Xinhua News Agency, Beijing, November 18 (Xinhua) “China Securities Journal” published an article on the 18th “The 21st Guangzhou Auto Show opens with intensive release of new models and new energy vehicles playing the leading role.” The article stated that on November 17, the 2023 21st Guangzhou International Automobile Exhibition (referred to as the “Guangzhou Auto Show”) officially opened at the Canton Fair Complex. The Guangzhou Auto Show is regarded as a benchmark for the auto market in the new year. Major car companies have brought blockbuster models and the latest technological achievements. The number of cars on display and the first models have increased significantly compared with previous years. Among them, new energy vehicles are still the protagonist, and a number of models will be delivered in the first half of next year, enriching the supply of the auto market.
(Visitors visit the Guangzhou Auto Show on November 17. Published by Xinhua News Agency)
High interest in exhibiting
The exhibition area of this year’s auto show covers an area of 220,000 square meters, with a total of 1,132 cars from all over the world participating. Among them, 469 new energy vehicles were exhibited.
As the last A-class auto show in China this year, car companies and audience participation are very popular. Global mainstream car companies have unveiled their blockbuster new products. Domestic traditional mainstream car companies such as Dongfeng Motor, FAW Hongqi, Changan Automobile, and Guangzhou Automobile Group are participating in the exhibition with a full range of products; new energy vehicle brands such as Li Auto, NIO, Nezha Automobile, and Thalys are also showing their latest products.
New energy vehicles are still the protagonist of this auto show. The reporter noticed at the auto show that the Huawei Hongmeng Smart and Ideal booths had a large flow of people. Sun Xiao, who came to watch the exhibition, told reporters: “There were too many people at the Ideal and Huawei booths, so I didn’t squeeze in even if I wanted to take pictures. There were fewer people at the other booths, so let’s take a look around first.”
“Times have changed.” An audience member who has followed the Guangzhou Auto Show for many years lamented. He told reporters that in the early years of the Guangzhou Auto Show, overseas brands, especially luxury car brands, would attract a large number of visitors. At this auto show, domestic new energy vehicle brands attracted far more visitors than overseas brands.
Traditional car companies are actively embracing new energy. For example, BMW mainly displays new energy models. GAC Toyota has comprehensively promoted transformation, released a new system and new layout for the future at this auto show, and launched GAC Toyota’s new energy brand Platinum Wisdom. The first leapfrog smart electric SUV of the Platinum Brand, the Platinum 4X, was launched on the same day.
Enrich market supply
The Guangzhou Auto Show has always been an important stage for new car launches. According to statistics, there are 59 world premiere cars at this Guangzhou International Auto Show. The number of new cars launched and the number of cars on display have increased significantly compared with the previous year.
Huawei Hongmeng Zhixing participated in the exhibition as an independent booth for the first time, bringing all AITO models and Zhijie S7 to the exhibition. Among them, the AITO Wenjie M9, which has attracted much market attention, made its debut.
Staff at the Huawei Hongmeng Smart Exhibition booth told reporters: “The price of the M9 is between 500,000 yuan and 600,000 yuan. The specific pricing will be officially announced in December. There are two versions: extended range and pure electric. The current orders have exceeded 30,000 units and will be launched in December. It will be officially launched in September.”
Ideal’s first pure electric product, Ideal MEGA, made its debut, attracting a large number of spectators. Within 1 hour and 42 minutes of the official reservation opening, the number of reservations exceeded 10,000 vehicles. Liu Jie, vice president of commercial affairs of Li Auto, said: “The MEGA is expected to be priced at less than 600,000 yuan and will be officially released in December this year. Mass production and user delivery will be officially launched in February next year.”
GAC Trumpchi, a subsidiary of GAC Group, launched a new technology brand Trumpchi New Energy i-GTEC, and at the same time Trumpchi New Energy E8 was officially launched. GAC Aion showcased the newly released Haopin HT and other models. In addition, GAC Toyota’s much-anticipated ninth-generation Camry made its debut.
Expectations for the car market next year
A number of models unveiled at the Guangzhou Auto Show will be delivered in the first half of next year, enriching the supply of the auto market.
Looking forward to the automobile market in 2024, Wang Xia, chairman of the Automobile Industry Committee of the China Council for the Promotion of International Trade and chairman of the China Chamber of International Commerce Automotive Industry Chamber of Commerce, believes that we can remain cautiously optimistic. As the effects of policies to stabilize the economy and promote consumption gradually emerge and consumer confidence gradually recovers, the domestic automobile market will usher in new room for growth; new energy vehicles and exports will continue to grow at a high rate next year, but the growth rate may narrow.
Feng Xingya, general manager of GAC Group, said in an interview with reporters that since the beginning of this year, the new energy vehicle market has continued to grow, and at the same time, automobile exports have grown strongly. Exports are expected to continue to drive the growth of China’s automobile production and sales. “I am generally optimistic about the auto market next year and expect it to continue to grow.”
“We are optimistic about next year’s market, especially for models above 200,000 yuan. The market penetration rate of new energy vehicles will reach 55%, and the market size will exceed 4 million vehicles. Ideally, we will accelerate the deployment of pure electric fields next year.” Liu Jie told a reporter from China Securities Journal .
While market demand continues to grow, car companies are actively keeping up with supply. Wang Jun, President of Changan Automobile, said that from the perspective of supply, the spectrum of new energy products in various power types and market segments is becoming increasingly complete. In the next year, it is expected that 151 new products will be launched in the Chinese market, including 117 new energy products, accounting for 77%. In 2024, the supply scale of new energy products is expected to exceed demand. Overall, the supply side is no longer a shortcoming restricting the development of new energy vehicles.
Wang Xia believes that competition in profitability and sustainable business models will become the focus of competition.
Source: Xinhua News Agency client