[Preview of the Weekly] In-Depth: New Energy Vehicles Enter a Do-or-Die Battle as Supply Chains Undergo Disruptive Restructuring (AI Translation)
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- In 2023, China's automobile sales increased by 10.8% compared to the previous year, reaching 26.938 million units in the first 11 months, with an expected total of over 30 million units for the full year. Despite this growth, many car companies struggled with profit margins due to a year-long price war and not all were able to meet their sales targets.
- The export market contributed significantly to China's automotive industry growth, with a 58.4% increase in exports over the same period last year, potentially making China the world's largest car exporter surpassing Japan. However, domestic market growth may have been negative without these exports and unconventional sales methods like second-hand and rental markets.
- The Chinese automotive industry is undergoing a transformation towards intelligent electrification, with competition intensifying as companies strive to cross profitability thresholds. New energy vehicles (NEVs) are becoming mainstream in China's market, with aggressive expansion plans from various companies aiming to secure top positions in an increasingly competitive landscape.
文｜财新周刊 安丽敏
By An Limin, Caixin Weekly
中国汽车工业协会（下称“中汽协”）在2023年12月中旬披露，当年前11个月，中国汽车累计销量同比增长10.8%，达到2693.8万辆。考虑到车企都会在12月冲刺年度业绩，中汽协预计，2023年全年销量有望达到3000万辆。
In mid-December 2023, the China Association of Automobile Manufacturers (hereinafter referred to as "CAAM") disclosed that in the first 11 months of the year, cumulative auto sales in China increased by 10.8% year-over-year, reaching 26.938 million vehicles. Considering that automakers typically push for higher sales in December to boost annual performance, CAAM expects that total sales for the year 2023 are likely to reach 30 million vehicles.
仅从数字看，2023年无疑是一个好年景。车企“体感”却存在温差。价格战贯穿2023年全年，车企牺牲利润换销量，无不叫苦连天，而实际上，能够完成年初销量目标的车企并不多。
Judging solely by the numbers, 2023 is undoubtedly a good year. However, automakers are experiencing a disparity in their "perceived" outlook. A price war has persisted throughout the year, with car companies sacrificing profits for sales volume, leading to widespread complaints. In reality, not many automakers are able to meet their sales targets set at the beginning of the year.
不愿具名的国际咨询公司高层人士告诉财新，2023年经济复苏情况不理想，很多人的可支配收入和对未来的预期都受到冲击，加之2023年是部分车企的产品大年，供需失衡最终导致市场价格战。
A senior executive from an international consulting firm, who wished to remain anonymous, told Caixin that the economic recovery in 2023 is not as favorable as expected. Many people's disposable incomes and future expectations have been impacted. Furthermore, 2023 marks a significant product release year for some automakers, leading to a supply-demand imbalance that ultimately triggers a price war in the market.
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