broadsword
Brigadier
How I want to see Chinese electric LDVs and electric HDVs wipe the Japanese brands from the SEA market. Chinese electric cars will be the first to show the way.
ICE sale prices are collapsing in China. Remember that BBA market they are trying to conquer with Denza? Well, now the prices have been dropped to more like high end Han and Tang market. Chinese market is increasingly uncomfortably competitive for German luxury automakers.
supercat
Major
This tweeter predicts 25%+ NEV penetration this year and 33%+ in 2023.
BYD and Geely are the top selling brands of passenger vehicles in November among both NEV and ICE vehicles.
China is the largest auto market in the world by far. It's also one of the most competitive.
BYD and Geely are the top selling brands of passenger vehicles in November among both NEV and ICE vehicles.
China is the largest auto market in the world by far. It's also one of the most competitive.
A 33% NEV penetration for the whole of 2023 actually means EV vehicle production would have to fall from current monthly sales levels
But in the past 6 months, we've seen sustained increases every month from almost all the major EV manufacturers
And if I look at the some of the wait times for BYD, most of the models are still 3+ months.
So there is still unmet demand.
Given that the JP Morgan survey indicates that only 10% of Chinese customers want a petrol/diesel car, that means 90% want a NEV.
And new car sales are only 33% NEV currently, so theoretically NEV sales could double to 70% but still not meet demand
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They can ship used ICE to Russia.
Will you look at that. 10k orders for Atto 3 in Thailand already and they've stopped taking new orders for a while. Will start again once they figure out the size of next batch. Seal and Dolphin will get announced later this month. They are not taking Tesla entrance into the Thai market lightly. Will try to corner this market that they've invested in heavily.