At the beginning of 2023, the state subsidy for new energy vehicles of up to 10,000 yuan was officially withdrawn.
According to the Notice on the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles in 2022 issued by the Ministry of Finance and other four departments, the national subsidy policy for the purchase of new energy vehicles will be terminated on December 31, 2022, after which the licensed vehicles will no longer be subsidized. Under the national subsidy policy in 2022, the subsidy for plug-in hybrid vehicles is 4,800 yuan, the subsidy for new energy vehicles with a cruising range of 300-400 kilometers is 9,100 yuan, and the subsidy for vehicles with a cruising range of over 400 kilometers is 12,600 yuan.
Recently, the reporter from The Paper found that there are "various" countermeasures for auto companies to withdraw from the State Compensation Fund: some companies directly announced price increases, others made high-profile promises not to raise prices, and some companies launched preferential promotions on the basis of not raising prices. In addition, many companies chose to stay put.
This year’s withdrawal of state subsidies means that the cost of new energy vehicles has increased by about 10 thousand yuan, and whether this part of the cost will be borne by car companies or passed on to consumers has become the focus of market attention.
Price hike: pass on part of the cost, but less than 10,000 yuan.
The earliest official announcement of price increase was BYD, the leader of new energy vehicle enterprises.
On November 23rd, last year, BYD released the Explanation on Vehicle Price Adjustment, announcing that the official guide prices of its Dynasty, Ocean and Tengshi new energy vehicles will be adjusted on January 1st, 2023, with the increase range ranging from 2,000 yuan to 6,000 yuan. The notice said that this price adjustment is related to the withdrawal of new energy vehicles, but it is still affected by the price increase of batteries. On December 31, 2022, BYD Auto issued a notice again to officially confirm the price increase news.
After BYD, some car companies followed suit and announced price increases.
On November 30, 2022, GAC Ai ‘an issued a statement saying that the countries that have been licensed after December 31, 2022 will no longer give subsidies (existing subsidy amount: 12,600 yuan/vehicle for pure electric vehicles); At the same time, since the second half of the year, the prices of main raw materials for batteries have continued to rise sharply. Affected by the above two main factors, Aeon will raise the official guide price of its related models from January 1, with the range of 3,000-8,000 yuan.
On December 11th, 2022, Changan Deep Blue, the main brand of Changan New Energy, announced that it expected to raise the price of Changan Deep Blue SL03 by 2000-8000 yuan. At present, Changan Deep Blue has officially raised the price by 3000-6000 yuan, which has raised the price increase of entry-level models, but lowered the price increase of high-end models.
On December 22, 2022, Ruilan Automobile, a subsidiary of Geely, announced that it would adjust its selling price from January 1, 2023, with an increase range of 5,000-8,000 yuan.
In addition to the above-mentioned car companies, Roewe Automobile, Volkswagen ID. series models and Chery Little Ant series models have all raised the prices of their models in 2023.
However, it is worth noting that the price adjustment of the above-mentioned car companies is mostly concentrated in the range of 2000-8000 yuan, rather than about 10,000 yuan that matches the national subsidy in 2022. The competition in the new energy vehicle market is so fierce that car companies can only choose to pass on some of the costs to consumers and some of them will be borne by the enterprises themselves.
Car companies do not raise prices or guarantee sales.
A large number of brands announced the policy of "time-limited insured price" on the eve of the withdrawal of the state subsidy at the end of 2022, and promised that users who placed orders before December 31, 2022 would continue to enjoy new energy purchase subsidies. In 2023, many car companies continued the "insurance policy" and announced "no price increase" in a high-profile manner, which is undoubtedly to ensure the continuous growth of sales.
On January 1st, Xpeng Motors announced in the official Weibo that in 2023, Xpeng Motors will not increase its price with the withdrawal of new energy vehicles. According to the announcement, according to the relevant national policies and regulations, the subsidy for the purchase of new energy vehicles has been terminated on December 31, 2022, and vehicles that have been licensed since January 1, 2023 will no longer enjoy state subsidies (the amount of each subsidy ranges from 10,080 yuan to 13,860 yuan). In 2023, the national suggested retail price of various models in Xpeng Motors will remain the same as the comprehensive subsidized price at the end of 2022.
On the same day, Tesla did not announce the price increase, but also introduced a limited-time preferential policy. From January 1 to February 28, 2023, users can purchase Model 3 and Model Y and complete the delivery, and enjoy a limited delivery incentive of 6,000 yuan; At the same time, if you choose the corresponding auto insurance of Tesla cooperative insurance institutions, you can enjoy a limited-time insurance subsidy of 4,000 yuan on the basis of 6,000 yuan incentives, that is, a maximum discount of 10,000 yuan.
For Tesla’s preferential promotion, the industry generally believes that it is because its sales in 2022 are not up to expectations and dare not rashly raise prices. Tesla bicycles have high profits and large profit margins. Coupled with the current saturation of production capacity, increasing delivery has become Tesla’s top priority.
In addition, C01 model of Zero Run Automobile and Wei brand of Great Wall Motor have also announced that their prices will not rise for the time being.
In addition to the "price increase faction" and "price protection faction", there are also car companies that have not expressed their views and have not adjusted their prices. On January 3rd, The Paper reporter learned from the sales staff of Weilai Automobile that Weilai Automobile has not adjusted the price of its models at present.
Zhang Xiang, dean of the New Energy Automobile Technology Research Institute of Jiangxi New Energy Technology Vocational College, told The Paper that the first quarter has always been the off-season of automobile consumption, and many consumers who need to buy cars choose to buy cars at the end of the year, and the market has also formed a phenomenon of "oversupply", so some brands will choose not to raise prices after the withdrawal of the state subsidy.
Zhang Xiang mentioned that price is a means to adjust the relationship between supply and demand, and the sales volume of car companies has risen and fallen. At present, the sales volume of car companies such as Tucki is not good, and there is no price increase. This does not mean that their sales volume will not increase after that. "Overall, with the technological progress, the price of cars must be declining, and the cost performance is constantly improving. The current price changes are only short-term fluctuations."
According to the data released by previous car companies, in 2022, Nezha Automobile won the crown with 152,100 cars, and the second and third place were Ideal and Weilai, with sales of 133,200 and 122,500 respectively. Xpeng Motors, the champion of annual sales in 2021, failed to enter the top three in 2022, with a cumulative annual delivery of 120,800 vehicles.
How to get to the auto market in the first quarter?
The measures taken by car companies to deal with the withdrawal of state subsidies reflect the different expectations of different companies for market sales in 2023. There are also many controversies about the trend of China auto market in 2023.
On January 3, china automobile dealers association said at the monthly situation analysis meeting that the peak of Covid-19 infection made the passenger flow of car purchases not reach the expected growth at the end of 2022, and it was difficult for the passenger flow to reach the peak in January 2023. The Spring Festival holiday, consumers going home for the New Year and other factors further affected the passenger flow growth in January. In addition, the decline of consumers’ purchasing power, lack of consumer confidence, and cautious attitude towards the purchase of large commodities have had a great negative impact on the automobile market in January. On the whole, the car sales in January will decline, and the market performance will be less than expected.
Cui Dongshu, secretary-general of the Association, also said recently that the automobile market may be in a downturn in the first half of 2023. According to the data of the Passenger Car Association, the retail sales volume of China passenger car market in November 2022 was 1.649 million, down 9.2% year-on-year and 10.5% month-on-month. This is the first time since 2008 that the "Golden September, Silver, Ten Bronzes and Eleven" features a month-on-month decline, among which the conventional fuel car market is under great pressure.
In the case of the downturn of fuel vehicles, new energy vehicles have made great contributions to the growth of the overall automobile market. According to the previous analysis of the Federation, the subsidy for new energy vehicles will fall by 12,600 yuan in 2022, which is much higher than the fall of 5,000 yuan in the previous two years. Some car companies will announce the information of price increase next year, which will promote the snapping effect of new energy vehicles at the end of the year and push up sales.
However, from the historical data, subsidies can push up sales, and the withdrawal of subsidies often leads to a sharp decline in sales in a short period of time. Regarding whether the withdrawal of subsidies will cause the new energy auto market to get cold, Cui Dongshu believes that the core of the development of new energy vehicles this year is the substantial improvement of product strength and the improvement of enterprise innovation ability. For example, BYD’s growth has contributed a huge increase to the market, and the entry-level car market such as Wuling Hongguang Mini has also achieved a large increase. The new energy vehicle market is mainly driven by market demand.
He said that although the national subsidy policy has been withdrawn, there are still many policy supports in the whole new energy vehicle market, such as road rights support for new energy vehicles, purchase rights support, vehicle purchase tax reduction, etc. "The penetration rate of our new energy vehicles in November has reached 36%. With such a high penetration rate, our automobile market has entered a stage of marketization."
The Federation predicts that the wholesale sales of new energy passenger cars in China will reach 8.4 million in 2023, with a year-on-year increase of over 30%.
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