China Auto Daily丨 Optimistic Investment in Chinese Auto Brands, Says UBS

October China Passenger Car Sales Reach New Heights

The China Association of Automobile Manufacturers (CAAM) reported that in October 2024, sales of Chinese brand passenger cars reached 1.931 million units. This marks a significant 12.9% increase from the previous month and a 30% year-on-year rise. Chinese brands accounted for 70.1% of total passenger car sales in October, improving their market share by 10.4% compared to the same period last year. From January to October 2024, a total of 13.849 million Chinese brand passenger cars were sold, reflecting a 21.2% year-on-year growth and capturing 64.6% of the market share, up by 9.3% from the previous year.

UBS Remains Optimistic on Chinese Auto Brands

On November 25, Gong Min, UBS Investment Bank's Head of China Auto Industry Research, expressed optimism about investments in Chinese auto brands. Currently, Chinese independent brands hold approximately 20% of the global automotive market share and about 60% of the global electric vehicle (EV) market share. However, their combined market capitalization only accounts for around 10% of the global automotive market. Gong Min emphasized a positive long-term outlook for investing in Chinese auto brands, given their substantial market presence and potential for growth.

BYD Announces New Blade Battery for 2025

During the 29th United Nations Climate Change Conference (COP29), Cao Shuang, General Manager of BYD's Europe Auto Sales Division for Central Asian Region, revealed plans to introduce a new generation of Blade batteries in 2025. This advanced battery technology aims to enhance vehicle driving range and extend the battery's overall lifespan.

XPeng X9 Reaches Milestone Delivery

On November 25, XPeng Motors announced the delivery of the 20,000th unit of its X9 model. Launched on January 1, 2024, the X9 is a high-end pure electric seven-seater, available in four different configurations and priced between 359,800 RMB (approximately USD49,600) and 419,800 RMB (approximately USD57,900).

Tesla Offers Significant Discounts on Model Y

Tesla China has introduced a limited-time discount policy, offering a 10,000 RMB reduction on the final payment for the Model Y. This limited-time offer is available for the rear-wheel drive and long-range all-wheel drive versions of the Model Y. The discount can be combined with a five-year zero-interest financing option, making Tesla's popular SUV even more accessible to consumers.