At the China Electric Vehicle 100 Forum (2024), Lu Fang, CEO of Landu Automotive Technology Co., Ltd., delivered a keynote speech on "Building a New Ecosystem for Automobile Consumption Upgrading and Consolidating and Expanding New Energy Vehicle Consumption." Lu Fang pointed out that we do not advocate increasing market share through price wars. Price wars are not the norm. We must ultimately return to the essence of products + services, user experience and brand values.
At the same time, we do not advocate excessive marketing, adhere to the bottom line, do not violate public order and good customs, do not engage in exaggerated propaganda to mislead users, adhere to "conscience", create value for society, rather than consume social wealth. At the same time, he also talked about the five major trends in new energy vehicle consumption in his speech:
The first trend is from hardware consumption to the combination of software and hardware. He pointed out that with the development of electrification, intelligence and networking, cars have gradually transformed from simple travel tools into intelligent terminals. Since the marginal cost of software is almost zero, automobile companies have focused on "software-defined cars" and developed new software and service-oriented architectures to meet users' new needs for driving experience.
The second trend is the shift from green consumption to a combination of green and intelligent consumption. He said that more and more users accept and tend to purchase smart cars. In recent years, the penetration rate of L2 and above smart cars has continued to rise, and is expected to exceed 40% in 2025. In 2023, the market penetration rate of L2 and above smart new energy vehicles will be close to 50%; more than 80% of intended users will consider purchasing smart cars.
The third trend is the shift from offline consumption to the combination of offline and online. He said that from the perspective of the entire market, offline is still the mainstream channel for car purchase, accounting for 39.1%, which is 3.2 percentage points higher than the 35.9% of online channels. In terms of vehicle types, users of fuel vehicles are more likely to choose 4S stores, accounting for 57.9%, which is 1.27 times the 25.5% online. Users of new energy vehicles and hybrid vehicles are more likely to choose online channels, accounting for 57.9%. Reaching 43.7% and 43.4% respectively, higher than the 22.8% and 30.8% of offline 4S stores. The difference between the proportion of online channels and offline channels continues to shrink, and there will be more synergy between offline and online channels in the future.
The fourth trend, starting fromRational consumption changes to a combination of rationality and emotion. He believes that among new energy vehicle users, this group of people identify with the concept of new energy and environmental protection, are more accepting of new things and more willing to try, and also have a stronger sense of responsibility for the times, and are more likely to be attracted by outdoor sports, cars, and pets. Led by things that highlight unique personality and quality of life, such as toys and electronic products. Taking sports hobbies as an example, new energy vehicle users, especially in extreme sports, skiing, golf, surfing and other sports, are significantly more interested than fuel vehicle owners.
The fifth trend is the shift from the separation of industry and finance to the integration of automobiles and finance. In his view, the scale of my country's auto finance industry has continued to expand in recent years, from 1 trillion yuan in 2016 to 2.6 trillion yuan in 2022, and is expected to reach 5 trillion yuan in 2025. The penetration rate of auto finance is increasing year by year, with an average compound growth rate of 26% in the past 10 years. At present, an automobile finance development pattern has been formed, represented by automobile finance companies, commercial banks, financial leasing companies, etc.
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Editor: Qin Qingbao