BYD's NEV Dominance
STATE OF CHINA'S AUTO INDUSTRY
Several NEV brands are facing precipitous double-digit
declines in 2023
-68,7%
CAD
CHERY
Worst performing NEV brands in 23Q1
(in terms of YoY Retail PV sales)
-26,2%
-25,5%
-39,7%
-47,3%
HOZON
XPENG
合众新能源
长城汽车
WULING
11th
4th
9th
14th
12th
China's NEV market is
"racing to the middle"
Target customer demographic for
low-end EV brands is more
impacted by overall economic
weakness and are less likely to
purchase new vehicles.
Price war initiated by Tesla
pushes retail prices of mid-
market segment into competition
for "upgraders" seeking more
BYD is now offering several
value-priced models (Ocean.
series: Seal, Dolphin)
ICE brands are clearing
inventory by offering huge
discounts
Source: Desktop research, Automobility analysis
Automobility Ltd
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