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1、Insights on Geely Auto(2024)Yiche Research InstituteThe Key to Geelys Battle with BYD:Ditch“Go Young”AuthorsDirector/Chief ALijun ZhouIndustry AYing GaoIndustry ABenya ShiVisual DQiang ZhangInternYubo MaoAs of the end of July 2024,Geely Autos product portfolioremained centered and over reliant on co

2、mpact ICEVs(includingenergy saving vehicles),a segment that has been shrinkingFrom 2014 to 2018,Geely launched a slew of compact ICEVs such as the New Emgrand,Emgrand GS,Emgrand L,Boyue and Vision SUV.These models based on Geelys product 3.0 era took Chinas car market by storm thanks to their superb

3、 styling,quality and bang for the buck,effectively attracting young car buyers especially the post-85s generation which had a huge population,flocked to the car market and were sensitive to pricing,helping to boost Geelys annual vehicle vehicle sales from just over 400,000 units to more than 1.5 mil

4、lion units.Based on these models specifically catered to young buyers,Geely quickly became a new force in Chinas car market and a new leading Chinese car brand.But starting from 2018,as the post-90s with a much smaller population became the new dominant buying force in the youth car market,the share

5、 of compact cars fell from nearly 60%then to 47.54%in 2023.Carmakers that primarily sold compact models experienced a sharp fall in sales during this period.Though Geely was able to improve its car making prowess through the absorption of Volvo technology and maintained annual sales of around 1 mill

6、ion vehicles in China,its“go young”model portfolio lost steam;Bogged down with this scenario while trying to maintain annual sales of 1 million vehicles and profitability,Geely had to adopt a more conservative approach by delaying the roll out of some more adventurous and high-cost tactics,such as h

7、aving to give up its 2020 NEV strategic goal.At the end of 2015,Geely announced a“Blue Geely Action Plan”aiming to achieve the goal of having customers be able to purchase PHEVs at the cost of traditional ICEVs,and NEVs accounting for more than 90%of sales(65%PHEVs+HEVs and 35%BEVs).From 2021 to the

8、 first half of 2024,several major initiatives taken by BYD on NEVs including ending production of ICEVs,pricing NEVs at about the same as ICEVs and launching NEVs cheaper than comparable ICEVs were exactly what Geely had intended to do with the“Blue Geely Action Plan;”The huge customer base that Gee

9、ly has accumulated from 2014 to 2018 will likely flock to the market again in and around 2021 to trade-in their vehicles for new ones or purchase additional vehicles.But as of the end of July 2024,Geelys product portfolio remained centered on compact ICEVs(including energy-saving vehicles)catered to

10、 young buyers,and lacked ideal models catered to customers making trade-ins and additional purchases.Geely Auto Product Portfolio(as of end of July 2024)Share of China PV End-User Sales by Vehicle Size 2014-202320142015201620172018201920202021202220230%20%40%60%80%100%C&AboveBA&BelowCarICEV/Energy-S

11、avingVehicleModularPlatformEVModularPlatformLimited coveragein this rapidlygrowing segmentHighly concentratedin this segment where sales are contracting Active in segmentbut with mediocreperformance.Overall market isgrowing dominatedby only a fewplayersSUVMPVHaoyue ProXingruiEmgrandBoyue LBinyueBoyu

12、ePandaXingrui LGalaxy L6Galaxy E8BinruiFireflyiconGalaxy E5JiajiHaoyue ProEmgrand L HGeome AEmgrand SEmgrand EVGalaxy L7Haoyue LL380TXLYNK&CO 03LYNK&CO 08LYNK&CO 07LYNK&CO 06LYNK&CO 09LYNK&CO 01LYNK&CO 05ZEEaKR 001ZEEKR 007ZEEKR 009ZEEKR XVision X6ZEEKR 001 FRC&AboveBA&BelowLargeMid to LargeMidsizeS

13、mallCompactMicroThe reason that Geely has failed in its battle with BYD from 2021 to the first half of 2024 is mainly due to products,or lack there of:from 2021 to 2023,in the compact ICEV(including energy-saving vehicle)segment where Geely is highly concentrated in,BYDs Qin PLUS,Song PLUS and Song

14、Pro took the segment by storm thanks to their energy-saving and ICEV-parity pricing USPs,quickly establishing a comparative competitive advantage over Geelys core models like Emgrand,Xingrui and Boyue.In 2024,BYD also plans to launch additional energy-saving compact products like the Qin L,Seal 06,S

15、eal 05(Destroyer 05)and Sea Lion 05(Song Pro sister model)with superior bang for the buck,which for sure will dent market prospects of Geelys compact products;from 2021 to 2023,large energy-saving vehicles in the B-segment and above like the Han DM-i,Denza D9 and Tang launched by BYD quickly became

16、popular,while all-new large energy-saving vehicles like Denza N9,Tang L,Tang MAX and Fang Cheng Bao 8 to be launched in 2024 have equal potential to be hot sellers.If Geely is not able to make up for its lack of large energy-saving vehicles in time,its only going to get worse;from 2022 to 2023,thank

17、s to the Dolphin,Yuan PLUS and Seagull mobility enabling BEVs,BYD was able to surpass Tesla to become the sales leader in Chinas NEV market.In addition to new small mobility enabling BEVs like the Yuan UP,BYD also plans to launch many sporty high-end BEVs like the Sea Lion 07 EV,Seal 06 GT,Song L EV

18、 and Denza Z9 GT to solidify its leadership position.Though Geely has also launched many new EVs during this time,the number of hot sellers compared to BYD remained scarce as of the end of July 2024,exposing serious flaws with Geelys product definition;As of the end of July 2024,Geely was still over

19、 reliant on its“go young”product lineup centered on compact ICEVs(including energy-saving vehicles),and BYD has been able to capitalize on that overreliance with its entry energy-saving products while winning the large energy-saving vehicle and small BEV battle that are more suitable for trade-in an

20、d additional purchase needs.There is no time to waste for Geely to optimize its product portfolio.Geelys overreliance on compact ICEVs(including energy-saving vehicles),a segment that is shrinking,is giving BYD an upper hand as it launches NEVs catered to trade-in and additional purchase needs Geely

21、 Auto Product Portfolio(as of end of July 2024)BYD Product Portfolio(as of end of July 2024)CarSUVMPVXingyue LXingruiEmgrandBoyue LBinyueBoyuePandaXingrui L Galaxy L6Galaxy E8BinruiGalaxy E5FireflyiconJiajiHaoyue ProEmgrand L HGeome AEmgrand SEmgrand EVGalaxy L7Haoyue LL380TXLYNK&CO 03LYNK&CO 08LYNK

22、&CO 07LYNK&CO 06LYNK&CO 09LYNK&CO 01LYNK&CO 05ZEEKR 001ZEEKR 001 FRZEEKR 007ZEEKR 009ZEEKR XVision X6Song MAXYuan PLUSYuan UPSong PLUSSong ProSong L EVTang Frigate 07Denza N8Denza D9 DM-iYang Wang U8Han DM-iBao5Sea Lion 07 EVDenza N7Seagull DolphinQin PLUSSeal DM-iDestroyer 05Qin LSeal 06Seal EVHan

23、EVQin EVSong PLUS EVDenza D9 EVD1Song L DM-ie2e3CarSUVMPVPKC&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowC&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowVehicle Segments by Age GroupMiddle-AgedMarketElderly MarketYouth M

24、arket35550AgeSince Geely is a bit over reliant on“go young,”this report triesto explore possible new product roadmaps for Geely throughanalysis of youth,middle-aged and elderly car markets“Go young”is associated with user age,and the main logic behind a“go young”strategy is the judgement that the yo

25、uth market is larger or better than non-youth markets.However,many carmak-ers including Geely are actually experiencing challenges associated with the“go young”strategy,which forces us to rethink the main analytical logic of Chinas car market.This report tries to explore possible new product roadmap

26、s for Geely,reanalyze trends of Chinas car market and rethink core strategies of carmakers centered on the three core markets of youth,middle-aged and elderly buyers segmented by age groups;The research data presented in this report is primarily based on YRI online research with a sample size of mor

27、e than 60,000 in 2023,as well as on Yiche Big Data and YRI offline research with a sample size of more than 10,000 in 2023;YRIs insights series on specific segments of car buyers are only based on data from new car sales.Please treat our findings with a grain of salt:the drop in young buyers in the

28、new car market,for example,does not necessarily mean overall young buyers are shrinking since more and more of them are flocking to the used car market.From 2024 to 2030,the youth car market will shrink further,Geely needs to ditch its“go young”strategy now,but its not going to be easyFrom 3.0 produ

29、cts such as the New Emgrand,Emgrand L,Emgrand GS and Boyue,to Binrui and Binyue,to the”China Star“products led by Xingrui,to the“upgraded China star”products such as the Xingrui L and Xingyue L,to the Galaxy L7 and L6 and finally to mid to high-end products like the LYNK&CO 01,03 and 05,Geely has ba

30、sically owned the compact ICEV(including energy-saving vehicles)market over the last 10 years or so thanks to the BMA and CMA platforms.It was determined to win the youth car market.However,as the population of the post-90s generation shrank and many of them flocked to the used car market from 2018

31、to 2023,Chinas youth car market took a hit as end-us-er sales fell below 8 million units and corresponding market share dropped to 36.55%.This led to the demise of joint ventures that primarily sold compact cars targeted toward young families but lacked local R&D capabilities.Although Geely was able

32、 to maintain annual sales at a level of around 1 million units,the market performance of its“go young”product lineup was below expectations.From 2024 to 2030,Chinas youth car market will continue to shrink with market share expected to fall below 25%.Pressure is only going to get greater for Geely;F

33、rom 2020 to 2023,more female and singles buyers flocked to Chinas youth car market,and more of them lived in big cities,the share of female and singles buyers each topped 40%,while that of buyers from big cities reached nearly 70%.Only a handful of Geely models such as the LYNK&CO 03 capitalized on

34、this trend but the risk for many other models including the Emgrand,Boyue and Vision X6 grew bigger.From 2024 to 2030,there will be more female and single young car buyers,and more of them will come from big cities,Geelys products dedicated to these buyers must transform from traditional characteris

35、tics of economy and bland to those that are more distinctive,sporty and quality;Geely would die a slow death if it continues to bet on“go young.”C&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowSource:YRIShare of Young Buyers inChinas Passenger VehicleMarket 201

36、4-2030Evolution of theYouth MarketGeely Auto Product Portfolio(as of end of July 2024)0%10%20%30%40%50%60%70%80%201420182016202020222024E2026E2028E2030EYouthMarketFemaleSingleBig CityCarSUVMPVXingyue LXingruiEmgrandBoyue LBinyueBoyuePandaXingrui LGalaxy L6Galaxy E8BinruFireflyiconJiajiHaoyueproEmgra

37、nd L HGeome AEmgrand SEmgrand EVGalaxy L7HaoyueL380TXLYNK&CO 03LYNK&CO 08LYNK&CO 07LYNK&CO 06LYNK&CO 09LYNK&CO 01LYNK&CO 05ZEEKR 001ZEEKR 007ZEEKR 009ZEEKR XVision X6Galaxy E5Mainly Centered on“Go Young”From 2024 to 2030,middle-agification will dominate Chinascar market,and the middle-aged car marke

38、t is a new blueocean for Geely as it ditches“go young”Right now,only the middle-aged car market can support Geelys annual production and sales scale of a million units:in 2021 end-user sales of this segment topped 10 million units,representing nearly 50%of Chinas car market and surpassing the youth

39、car market as the biggest market segment.In 2022,that share topped 50%,making the middle-aged car market the new mainstream car market in China;in 2023,end-user sales reached 11.44 million units,representing a market share of 52.95%,solidifying the middle-aged car market as the dominant segment;From

40、 2020 to 2023,as the middle-agification of Chinas car market accelerated,Geely wasnt the primary beneficiary of this change.Rather it was BYD who attracted blue collar middle-aged male and female buyers with the entry energy-saving trio of Qin PLUS,Song PLUS and Song Pro as well as the mobility enab

41、ling BEV trio of Yuan PLUS,Dolphin and Seagull.Meanwhile,new high-end brands like Li Auto,AITO and Denza grew rapidly as Geelys LYNK&CO lost that first-mover advantage in the battle for high-end vehicle sales.From 2024 to 2030,middle-agification will likely remain as the main theme of Chinas car mar

42、ket.Geely seems to have also smelled this opportuni-ty:at the Beijing Auto Show in April 2024,it unveiled its new flagship,the Starship.In 2025-2026,it will launch more large energy-saving vehicles.In the second half of 2024,it will launch many small mobility enabling BEVs such as the Galaxy E5 and

43、Xingyuan.BYD,Geelys core competitor,has a much bigger product lineup on the horizon:in the second half of 2024,BYD will push ahead its“boomer strategy”with the launch of many large energy-saving vehicles like the Tang L,Tang MAX,Sea Lion 08,Denza N9 and Fang Cheng Bao 8,as well as high-end BEVs like

44、 the Denza Z9 GT,all targeting quality middle-aged male and female buyers;The male to female buyer ratio of the middle-aged market is 3:2,and a handful of models from Geely such as the ZEEKR 001 was able to capitalize on the middle-aged female buyer opportunity,while a handful of models like the Xin

45、gyue L was able to benefit from the middle-aged male buyer opportunity.But in general,Geelys product mix still lacks models catered to middle-aged car buyers.As of the end of July 2024,the fact that the relatively higher positioned Xingyue L was still able to maintain monthly sales of over 10,000 un

46、its is a testament to the middle-agification of the car market.This model served as an ideal“turning point vehicle”for Geely,but it lacked support from additional similarly-positioned models and Geely has been slow to introduce relevant products;Geely would die a slow death if it continues to bet on

47、“go young.”But ditching the“go young”strategy would mean a complete overhaul of the current product lineup of its three core brands of Geely,LYNK&CO and ZEEKR.Either way,Geely faces a life-or-death decision.Source:YRIShare of Middle-AgedBuyers in Chinas PVMarket 2014-2030Consumption Characteristics

48、of Male&Female Buyers in ChinasMiddle-Aged Car MarketMiddle-AgedMiddle-Aged WomenMiddle-Aged Men0%10%20%30%40%50%60%Middle-Aged MenMiddle-Aged WomenHigh-EndElectricStylishEnergy-SavingSpaceQualityCarSUVMPVXingyue LXingruiEmgrandBoyue LBinyueBoyuePandaXingrui LGalaxy L6Galaxy E8BinruiFireflyiconGalax

49、y E5JiajiHaoyue proEmgrand L HGeome AEmgrnad SEmgrand EVGalaxy L7Haoyue LL380TXLYNK&CO 03LYNK&CO 08LYNK&CO 09LYNK&CO 07LYNK&CO 05LYNK&CO 01LYNK&CO 06ZEEKR 001ZEEKR 007ZEEKR 009ZEEKR XVision X6ZEEKR 001 FRFamily Products for Middle-Aged MenMobility Enabling Products for Middle-Aged WomenBusiness Prod

50、ucts for Middle-Aged Men201420182016202020222024E2026E2028E2030EGeely Auto Product Portfolio(as of end of July 2024)C&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowFrom 2024 to 2030,the elderly car market will thrive,a goldenopportunity for Geelys to plan out t

51、he next 10 yearsGeelys product planning not only has to address opportunities in the middle-aged car market,but also those in the elderly car market:over the past 10 years(2014-2023),Chinas elderly car market has been gaining momentum,growing from just 550,000 units in 2014 to nearly 1 million units

52、 in 2017.In the past 2-3 years,grow accelerated as sales topped 1.5 million units in 2022 and 2 million units in 2023(2.27 million units).From 2024 to 2030,as more post-60s,who represent a big swath of population and will enter retirement,flock to the car market,the elderly car market will continue

53、to thrive with market share possibly topping 20%making it a new blue ocean market.In 10 years,as the post-80s,a population with greater ownership of vehicles go into retirement,Chinas elderly car market will get bigger and possibly become a new dominant market;Right now,elderly car buyers still love

54、 ICEVs,and besides mobility enabling,they also want to buy cars for road trips especially long road trips.The period 2024-2030 will be a key phase of Geelys efforts to research and develop products catered to the elderly car market,accumulating experience and products for an offensive in 10 years.As

55、 of the end of July 2024,Geely did not have the strategic wherewithal and concrete measures to address the elderly car market.Source:YRIBirthsEmployment in Public Administration&Social OrganizationsCarSUVMPVXingyue LXingruiEmgrandBoyue LBinyueBoyuePandaXingyuanXingrui LGalaxy L6Galaxy E8BinruiFirefl

56、yiconGalaxy E5JiajiHaoyue proEmgrand L HGeome AEmgrand SEmgrand EVGalaxyL7Haoyue LStarshipL380TXLYNK&CO 03LYNK&CO Z10LYNK&CO 08LYNK&CO 07LYNK&CO 06LYNK&CO 09LYNK&CO 01LYNK&CO 05ZEEKR 001ZEEKR 007ZEEKR 009ZEEKR MIXZEEKR 7XZEEKR XVision X6ZEEKR 001 FRRoad Trip Productsfor ElderlyMobility EnablingProdu

57、cts for ElderlyShare of Elderly Car Buyers in ChinasPV Market 2014-2030Chinas Population Birth andEmployment in PublicAdministration&Social Organizations1949-2023(10,000 people)Geely Auto Product Portfolio(as of end of July 2024)0%5%10%15%20%25%0100020003000400019491962197519882001201420142018201620

58、2020222024E2026E2028E2030EPost-60s birthsEmployment in PublicAdministration&SocialOrganizations During1980s(post-60s flockto govt institutions)C&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowAn examination of Geelys product portfolio from a youth,middle-agedand

59、 elderly buyer perspective shows the urgency with which Geelyneeds to ditch“go young”and capitalize on the greater middle-agedand elderly buyer opportunityThough Geelys over-reliance on compact ICEVs(including energy-saving vehicles)seems to be magnified through a user perspective,it extracts a dire

60、ction for optimization:ditch the“go young”strategy and turn focus toward the middle-aged car market and address the elderly buyer opportunity.For a company like Geely,execution isnt a problem,and its not so much the issues that its confronting,but the sense of direction at resolving these issues.Bas

61、ed on a traditional product portfolio analysis touching on product type,class and platform,as of the end of July 2024,Geely was still highly concentrated on compact ICEVs(including energy-saving vehicles).This segment is shrinking rapidly and will only jeopardize Geelys growth prospects.From a user

62、perspective,through the lens of young,middle-aged and elderly car buyers,the situation is even more severe:Geely seems to be betting even more on compact ICEVs(including energy-sav-ing vehicles)targeted at young buyers;C&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA

63、&BelowC&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowCarSUVMPVCar SUV MPVCar SUV MPVCar SUV MPVCar SUV MPVPandaXingrui LGalaxy L6Galaxy E8FireflyGalaxyE5JiajiEmgrand L HGeomeAEmgrand EVHaoyue LL380TXLYNK&CO 03LYNK&CO 08LYNK&CO 07LYNK&CO 09ZEEKR 001ZEEKR 007ZEE

64、KR 009ZEEKR XZEEKR 001 FRMust launch more large energy-savingvehicles to address boomer market andtest waters in grandpa road trip marketMust optimize entry ICEV/energy-savingproducts to address needs from new youthsand test waters in mobility enabling marketTweak BEV portfolio to addressnew commerc

65、e opportunities frommiddle-aged male buyersTweak BEV portfolio to address female buyer needsXingruiEmgrandBinruiLYNK&CO 06LYNK&CO 01LYNK&CO 05Xingyue LBoyue LBinyueBoyueiconHaoyue proEmgrand SGalaxyL7Vision X6Youth MarketAunty MarketMiddle-Aged MarketBoomer MarketElderly MarketGeome AEmgrand EVPanda

66、Galaxy E5FireflyZEEKR XGalaxy E8ZEEKR 001ZEEKR 007L380ZEEKR 009JiajiXingyue LEmgrandBoyue LBinyueBoyueiconEmgrand L HEmgrand SGalaxy L7LYNK&CO 01LYNK&CO 03LYNK&CO 06Galaxy L6Xingrui LXingruiBinruiLaYNK&CO 05Haoyue proLYNK&CO 08LYNK&CO 07Haoyue LLYNK&CO 09Limited models dedicated to middle-aged femal

67、e buyers but ZEEKR 001benefited,moreproactive efforts with the MIX and XingyuanOver-reliant onyouth market but fallen behind market evolutionLackcompetitivenessin business/commercial productsExtremely lacking in products cateredto boomer needsProducts MissingGeely Auto Product Portfolio(as of end of

68、 July 2024)Based on the evolution of the young,middle-aged and elderly carmarkets,LYNK&CO should lead the way in optimizing“go young”products,Geely in building boomer and autonomous driving-focusedproducts and ZEEKR in building stylish productsWe suggest Geely spearhead its“go young”product optimiza

69、tion via the LYNK&CO brand:retain a handful of compact products like the LYNK&CO 03,06,Binrui and Binyue to actively address the young distinctive market dominated by singles buyers;strengthen upgrading of the Xingrui L and Boyue L for the mainstream quality segment,launch the Galaxy E8 PHEV when th

70、e time is right to address the young family car market and young buyers looking to upgrade together with the LYNK&CO 07 and 08;launch refined&stylish products like the LYNK&CO 06 EV and ZEEKR sports cars when the time is right to address the young female car market together with small&cute products

71、like the Panda;We suggest Geely put emphasis on addressing the boomer and road trip opportunity primarily through its namesake brand together with the LYNK&CO and ZEEKR brands:introduce Geely branded multiple new large energy-saving vehicles such as large SUVs,mid to large SUVs and mid to large MPVs

72、 based on the Starship,introduce ZEEKR 009 PHEV,optimize LYNK&CO 09 and launch LYNK&CO macho products to address the needs of quality boomers;new Galaxy L6 and L7 must show their mainstream vibe and strengthen Xingyue L and Jiaji L to address the needs of mainstream boomers;strive to perfect its cov

73、erage in the ride-hail market and actively explore the business/com-mercial boomer market;launch mid to large SUVs and MPVs with bang for the buck at the right time to address road trip and mobility enabling needs of elderly car buyers together with improved existing products like the Emgrand and Ha

74、oyue L;We suggest Geely actively exert efforts to launch stylish products through ZEEKR:launch PHEV or EREV versions of the ZEEKR 001 and MIX to further expand market coverage and poach high-end female buyers from ABBs 34C and 56E;launch small roadsters when the time is right to attract female buyer

75、s looking for products with distinctive styling and bang for the buck;integrate small BEVs like the E5,Xingyuan and Panda and Geelys female buyer resources to actively move into the mainstream female car market.Car SUV MPVCar SUV MPVCarSUV MPVCar SUV MPVCar SUV MPVCar SUV MPVCarSUV MPVCar SUV MPVGeo

76、me AEmgrand EVXingyuanPandaGalaxy E5FireflyZEEKR XGalaxy E8LYNK.&CO Z10ZEEKR 001ZEEKR MIXLYNK.&CO Z10L380ZEEKR 009JiajiXingyue LEmgrandEmgrand L HHaoyue LLYNK&CO 09StarshipBoyue LBinyueBoyueiconEmgrand SGalaxy L7LYNK&CO 01LYNK&CO 03LYNK&CO 06Galaxy L6Xingrui LXingruiBinruiLYNK&CO 05Haoyue proLYNK&CO

77、 08LYNK&CO 07Limited models dedicated to middle-aged female buyers but ZEEKR 001benefited,moreproactive efforts with the MIX and XingyuanOver-reliant onyouth market but fallen behind market evolutionLack competitiveness inbusiness/commercial productsExtremely lacking in products cateredto boomer nee

78、dsProducts MissingExpressRide HailXXPandaGalaxy E5ZEEKR MIXZEEKR 007ZEEKR 001L380ZEEKR 009Xingyue LEmgrandBoyueBinyueXingrui LBinruiGalaxy L7LYNK&CO 03LYNK&CO 06LYNK&CO 07 LYNK&CO 08Haoyue LGeely StarshipXingyuanLYNK&CO 06 EVGalaxy E8PHEVZEEKR 001PHEVZEEKR MIXPHEVXXXXGalaxy L6Jiaji LZEEKR 009PHEVGee

79、ly SUVLYNK&CO MachoLYNK&CO MachoPremiere Ride Hail XXLYNK&CO 09ZEEKR Sports CarZEEKR Sports CarYoung/Family ProductsDistinctive Youth ProductsMobility Enabling ProductsSoccer MomProductsBusiness/Commercial ProductsBoomer ProductsGrandpaProductsGeely MPVLYNK&CO Z10Galaxy E8ZEEKR leads Geelys High-End

80、/Family Female Car MarketLYNK&CO leads Geelys“New Youth”StrategyGeely leads Geelys middle-agedmale buyer strategy and partiallyfocus on mobility enabling,businesscommercial and elderly marketsZEEKR 7XZEEKR 7XPHVEGeely Auto Product Portfolio(as of end of July 2024)Suggested Geely Auto Product Portfol

81、io Optimization 2024(including models to be launched)Youth MarketAunty MarketMiddle-Aged MarketBoomer MarketElderly MarketYouth MarketAunty MarketMiddle-Aged MarketBoomer MarketElderly MarketC&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowC&AboveBA&BelowICEV/En

82、ergy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowGeely should strive to beat BYD when it comes to product definitionand planning centered on middle-aged car buyersHow your products perform on the market is usually dictated by product definition and planning,not sales&marketing tactic

83、s.That is the core reason behind the rise of BYD from 2021 to 2023.During this time,Geely lost the battle with BYD not because of lack of sales&marketing capabilities,but because product definition and planning centered on a“go young”strategy met challenges.In many sub-segments such as the female ca

84、r market,family male car market and business/commercial car market,Geelys product coverage wasnt as comprehensive as that of BYD;Luckily,the cyclical fluctuation of Chinas population is quite significant,resulting in the cyclical nature of the countrys car market.This is the fundamental reason why n

85、o one stays on top forever in Chinas car market and within the Chinese brand camp.The middle-agification of Chinas car market is accelerating,and BYDs products like the Qin PLUS,Song PLUS,Song Pro and the Qin L,Seal 06 and Sea Lion 05 launched in 2024 has attracted lots of blue collar boomers.In the

86、 quality family boomer arena,BYD has not shown significant competitiveness,but the Denza D9 has tasted success.In the quality middle-aged female car market,BYD has not had strong performance.In the budding”grand-pa”market,BYD has also not properly addressed the opportunity with dedicated products;Ri

87、ght now,both Geely and BYD have sensed the family boomer opportunity and have taken relevant actions to address it.BYD is moving relatively quicker with a slew of large energy-saving vehicles like the Denza N9,Tang L,Tang MAX and Fang Cheng Bao 8,establishing a differentiated product lineup for boom

88、ers.Once Geely successfully navigates through the expansion of platforms like the CMA,its also going to move fast.In addition to the battle for family boomers,Geely should also strive to solidify its product lineup catered to quality sub-segments like middle-aged female buyers and distinctive young

89、buyers,and achieve breakthrough in segments where its weak such as mobility enabling,business/commercial and young families;If Geely wants to have a leg up on BYD in 2024-2030,it must get it done through product definition and planning.Car SUV MPVCar SUV MPVCarSUV MPVCar SUV MPVExpressRide HailXXPan

90、daGalaxy E5ZEEKR MIXZEEKR 007ZEEKR 001L380ZEEKR 009Xingyue LEmgrandBoyueBinyueXingrui LBinruiGalaxy L7LYNK&CO 03LYNK&CO 06LYNK&CO 07 LYNK&CO 08Haoyue LGeely StarshipXingyuanLYNK&CO 06 EVGalaxy E8PHEVZEEKR 001PHEVZEEKR MIXPHEVXXXXGalaxy L6Jiaji LZEEKR 009PHEVGeely SUVLYNK&CO MachoLYNK&CO MachoPremier

91、e Ride Hail XXLYNK&CO 09ZEEKR Sports CarZEEKR Sports CarYoung/Family ProductsDistinctive Youth ProductsMobility Enabling ProductsSoccer MomProductsBusiness/Commercial ProductsBoomer ProductsGrandpaProductsGeely MPVLYNK&CO Z10Galaxy E8ZEEKR leads Geelys High-End/Family Female Car MarketLYNK&CO leads

92、Geelys“New Youth”StrategyGeely leads Geelys middle-agedmale buyer strategy and partiallyfocus on mobility enabling,businesscommercial and elderly marketsZEEKR 7XZEEKR 7XPHVESuggested Product Portfolio Optimization for Geely in 2024(including models to be launched)BYD Product Portfolio in 2024(includ

93、ing models to be launched)Youth MarketAunty MarketMiddle-Aged MarketBoomer MarketElderly MarketC&AboveBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowCar SUV MPVCar SUV MPVCarSUV MPVCar SUV MPVYouth MarketAunty MarketMiddle-Aged MarketBoomer MarketElderly MarketC&Abov

94、eBA&BelowICEV/Energy-SavingVehicleModularPlatformEVModularPlatformC&AboveBA&BelowQin PLUS/Destroyer 05Han EVDenza Z9 GTYuan UPDolphinSeal EVSeal 06 GTSeagullYuan PLUSSong L EVSea Lion 07 EVDenza N7Song Pro/Sea Lion 05TangFrigate 07Denza N8Bao5Bao 8 Tang LDenza D9 DM-iYang Wang U8 Denza N9Tang MAXQin

95、 EVActively addressingand leading business/commercial marketActively addressingquality boomer marketSeal 06/Qin LHan DM-iSeal DM-iSong PLUS/Song LHan LActively addressing bluecollar boomer marketActively addressing andleading female/mobility enabling marketLack productsin quality femalemarketLack pr

96、oducts indistinctive youthmarketActively addressingyoung family marketDenza D9 EVD1ProductsMissingPKGeely must establish an overarching consensus that it needs to ditch“go young,”fully address the middle-aged market and and activelyaddress the elderly market,with Geely,LYNK&CO and ZEEKR brandsplayin

97、g specific rolesThe middle-aged car market became the new mainstream segment in Chinas car market in 2022 when its share of sales topped 50%.That position solidified in 2023 when that share rose to 52.95%.As of the end of July 2024,Geelys product portfolio remained over reliant on compact ICEVs(incl

98、uding energy-saving vehicles)targeted at young buyers,greatly alienating its battle with BYD which is actively introducing new products to market addressing the needs of buyers looking to trade-in their existing vehicles for new ones or purchase additional vehicles;Geely would die a slow death if it

99、 continues to put emphasis on“go young.”But ditching the“go young”strategy would mean a complete overhaul of the current product lineup of its three core brands of Geely,LYNK&CO and ZEEKR.Either way,Geely faces a life or death decision,one that needs to be driven from a high-level consensus rather t

100、han from just one person or unit.From 2024 to 2030,Chinas youth car market will shrink significantly,while the middle-aged car market will continue to dominate sales,and the elderly car market will continue to thrive.Geely must ditch its“go young”strategy now and catch up to addressing the middle-ag

101、ed and elderly car markets.Based on the evolution of the youth,middle-aged and elderly car markets and what its core competitor BYD has done,we suggest LYNK&CO optimize its“go young”product lineup,strive to expand its advantage in distinctive and young products and actively narrow its shortcomings i

102、n the young female and family car markets.We suggest Geely optimize its product lineup catered to boomers and road trip,fully follow BYDs lead in the“boomer offensive”and actively narrow its weakness in the blue collar boomer and business/commercial car markets,and test the waters in the elderly car

103、 market,as efforts to prepare for a new golden race in 10 years.We suggest ZEEKR optimize its stylish products,strive to emphasize its advantage in the quality female car market and timely turn around its weakness in the mobility enabling market;YouthMiddle-AgedElderlyZEEKRLYNK&COGeely(Galaxy&Geome)

104、Share of Chinas PV Market byAge Group 2014-2030End-User Sales of Geely,LYNK&CO andZEEKR Brands 2007-2023(10,000 units)Go YoungMiddle-AgificationElderly0%10%20%30%40%50%60%70%80%201420162018202020222024E2026E2028E2030E02040608010012014020072008200920102011201220132014201520162017201820192020202120222

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107、tly YRI does not publish reports for commercial purposes,we mainly helpempower customers like OEMs and dealers;YRI prides itself on its rich data and the ability to speak the facts based on these data;Everyone has different views,therefore we welcome comments and feedback onour own views.Lets agree

108、to disagree.YRI positioning:non-commercial digital car market think tankYRI mission:help Yiche customers better understand Chinascar marketCommunications(Media,etc.)Extract（Survey/Consulting/Association/Investment Banking）Target Audience（OEM/Dealer/Investment）Traffic,Leads,Conversion,TransactionAd,M

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110、non-commercial digital think tank)Pro:WideAudienceCon:Limitedin DepthNature:TrafficConversionEffect:BoostSalesPro:Complementary;Con:Cooperation LimitedNature:Communication of Views;Effect:Elevate InfluenceThe media&thepress arestrengthening dataanalysis andindustry authority,as well as elevatingcoop

111、eration withOEMs.Case inpoint:Yicheforming YRI.Entities likeconsulting firmsarestrengtheningdata miningcapabilities andindustryauthority,andimprovingindustrycredibility andcustomerinfluence,likethe McKinseyQuarterlyValue：Guidance for the massmedia:realize long-term interaction;Cooperation forcommerc

112、ial extraction:facilitate long-termcollaboration;Trust for customers:build long-termcooperationTraits:CommunicationsConsciousness,ExtractionCapability,Audience BaseAuto Industry Dialogue Tour Insights Clear as Blazing FireCore Topic:Analyzing Chinese Car Buyer Characteristics&TrendsTime:May-July 202

113、4Target:primarily Yiche customers including OEMs,one on one discussionSignup at WeChat:yicheresearch please provide name,position,company and cell phone#)-a New Book from Yiche Research Institutes Industry Analysis Series gives a deeper look atChinese car buyer characteristics and consumption potent

114、ial centered on the customer journey from purchase to use,covering key metrics such as traffic,net promoter score,use case,mileage used,family vehicle ownership data and parking to help carmakers refine their strategies timely so that they can better put into practice their”customer is at the center

115、 of everything we do”corporate philosophy.How to get your book:OEMs,dealers and Yiche customers should contact their Yiche service personnel:Non-Yiche customers please contact YRI directly(WeChat:yicheresearch)From May to July 2024,YRI will kick off its 8 round of“Insights Clear as Blazing Fire”Auto

116、 Industry Trends&Analysis Dialogue Tour,covering the core topic of“analyzingChinese car buyer characteristics and trends”to help carmakers capitalize newopportunities presented by these new trends.thDemystifying Chinas Auto MarketDemystifying Chinas Auto Market(2024 Edition,Part I)Contact UsFollow UsWeChatJuns Market TalkBenya Shi，Industry AnalystMobile：188 0118 7009Mail：WeChat：yicheresearch