"Analysis Report" CICC: Guangzhou Auto Show kicks off next year's new car lineup, LI AUTO-W and XPENG-W debut their first pure electric MPV models.
The Guangzhou Auto Show has opened, and CICC has released a report predicting resilient demand for passenger vehicles next year. This year, the Guangzhou Auto Show unveiled 59 new models, with a focus on new energy vehicles, including the debut of the first pure electric MPV models from Li Auto and XPENG-W. CICC predicts that domestic sales and exports for this year will reach 25.24 million and 4 million vehicles respectively, while new passenger vehicle registrations and wholesale sales for next year are expected to reach 22.27 million and 26.42 million vehicles respectively, with new energy vehicle sales reaching 12 million vehicles and a penetration rate potentially exceeding 46%. Automobile exports are expected to surpass 5 million vehicles, making it the world's largest automobile exporting country.
CICC has released a report stating that the 21st Guangzhou International Automobile Exhibition opened on the 17th of this month. Overall, there were fewer new car releases last year due to the impact of the pandemic. This year, the pace of new car releases started off slow and then picked up. The Guangzhou Auto Show featured a dense release of new cars, with 59 global debut models, focusing on new energy vehicles. Among them, LI AUTO-W (02015.HK) and XPENG-W (09868.HK) unveiled their first pure electric MPV models. The bank stated that there is a dense release of new cars on the supply side and is optimistic about steady growth in total sales volume next year, increased penetration of new energy vehicles, and maintaining high export levels. CICC predicts that domestic demand and exports will exceed expectations this year, with wholesale and export volumes reaching 25.24 million and 4 million units, respectively, representing a year-on-year increase of 9% and 58%. CICC also pointed out that next year, passenger car demand will remain resilient, with new registrations and wholesale volumes reaching 22.27 million and 26.42 million units, respectively, representing a year-on-year increase of 3.6% and 4.7%. Sales of new energy vehicles are expected to reach 12 million units, with a penetration rate of over 46% and a sales growth rate of +36%, further boosting the market share of Chinese domestic brands. In addition, automobile exports are expected to exceed 5 million units, representing a year-on-year increase of 35%, making China the world's largest automobile exporter. (ca/w)