China's automotive market grew in November, with new energy vehicles leading the way
On November 24th, the China Association of Automobile Manufacturers (CAAM) announced that the retail market for narrow passenger cars in November is expected to sell approximately 2.08 million units, a month on month increase of 2.3% and a year-on-year surge of 26.0%. The retail volume of new energy vehicles is expected to be 820000 units, an increase of 6.2% month on month and 36.4% year-on-year, with a market penetration rate of 39.4%.
The China Association of Automobile Manufacturers also mentioned that the inventory coefficient of car dealers in October was 1.70, an increase of 1.7% compared to the previous month. As car companies strive to achieve their annual sales targets, dealers have increased their purchases, leading to an increase in inventory levels. The popularity of the new energy vehicle market has increased under the influence of new product launch and purchase tax policy adjustments. At the Guangzhou Auto Show starting on November 17th, new energy vehicles became the focus and are expected to become the main driving force for market growth at the end of the year.
Gaohe Automobile and Wukong Travel have reached strategic cooperation
On November 24th, according to the official WeChat account of China Express, Gaohe Automobile and Wukong Travel successfully held a strategic cooperation signing ceremony in Shanghai. As part of the collaboration, the deep test drive experience service of Gaohe HiPhi Y has been launched on Wukong Travel's application, providing users with a more convenient electric vehicle experience service.
Wukong Travel plans to first launch HiPhi Y in popular cities with frequent travel and business trips, and provide sharing services for these high-end electric vehicles through platform merchants.
Zebra Network's Central China Regional Headquarters Settles in Wuhan East Lake Optics Valley
On November 24, according to the news released on the WeChat official account of "China Optics Valley", the Management Committee of Wuhan East Lake High tech Zone signed a contract with Zebra Network Technology Co., Ltd. (hereinafter referred to as "Zebra Smart"), announcing that the project of Zebra Smart's Central China regional headquarters officially settled in Optics Valley. Zebra Zhixing plans to invest approximately 1.72 billion yuan in the East Lake High tech Zone to build its regional headquarters in Central China. This major investment and construction project will mainly focus on the research and development of intelligent vehicle operating systems, talent cultivation for intelligent connected vehicles, as well as the construction and business expansion of industry sharing and forward-looking research centers.
BYD's stock price plummeted to a new low, launching a widespread price reduction strategy
On November 24th, BYD's stock experienced a significant drop in volume, closing down 5.24% at a price of 216.85 yuan per share, setting a new low in a year and a half. On the same day, BYD announced the launch of a large-scale direct price reduction strategy, involving multiple models under its umbrella. The dealer stated that the cash discount for BYD's models such as Qin, Han, Tang, and Song has increased to 3000 to 10000 yuan. The prices of Ocean Net models have remained stable, continuing the price reduction at the beginning of the month.
Rumors of Changan Automobile's Cooperation with Tsinghua University for Intelligent Vehicles
On November 23rd, news spread on the internet that Changan Automobile had invested 300 billion yuan in Huawei Intelligent Automotive Solution BU (referred to as "Car BU"), causing Changan Automobile's stock price to approach the daily limit. On the 24th, the head of Changan Automobile's strategic planning department stated that although Changan Automobile has established strategic cooperation with Huawei and has deep cooperation in the Avita and Shenlan Automobile projects, the online information about the investment is inconsistent with the facts.
Tesla Musk expresses strong dissatisfaction with the Swedish strike
On November 24th, Tesla CEO Elon Musk expressed strong dissatisfaction with the Swedish union's strike action against Tesla, calling it "crazy.". This strike was initiated by approximately 130 mechanics belonging to the IF Metal union who provided services for Tesla electric vehicles. The reason for the strike was that Tesla refused the union's demand for collective bargaining. In addition, the strike by Swedish postal workers has also affected Tesla, resulting in delayed delivery of car licenses to customers.
Extreme Krypton Update US Stock Prospectus: Revenue of 35.315 billion yuan in the first three quarters and gross profit margin of 14.8% for vehicles
On November 25th, Jike updated its US stock prospectus and disclosed financial data and related information for the first three quarters of 2023. According to the latest prospectus, ZK.US achieved a revenue of 35.315 billion yuan in the first three quarters of 2023, a year-on-year increase of 91.2%. Among them, the sales revenue of complete vehicles was 23.319 billion yuan, a year-on-year increase of 115.52%. Thanks to the increase in economies of scale, the gross profit margin of Geely Krypton's vehicles reached 14.8% in the first three quarters of 2023, a further increase of 2.5 percentage points compared to 12.3% in the first half of the year.
Porsche's Next Generation Panamera Releases
On November 23rd, Porsche released the third-generation Panamera, which maintains both fuel and plug-in hybrid versions and increases its pure electric range to 93 kilometers. The center console has been adjusted for the Chinese market, adding cruise and remote parking functions. The third-generation Panamera introduces new technology to improve the chassis system and power transmission. The price of the Panamera Turbo E-Hybrid will be announced at the 2024 Beijing Auto Show, and the other three models have started pre-sales in China, starting at 1.038 million yuan.
Stellantis will increase revenue targets for recycling business
Stellantis CEO Tang Weishi announced on November 23 that the company will increase its revenue target for recycling and refurbishment business by 2030, which will help make electric vehicles cheaper.