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1、Insights on Car Purchase(Energy Consumption)/Geely Auto Competitive Analysis(2025)TengYi Research InstituteCan Geely Fully Take on BYD?AuthorsDirector/Chief AIndustry AIndustry ALijun ZhouYing GaoBenya ShiVisual DQiang ZhangAs a transport tool for human mobility,automobiles consume energy every time

2、 they are in motion.The more energy it consumes,the higher the cost.In order to reduce usage cost,carmakers have spent lots of efforts to popularize new energy-saving technologies,and users can select products that offer the best economy based on their purchasing power and use case.This report defin

3、es desire for energy-saving as buyer preference on conversion efficiency and usage cost of various energy types such as gasoline,diesel,electricity,methanol and hydrogen during the purchase process;This report is mainly based on online research from TYRI(formerly YRI)with over 50,000 data samples in

4、 the first three quarters of 2024,and also references TengYi Big Data and TYRI offline research data.Desire for energy-saving:buyer preference on conversion efficiency and usage cost of various energy types such as gasoline,diesel,electricity,methanol and hydrogenDesire for Energy-Saving SchematicGa

5、solineHydrogenDesire for Energy-SavingMethanolDieselOthersElectricityEnergy ConsumptionUsage CostEnergy ConsumptionConversion EfficiencyOver the past two decades or so,gasoline was the primary form of propulsion energy for automobiles in China,though gas prices rose steadily during this period:from

6、just RMB2-3/L in 2000 to about RMB7-8/L in 2024 for#93/#92 octane gasoline.In theory the energy-saving consumption wave should have arrived China much earlier,but since Chinas car market had long been in an environment where demand outpaced supply,carmakers efforts to popularize energy-saving techno

7、logies lagged far behind the pace at which energy consumption cost rose:many carmakers offered cars that were propelled by 1.5L engines instead of 1.6L engines thanks to preferential policies such as purchase tax savings that encouraged the purchase of vehicles powered by engines with displacement b

8、elow 1.6L;carmakers like Geely and Changan announced energy-saving strategies such as Blue Geely and Shangri-La Plan years ago but these never fully materialized.Instead,it was BYD that propelled changes;Toyota and Honda were early movers in HEVs but progressed rather slow because they prioritized f

9、inancial performance;The energy-saving consumption wave in Chinas car market really started in 2020,and the early drivers of that wave were Tesla and Wuling.The former,by localizing production of the Model 3,which made it significantly cheaper than comparable ICE vehicles such as the Audi A4L,Merced

10、es C-Class and BMW 3 Series,quickly took over the high-end mobility enabling segment primarily consisted of big city white collar buyers.The latter,thanks to the RMB30K-40K affordable yet stylish Hongguang MINIEV,inadvertently took over the entry mobility enabling segment primarily consisted of buye

11、rs from lower-tier cities when all it aimed to do was trying to replicate the“low speed elderly mobility enabling”business model.Entering 2021,BYD quickly rose to become the new leader in this energy-saving consumption wave with the launch of super affordable mainstream energy-saving products such a

12、s the Qin PLUS and Song PLUS.In 2022,BYD decided to end production of traditional ICE vehicles following that success in 2021 and global sales during the year surpassed that of Geely Auto(Geely,LYNK&CO and ZEEKR brands),which had long led the industry.In 2023,BYD moved further up the rankings by sur

13、passing Geely Group(Geely Auto and Volvo)in global sales.In 2024,BYD global sales topped 4 million units,further solidifying its leadership positions in both the domestic market and within Chinese brands,driving Chinas annual sales of NEVs past 10 million units with penetration reaching nearly 50%;F

14、rom 2020 to 2023,Geely Auto launched a multi-brand offensive that lacked cohesiveness and effectiveness,which BYD took advantage of as it rose to the top.Luckily,Geely Group announced the Taizhou Declaration in 2024 aimed at consolidating resources and brands and returning to the so-called“central a

15、uthority;”In 2024,the desire for energy-saving in Chinas car market reached 54.59%,there is huge room for growth for energy-saving products.Which carmakers(domestic Chinese only)will transform into dedicated energy-saving carmakers in 2025-2026 after BYD did so in 2022?Desire for energy-saving in Ch

16、inas car market in 2024 reached 54.59%,propelling the rise of BYD since 2021 and a slide for Geely Auto which used to be the industry leaderSource:TYRIStylingSafetyQualityOthersEnergy-Saving54.59%BrandPricePre-Purchase Desire for Energy-Saving in Chinas PV Market 2024Share of NEV Salesof Geely Auto

17、vs.BYD2016-2024201620172018201920202021202220232024BYDGeely AutoGlobal Sales of Geely Auto，Geely Group and BYD2012-2024(10,000 units)BYDGeely AutoGeely Group0%20%40%60%80%100%0100200300400500March 2022:BYD officiallyends production of ICE vehiclesH1 2021:next-genof energy-savingproducts like QinPLUS

18、 and SongPLUS take marketby storm2016201520142013201220172018201920202021202220232024From 2022 to 2023,Geely launched multiple energy-savingvehicle models such as the Emgrand L PHEV,Xingyue L PHEVand Galaxy L7/L6 squarely aimed at BYD,but these models floppedThe reason for BYDs quick ascension over

19、Geely Auto in 2021 was primarily due to energy-saving products such as the Qin PLUS,Song Pro and Song Plus that targeted the blue collar car market.Compared to middle-class and wealthy buyers,blue collar buyers had a much higher desire for energy-saving in 2024 at 57.26%.In 2021,Geely Autos core pro

20、ducts also primarily addressed the blue collar car market,but over 95%of sales were traditional ICE vehicles that lagged far behind NEV products like PHEVs and EVs in terms of energy-saving,which resulted in Geely Auto quickly succumbing to the competition with BYD;Unwilling to accept defeat,Geely A

21、uto came right back a year later with the launch of the Emgrand L PHEV in April 2022 priced at RMB129,800-RMB145,800,which was comparable to the Qin PLUS in terms of pricing at the time.But because of the hastiness of development and the launch,product quality became an issue as owner complaints wen

22、t through the roof,resulting in a near“sudden death”of the model.Remember that even BYDs DM-i took 3-4 years to develop before it took the market by storm in 2021.A potential heavy blow was avoided by BYD,but Geely Auto came right back with another attempt:the Xingyue L PHEV that was launched in Nov

23、ember 2022.This time,it was a more cautious yet strange blow:instead of calling it a PHEV,Geely called it an EREV,and the RMB239,700-RMB253,700 pricing was nearly RMB100K more than its core competitor,the BYD Song PLUS.Again it flopped;If Geely Auto was hot-headed in 2022,it was more pragmatic in 20

24、23.It understood BYDs tactics better and focused its efforts more on cost control and dependability improvement.After a year of tireless efforts from multiple units including the powertrain and brand research institutes,Geely Auto launched the next generation of Galaxy energy-saving products:the L7

25、in May and L6 in September.These two models were powered by LFP batteries instead of NCM batteries previously,resulting in prices that were more on par with comparable BYD models.Both performed quite well post-launch,with monthly sales quickly rising to the 10,000-unit threshold.Sensing this momentu

26、m,BYD quickly countered in early 2024 with a series of price cuts,successfully fending off Geely Autos offensive led by the Galaxy L7/L6.Toward the end of 2024,monthly sales of the L7 and L6 maintained at about 6,000-7,000 units,though still far behind that of comparable BYD models like the Qin PLUS

27、,Destroyer 05,Song PLUS and Song Pro that easily reached monthly sales of about 10,000-20,000 units and even 30,000-40,000 units,that helped Geely Auto accumulate rich experience to challenge BYD.At least it knows how to effectively play its cards.Desire for Energy-Saving By BuyerSocial Status 20242

28、2-23 Model Year CoreNEV Product PowerSpec Geely Auto vs.BYDMainstream Energy-SavingProduct Footprint Geely Autovs.BYD 2022-2023Sales of Core NEV Modelsat Geely Auto and BYD2022-2024(10,000 units)44%46%48%50%52%54%56%58%Blue CollarMiddle-classWealthyENGINETRANSMISSIONCAPACITY(kWh)BATTERYTYPEENERGYTYP

29、EMODEL3-speedDHT3-speedDHT3-speedDHT3-speedDHTPHEV22EMGRANDL PHEVPHEV22 XINGYUE L PHEV23 GALAXY L623 GALAXY L723QIN PLUS23 DESTROYER0523 SONG PLUS23 SONGPROPHEVPHEVE-CVT/1-speedDHTE-CVT/1-speedDHTE-CVTE-CVTPHEVPHEV/EVPHEV/EVPHEVNCMNCMLFPLFPLFPLFPLFPLFP15.541.29.11/19.099.11/18.78.32/18.32/48/57.68.3

30、/18.312.9/18.3/26.6/71.8/87.0412.9/18.31.5T1.5T1.5T1.5T1.5L1.5L1.5L1.5LMobilityEnablingHigh-EndMainstreamEmgrand L HiP Xingyue L HiP Galaxy L7Galaxy L6Destroyer 05Qin PLUSSong PLUSSong ProGeelyBYD0123456202201202206202211202304202309202402202407202412Emgrand L PHEVXingyue L PHEVGalaxy L6Galaxy L7Qin

31、 PLUSDesroyer 05Song PLUSSong ProSource:TYRIGeely Panda became a surprise success in 2023,and theGalaxy E5 and Xingyuan in H1 2024 buoyed Geely Autosenergy-saving small EV offensive that teared open BYDsline of defenseWhile BYD was leaving Geely Auto in the dust,the latter launched the Panda mini mi

32、cro EV in February 2023 at RMB39,900-RMB53,900.Monthly sales topped 10,000 units that month and reached nearly 20,000 units in 2024,becoming one of the strongest weapons in Geely Autos NEV arsenal.Compared to the bigger Galaxy E8,the smaller Panda was able to carve out a path toward success amid the

33、 bloodbath;The original strategic mission of micro EVs like the Panda was to help carmakers meet the so-called“dual credit”requirement while continuing to enjoy profitability of ICE vehicles,but the success of the Panda helped Geely Auto understand that an NEV strategy would and should be predicated

34、 on small EVs.The desire for energy-saving for mobility enabling buyers in 2024 reached 56.79%,slightly less than that for road trip buyers,but significantly higher than that for work commute buyers.Small EVs are no doubt the go to choice that are suitable for mobility enabling and energy-saving;Aft

35、er another year of efforts by Geely Autos various units,the company launched the Galaxy E5 and Xingyuan small EVs in August and October of 2024,respectively.The two models learned the lessons and took it right to BYD:the pricing of both were lower than their core competitors Yuan PLUS and Dolphin,an

36、d offered interior space and styling that were as good as,if not better than,the BYD competitors.They took the market by storm almost instantly,as monthly sales of the E5 topped 15,000 units and that of the Xingyuan topped 20,000 units toward the end of 2024,on par with that of the Dolphin and Yuan

37、PLUS.In 2025,there is still great potential for the Xingyuan to achieve even higher sales,and its entirely possible that it could challenge the 50,000 units/month in sales achieved by the Seagull,and also complement the smart;Since Great Wall Motor decided to strategically give up small EVs,BYD beca

38、me the leader by a wide margin in the mobility enabling car market.Small EVs even became an export driver for BYD.In 2023,BYD sold more than 1 million small EVs,accounting for nearly a third of the brands global sales.In 2024,that number topped 1.2 million units,also accounting for roughly a third o

39、f the brands global sales.If Geely Auto can continue to challenge BYD in the small EV segment,Wang Chuanfu will be a bit more restless.Key Mobility Enabling Product FootprintGeely Auto vs.BYD 2023-2024End-User Sales of Core MobilityEnabling Products Geely Autovs.BYD 2022-2024(10,000 units)Desire for

40、Energy-Saving byMajor Use Case 2024Mobility EnablingHigh-EndMainstreamGalaxy E5PandaXingyuan Yuan UPYuan PLUSDolphinSeagullGeelyBYD46%48%50%52%54%56%58%PandaXingyuanGalaxy E5Galaxy E8SeagullDolphinYuan UPYuan PLUS0123456202201202206202309202304202411202402202407202412Source:TYRIRoad TripMobility Ena

41、blingWork CommutePick up/Drop off KidsGeely Auto will redefine its core model footprint to take on BYDin 2025,and possibly fully transition into a dedicated energy-saving carmakerThough Geely Auto has teared open a line of defense from BYD in the mobility enabling car market,this segment is not the

42、mainstream segment and main battleground,so its nowhere near fatal for BYD.On December 6,2024,Geely Auto built on its momentum by launching the Starship 7 priced at RMB103,800-RMB136,800(on sale for a limited time at RMB99,800-RMB132,800).This is directly targeting the Song Pro and Sealion 05 in ter

43、ms of pricing and Song PLUS and Song L in terms of interior space.In other words,the Starship 7 is taking on four different models at the same time.End-user sales of the model topped 17,000 units in its first month on sale(December 2024),a pleasant surprise for the industry.Following the Starship 7,

44、the new Galaxy L6 and L7 in early 2025 will further buoy Geely Autos momentum.All three models have been significantly upgraded in terms of spec:the transmission has been upgraded from performance 3-speed DHT to more economical 1-speed DHT,the engine has been upgraded from 1.5T to more economical 1.

45、5L and the battery capacity has been upgraded to 8.5 kWh and 19.09 kWH versions.Be it pricing or product,Geely Auto and BYD are becoming more and more similar;In 2025,the Starship 7,new Galaxy L6 and new Galaxy L7 represent the initial offensive from Geely Auto to take on BYDs Dynasty and Ocean netw

46、ork products.There are an additional 5-6 new energy-sav-ing products on the horizon including the Starship 9 full-size SUV,a mid to large PHEV sedan,a midsize PHEV sedan,a midsize BEV sedan and a midsize BEV SUV(based on public info,may not be exhaus-tive).The first three will compete head on with B

47、YDs Qin and Song families(as well as comparable models from the Ocean network).The 5-6 additional products will compete directly with BYDs Tang and Han families(as well as comparable models from the Ocean network).If the rollout of these models is smooth,they are going to redefine Geely Autos core m

48、odel footprint to fully take on BYD and accelerate Geely Autos energy-saving capabilities.Its not out of question that Geely Auto will also transform into a dedicated energy-saving carmaker in 2025-2026;Out of the 4.26 million vehicles BYD sold globally in 2024,the Dynasty and Ocean networks contrib

49、uted nearly 4 million units,or almost 94%of sales.The Qin,Song,Han and Tang model families as well as comparable models from the Ocean network contributed to the bulk of BYD sales,totaling about 2.8 million units,or nearly two-thirds of global sales.If Geely Auto can effectively counter these core p

50、roducts from BYD in 2025,then BYDs aim to increase global sales to 5 million units will take a huge hit,and sales might even fall compared to 2024.In early 2025,Geely Autos third round of counter attack has extended from the mobility enabling car market to the mainstream car market.Early results hav

51、e been positive which will likely force BYD to make a move.Geely Auto also has additional cards to play such as the RADAR and Yizhen brands,how it plays them depends on BYDs response and Li Shufus mood.Geely Autos Key Product PortfolioTaking on BYD Dynasty&Ocean 202522-23 Model Year CoreNEV Product

52、Power SpecGeely Auto vs.BYD24-25 Model Year SelectNEV Product Power SpecGeely Auto vs.BYDSource:Yiche Model Spec as of mid-January 2025MobilityEnablingHigh-EndMainstreamGalaxy E5PandaStarship 9XiaTang LHan LStarship 7 EM-i Galaxy L6 EM-iGalaxy L7 EM-i Mid to large car(PHEV)Midsize Car(PHEV)Midsize C

53、ar(BEV)Xingyue L XingruiEmgrandBoyue LBinyueMidsize SUV(BEV)Sealion 07 DM-iSealion 05 DM-iSong PLUSSeal 07Seal 06Seal 05TangHanSong L DM-iSong ProQin LQin PLUSXingyuanYuan UPYuan PLUSDolphinSeagullGeelyBYDNew models and positioning for Geely Auto based on public info.Geely Auto has in the pastpositi

54、oned models one level above actual positioning,e.g.calling a compact car a midsize carENGINETRANSMISSIONCAPACITY(kWh)BATTERYTYPEENERGYTYPEMODEL3-speedDHT3-speedDHT3-speedDHTPHEV22EmgrandL PHEV23 Galaxy L623 Galaxy L723Qin PLUS23 Destroyer0523 Song PLUS23 SongProPHEVPHEVE-CVT/1-speedDHTE-CVT/1-speedD

55、HTE-CVTE-CVTPHEVPHEV/EVPHEV/EVPHEVNCMLFPLFPLFPLFPLFPLFP15.59.11/19.099.11/18.78.32/18.32/48/57.68.3/18.312.9/18.3/26.6/71.8/87.0412.9/18.31.5T1.5T1.5T1.5L1.5L1.5L1.5LENGINETRANSMISSIONCAPACITY(kWh)BATTERYTYPEENERGYTYPEMODEL1-speedDHT1-speedDHT1-speedDHTPHEV25 Starship 725 Galaxy L625Galaxy L725 QINP

56、LUS24 Qin L25 Song PLUS25 SongProPHEVPHEVE-CVT/1-speedDHTE-CVT/1-speedDHTE-CVTE-CVTPHEVPHEV/EVPHEV/EVPHEVLFPLFPLFPLFPLFPLFPLFP8.5/19.098.5/19.098.5/19.097.68/15.87/48/57.610.08/15.8712.9/18.3/26.6/71.8/87.0412.9/18.31.5L1.5L1.5L1.5L1.5L1.5L1.5LIn 2025,Geely Auto will fully take on BYD in the high-en

57、d car market in addition to the mobility enabling car marketFrom 2022 to 2023,Geely Auto mainly talked the talk in trying to take on BYD.Starting from the second half of 2024,it walked the walk.Likewise for 2025:the full-on battle will extend to the high-end car market in addition to the mobility en

58、abling car market;In 2025,both Geey Auto and BYD will put the pedal to the metal on launching high-end models:Geely Auto will launch the LYNK&CO 900,ZEEKR large SUV and ZEEKR mid to large SUV,while BYD will launch the new Denza N8,Xia and Tang L following the Bao 8 and Denza Z9 series toward the end

59、 of 2024.A huge battle is brewing on the high-end car market between Geely Auto and BYD in 2025;Energy-saving large vehicles will dominate this round of high-end offensive from both Geely Auto and BYD to meet the desire for road trips from high-end families.From a use case scenario,the desire for en

60、ergy-saving for road trip buyers was the highest in 2024 at nearly 58%.This will provide ample market potential for energy-saving large vehicles.Because both Geely Auto and BYD are in the early stages of product offensives in the high-end car market,the full-on battle between the two will no doubt j

61、olt the segment.Geely Auto has a rather exquisite definition of high-end brands,as both LYNK&CO and ZEEKR high-end brands have multiple models in the small vehicle arena.BYD,on the other hand,has a rather bold and unrestrained definition of high-end brands,where models are mostly priced above RMB200

62、K and especially above RMB300K and mostly mid to large or large size vehicles.To better compare and contrast the high-end model footprint between Geely Auto and BYD,we will use the less granular standard from BYD:high-end car market defined as the segment covering mid to large and above models or th

63、ose priced above RMB300K.Based on this standard,Geely Auto and BYD both have been laggards in terms of launching high-end NEV products.Most of the action took place in 2023-2024 with BYD performing relatively better and having a wider product portfolio.As of the end of 2024,BYD had launched models l

64、ike the Denza D9,Bao 5,Bao 8 and Yang Wang U8,while Geely Auto only had one model:the ZEEKR 009,and sales have paled compared to BYD;Geely Autos Key High-End ProductPortfolio Taking on BYD High-Ends 2025Desire for Energy-Saving by TopUse Case 2024Key High-End Model End-UserSales Geely vs.BYD 2023-20

65、24(10,000 units)46%48%50%52%54%56%58%202301202307202401202407Road TripMobility EnablingWork CommutePick up/Dropoff Kids0.00.20.40.60.81.01.2ZEEKR 007Denza D9Denza Z9GTDenza Z9Bao 5Bao 8Yang Wang U8Source:TYRINew models and positioning for Geely Auto based on public info.Geely Auto has in the pastpos

66、itioned models one level above actual positioning,e.g.calling a compact car a midsize carGaalxy E5PandaStarshp 9ZEEKR 001 LYNK&CO Z10LYNK&CO 09ZEEKR Mid to Large SUVZEEKR Large SUVZEEKR 009/PHEVLYN K&CO 900LYNK&CO 08LYNK&CO 07LYNK&CO 01LYNK&CO 03LYNK&CO Z20LYNK&CO 06ZEEKR MIXZEEKR 7XZEEKR 007ZEEKR X

67、Yang Wang U8Denza D9Denza Z9/Z9GTDenza N9Denza New N8Bao 8Bao 5XingyuanStarship 7 EM-i Galaxy L6 EM-iGalaxy L7 EM-i Mid to large car(PHEV)Midsize Car(PHEV)Midsize Car(BEV)Xingyue L XingruiEmgrandBoyue LBinyueMidsize SUV(BEV)MobilityEnablingHigh-EndMainstreamXiaTang LHan LYuan UPYuan PLUSDolphinSeagu

68、llSealion 07 DM-iSealion 05 DM-iSong PLUSSeal 07Seal 06Seal 05Denza New N7TangHanSong L DM-iSong ProQin LQin PLUSGeelyBYDFrom an energy-saving war to a price war,from mobility enabling tohigh-end,a strategic blueprint for Geely Autos full-on battle withBYD is emerging in 2025By focusing on energy-sa

69、ving and pricing,BYD began its meteoric rise in 2021 and left Chinese brand leader Geely Auto in the dust.A year later in 2022,Geely Auto,not backing down,launched its first round of counter attack with NEV products like the Emgrand L PHEV and Xingyue L PHEV.But a series of issues such as cost and d

70、ependability resulted in a disastrous market performance.Another year later in 2023,Geely Auto launched a second round of counter attack building on the lessons learned from the first round through efforts to improve cost competitiveness and dependability,establishing the new Galaxy series with mode

71、ls like the L7 and L6.Though they did not dent BYDs dominant position,at least they made BYD sweat a bit.Another year later in 2024,Geely Auto launched its third round of counter attack against BYD first with the Galaxy E5 and Xingyuan small EVs,which teared open the line of defense of BYDs dominati

72、on of the mobility enabling car market.Toward the end of 2024,Geely Auto launched the new Starship 7 with superior energy-saving and pricing competitiveness compared to similar models from BYD.These moves toward the end of 2024 and early 2025 made BYD a little more nervous;X-axis=length(mm),Y-axis=m

73、id-point pricing(RMB10K)Source:Yiche Model DatabaseCore Energy-Saving Product Footprint Geely Auto Vs.BYD 2025HanLStarship 7 EM-iGalaxy L6 EM-iGalaxy L7 EM-iGalaxy E5XingyuanStarship 9E7/Midsize SUV Galaxy E8 EM-iE6/Midsize CarLYNK&COZ10LYNK&CO Z20LYNK&CO900ZEEKR X01020304050603000350040004500500055

74、00XiaTang LTangHanSealion 07DM-iDolphinSeagullPandaCompact CarLYNK&CO08LYNK&CO07LYNK&CO09ZEEKR001ZEEKR007ZEEKR7XZEEKR009ZEEKR MIXZEEKR Large SUVZEEKR Mid to Large SUVZEEKR 009 PHEVDenza D9Denza N7Denza Z9GTDenza new N8Denza N9Bao 5Song L DM-iSong PLUSYuan PLUSSong ProQin LSeal 06Yuan UPDestroyer 05Q

75、in PLUSBao8Sealion 05DM-iHigh-EndMainstreamMobility EnablingIn 2025,a rejuvenated Geely Auto will push that third round of counter attack to new levels with the tag team of Starship 7 and new Galaxy L7/L6 competing directly with comparable models from BYDs Qin and Song families as well as similar mo

76、dels from the Ocean network.Additional new energy-saving products will fully take on BYDs Han and Tang families as well as similar models from the Ocean network.In 2025,Geely Auto will also bring the heat to BYD in the high-end car market in addition to the mobility enabling and mainstream car marke

77、ts;In 2025,Geely Autos motto will be:walk the walk rather than talk the talk.Geely Autos third round of counter attack in 2025 is menacingbut not without weakness:brand integration still in early stagesICEV share still high,macho products still lackingThe fact that ICE vehicles account for a proport

78、ionate share of sales at Geely Auto is also not conducive for it to challenge BYD.First of all,we should make it clear that it doesnt really matter which technolo-gy route is better,NEV or ICEV,and carmakers shouldnt be entangled about choosing one or the other.The selection of a specific powertrain

79、 route depends on comprehensive cost.Because“electric-ity is cheap and gasoline is expensive”in China,energy-saving vehicles have the natural advantages and BYDs rise in recent years proves this point.NEVs accounted for less than 50%of Geely Autos sales in 2024.In order to fully take on BYD in 2025,

80、Geely Auto naturally must accelerate the rollout of energy-saving product offerings in the domestic market;Geely Auto also has a lack of presence in the flourishing macho vehicle market.In 2024,BYDs Fang Cheng Bao and Great Wall Motors TANK already sell significant volumes in this segment while Geel

81、y Auto still has no relevant products.In early 2025 Chery launched its new high-end product series,the JETOUR Zongheng,while Great Wall Motor is also expected to launch a new luxury brand.Both of these address the macho vehicle segment,which will become a new breakthrough segment for Chinese brands

82、efforts to go high-end.Geelys Yizhen macho product series may not launch until 2027.It will have to catch up from behind;New product series are coming in waves,replacing previous generation of products that took much effort to cultivate.Geely Autos counter attack in 2025 seems to be really menacing,

83、but much details need to be refined in order to fully take on BYD effectively.One of the core reasons why Geely Auto was left in the dust by BYD from 2021 to 2023 was Geely Auto came out with a bunch of brands lacking cohesive strategic oversight.A strategic blunder where the brands did not fight in

84、 tandem,which BYD took advantage of.In 2024,having learned from its mistakes,Geely Auto and parent company Geely Group announced the Taizhou Declaration in September 2024 with a core mission to accelerate consolidation and reestablish the so-called“central authority.”Although ZEEKR has“integrated”LY

85、NK&CO,the product positioning and brand vibe of the two brands are quite close,and they both offer similar powertrains and have their own complex self interests.In early 2025,the two still have not had a clear integration plan.Similar for Yizhen and RADAR,which became part of the Geely Auto umbrella

86、 toward the end of 2024 but as of early 2025 there is still yet a clear integration measure.At the end of 2024,even though the Geely brand got rid of the Geome series,the Starship series was launched.In 2025,Geely Auto not only has to fully take on the battle with BYD,but it will also have to fully

87、take on forces internally that go against its integration efforts;September 2024:Geely Auto Announces TaizhouDeclaration Realigning“Central Authority”Desire for Energy-Saving by EnergyType 2024Share of NEV Sales(China Domestic)Geely Auto vs.BYD 2016-2024Geely AutoGeelyLYNK&CO ZEEKRYizhenRADAROthersG

88、eelyGeomeGalaxyGeely AutoGeelyZEEKROthersGeelyGalaxy/StarshipGeomeRADARYizhenOthersLYNK&COZEEKR0%20%40%60%80%100%20162018202020222024Geely AutoBYD0%10%20%30%40%50%60%70%ICEVHEVPHEVEREVBEVSource:TYRIBYD is not resting on its laurels,solidifying its presence in themainstream segment in 2024 and launch

89、ing a high-end offensive in2025 and another price war at its own discretion to counter Geely AutoGeely Auto has been busy trying to battle it out with BYD,which is making its own moves;In 2024,BYD was actively safeguarding efforts from competitors such as Geely Auto trying to fully take on the indus

90、try leader:early in the year,BYD intensified the price war with the launch of Honor editions across its model series,fending off the attack of models such as the Geely Galaxy L7/L6;throughout the year BYD launched a slew of new models dedicated to families such as the Qin L,Seal 06,Song L DM-i and S

91、ealion 05 DM-i to solidify its dominant position in the mainstream car market and maintain its strategic suppression of competitors like Geely Auto;in the second half of the year,BYD accelerated efforts to popularize new energy-saving technologies such as DM-i 5.0,forcing competitors including Geely

92、 Auto to either follow suit or back off.In 2024,these efforts to solidify BYDs dominant position in the mainstream car market proved to be very effective as BYDs domestic end-user sales jumped to 3.49 million units,far ahead of competitors including VW,Toyota and Geely;These initiatives in 2024 made

93、 it easier for BYD to put on an offensive in the high-end car market,as a slew of new large energy-saving vehicles such as the Xia,Tang L,Bao 8,Denza N9 and new Denza N8 will launch to market;In addition to energy-saving technologies and product footprint,BYD commands huge competitive advantage also

94、 on the pricing front,where it has the card to play at its disposal in terms of launching a new round of price war.In 2025,BYD will respond to Geely Autos full-on attack as soon as it senses the need to do so.New ModelsBYD SolidifiesLeadershipPosition in 2024New TechDM-i 5.0E-Platform3.0Price War(Ho

95、nor)(Qin L/Seal 06/Song L/Sealion 05/Yuan UP,etc.)BYDs Major Strategic Initiatives in 2024BYD Key Product Footprint in Early 2025(including select models to be launched)Top 10 Passenger Vehicle Brands in End-UserSales in China in 2024(10,000 units)349 213 158 134 95 86 83 71 70 66 Tang LXiaBao 8Denz

96、a N9Ocean Mid to Large MPVOcean Mid to Large SUVTangHanQin PLUSDestroyer 05Qin LYuan UPYuan PLUSSong ProHan LSong PLUSSong L EVSong L DM-iFrigate 07DolphinSealion 07 EVSealion 05 DM-iSeagullSeal 06 GTSeal 06SealDenza D9Bao 5Denza N7Denza Z9Denza Z9 GTDenza New N8Denza New N70510152025303540453500370

97、0390041004300450047004900510053005500High-EndMainstreamMobility EnablingSource:TYRIX-axis=vehicle length(mm),Y-axis=core pricing(RMB10K)BYDVWToyotaGeelyWulingHondaChanganMercedesBMWAudiGeely and BYD combined accounted for nearly a quarter of Chinascar market in 2024,their full-on battle in 2025 will

98、 result in anindustry-wide“energy-saving war”Because core selling points of energy-saving and pricing of its models are very much on par with those of BYD,and system capabilities in R&D,sales and service have also caught up,Geely Autos full-on offensive in 2025 will make BYD sweat.But Geely Auto sti

99、ll needs to speed up improvement of brand integration and product footprint,while BYD has actively countered the threat by solidifying its position in the mainstream car market in 2024 and launching a high-end offensive in 2025.Therefore,in the short-term,its not going to be easy for Geely Auto to s

100、eriously dent BYDs leadership position.But the battle itself will result in a“1+12”effect for the industry;Geely Auto and BYD combined accounted for nearly a quarter of Chinas car market in 2024.Even if this is maintained in 2025,the energy-saving and price wars that could ensue because of this full

101、-on battle may cause a huge upheaval in Chinas car market this year.Other carmakers will have to respond to Geely Autos moves in addition to those from BYD.In 2025,if BYDs global sales successfully grows to 5 million units including 4.5 million units in China,and if Geely Autos global sales get to 3

102、 million units including 2.5 million units in China,they could account for nearly a third of the domestic market.Their faceoff will jolt the entire industry and result in an industry-wide energy-saving war.Others better get moving!Chinese brands are rapidly wining over Chinese consumers desire and p

103、syche for energy-saving.In 2024,Chinese brands dominated the top 20 mainstream brands in desire for energy-saving:GAC AION,BEIJING and ARCFOX(mostly sold and used for ride-hailing)round out the top three,and BYD followed as the top brand for private purchase.Chinese high-end NEV brands like Li Auto,

104、Denza,VOYAH,Fang Cheng Bao,WEY and AITO also appeared on the top 20 list.Tesla,Toyota,Nissan and Lexus were the only foreign brands on the list;Because its share of ICEV sales was still more than 50%,Geely Auto did not make it into the list.As the consumption wave for energy-saving in Chinas car mar

105、ket picks up momentum,if Geely Auto cannot capitalize on the full-on battle with BYD and accelerate its own energy-saving growth efforts,itll confront bigger potential challenges,and might even be impacted by new energy-saving focused competitors like LeapMotor,Deepal and Landian.A new batch of smar

106、t EV startups and brands focused on energy-saving and pricing will emerge in China.Geely Autos full-on battle with BYD in essence is a full-on battle with itself.Source:TYRIMainstream brand:those with end-user sales in China 30,000 units in 2024Domestic Market Share GeelyAuto/Geely Group vs.BYD2017-

107、2024Spillover Effect of the Full-on BattleBetween Geely Auto and BYD in 2025Top 20 MainstreamBrands in Desire forEnergy-Saving 20240%5%10%15%20%25%30%Geely AutoGeely GroupBYDGeely Auto+BYDGeely Group+BYD2017 2018 2019 2020 2021 2022 2023 202471.28%70.34%67.93%64.23%63.70%63.57%62.39%61.81%61.67%61.4

108、6%61.35%60.82%60.21%58.65%58.61%57.89%57.78%57.56%57.47%56.85%53.51%High-EndMobilityEnablingMainstreamYuan UPYuan PLUSDolphinSeagullSealion 07 DM-iSealion 05 DM-iSong PLUSSeal 07Seal 06Seal 05Denza New N7TangHanSong L DM-iSong ProQin LQin PLUSBYDGeelyYang Wang U8Denza D9Denza Z9/Z9GTDenza N9Denza Ne

109、w N8Bao 8Bao 5XiaTang L Han LGaalxy E5PandaLYNK&CO Z20LYNK&CO 06ZEEKR XXingyuanStarship 7 EM-i Galaxy L6 EM-iGalaxy L7 EM-i Mid to large car(PHEV)Midsize Car(PHEV)Midsize Car(BEV)Xingyue L XingruiEmgrandBoyue LBinyueMidsize SUV(BEV)LYNK&CO 08LYNK&CO 07LYNK&CO 01LYNK&CO 03ZEEKR MIXZEEKR 7XZEEKR 007St

110、arshp 9ZEEKR 001 LYNK&CO Z10LYNK&CO 09ZEEKR Mid to Large SUVZEEKR Large SUVZEEKR 009/PHEVLYN K&CO 900GAC AIONBEIJINGARCFOXBYDTeslaLeapMotorZEEKRToyotaLi AutoNissanORAXpengDenzaVOYAHFang Cheng BaoDeepalLexusWEYAITOWulingGeely AutoGeely and BYD combined accounted for nearly 40%of the Chinesebrand mark

111、et share in 2024,their full-on battle will redefine theChinese brand landscape and drive energy-saving efforts of allChinese brands in 2025-2026If the full-on battle between Geely Auto and BYD centered on energy-saving products is a shock to Chinas car market,then it will be a double shock for Chine

112、se brands:in 2024 Geely Auto and BYD combined accounted for nearly a quarter of Chinas passenger vehicle market and almost 40%of Chinese brand sales;NEV penetration in Chinas car market reached almost 50%and nearly 70%within the Chinese brand camp in 2024.If competitors can be on par with Geely Auto

113、 and BYD in 2025 in terms of energy-saving and pricing,they might still have a seat at the table in 2025-2026.Other-wise,their days might be numbered.Those mid-tier and smaller brands,in addition to actively collabo-rating with Huawei,must also make efforts to improve their product offerings in term

114、s of energy-saving capability and competitive pricing.For cars,energy-saving is more attractive when it comes to meeting the consumer psyche,and energy-saving is not an advantage that Huawei has;In 2025,Chinese brands such as Chery,Great Wall Motor and Changan will also accelerate their energy-savin

115、g and high-end efforts:Chery will launch a slew of new models including the Fulwin A9,Fulwin T8,Fulwin T11,JETOUR Shanhai T5,Shanhai L8,Zongheng G700,STERRA ES EREV,EXEED E08 and Lanyue C-DM,most of them energy-saving large vehicles;Changan will launch the AVATR 06,Deepal S09,Qiyuan Q07 and C798,amo

116、ng others,almost all energy-saving and quite a few of them high-end;Great Wall Motor will launch multiple new models including the TANK 500 Hi4-Z,Haval H7 Hi4,Xiaolong MAX Upgrade and TANK 400/700 Hi4-Z,nearly all energy-saving vehicles and mostly high-end;From 2025 to 2026,a small number of strong

117、Chinese brands not only are prepared to respond to the full-on battle between Geely Auto and BYD,some might even come out as winners.This will only accelerate the consolidation as well as all out efforts to improve energy-saving of Chinese brands;A few of the strong Chinese brands will strengthen th

118、eir energy-saving high-end offensive in 2025,smart EV startups like Li Auto and AITO that are proportionately focused on the EREV powertrain route might confront more severe challenges.And Chinese brands like Roewe and Aeolus that still primarily sell ICEVs are in danger of being eliminated.New bran

119、ds that have superior energy-saving and pricing competitiveness like LeapMotor and Landian have the potential to become new dark horses in the Chinese brand camp and Chinas car market.Geely Auto and BYD Share of Industry and Chinese Brandsand NEV Penetration within Chinese Brands 2017-2024Starship 9

120、ZEEKR 001 LYNK&CO Z10LYNK&CO 09ZEEKR Mid to Large SUVZEEKR Large SUVZEEKR 009/PHEVLYNK&CO 900Haval H6Good CatLUMINCS SeriesAVATR 07/06Deepal G318Deepal SL03/L07Deepal S07/S05Deepal S09Qiyuan SeriesUNI SeriesOshan SeriesAVATR 12/11JETOUR ZonghengJETOUR Large VehicleEXEED Large VehicleChery Large Vehi

121、cleEXEED/STERRAJETOUR/ShanhaiChery/FulwinHaval M6Big Dog/Big Dog IIGaoshanLanshan/Large LanshanConfidence SeriesMenglongTANK 300TANK 500/400TANK 700iCAR seriesChery NEVGeelyBYDGWMChanganCheryDenza Z9/Z9GTYang Wang U8Bao 5Tang LDenza New N8Xia Han LDenza N9Denza D9Bao 8High-EndMobilityEnablingMainstr

122、eamStarship 7 EM-i Galaxy L6 EM-iGalaxy L7 EM-i Mid to large car(PHEV)Midsize Car(PHEV)Midsize Car(BEV)Xingyue L XingruiEmgrandBoyue LBinyueMidsize SUV(BEV)LYNK&CO 08LYNK&CO 07LYNK&CO 01LYNK&CO 03ZEEKR MIXZEEKR 7XZEEKR 007Gaalxy E5PandaLYNK&CO Z20LYNK&CO 06ZEEKR XXingyuanYuan UPYuan PLUSDolphinSeagu

123、llSealion 07 DM-iSealion 05 DM-iSong PLUSSeal 07Seal 06Seal 05Denza New N7TangHanSong L DM-iSong ProQin LQin PLUSSpillover Effect of the Full-on BattleBetween Geely Auto and BYD in 20250%20%40%60%80%20172018201920202021202220232024Share of Chinese BrandsShare of MarketChinese Brand NEV PenetrationFo

124、reign brands share of the industry and NEV market fell to 40%and 10%respectively in 2024,the full-on battle between Geely Autoand BYD will force foreign brands to bring their A-game in energy-saving strategy in 2025-2026 If the full-on battle between Geely Auto and BYD in 2025 is a major shock to Ch

125、inas car market and double shock to the Chinese brand camp,then it would be a triple shock to the foreign brand camp.Over the past four years,BYD single-handedly took away market share of foreign brands led by VW,Honda,Nissan and Buick.From 2020 to 2024,the share of foreign brands in Chinas domestic

126、 passenger vehicle and NEV markets(based on end-user sales)dropped from nearly 70%and 30%to 40%and 10%,respectively.Foreign brands have completely lost their dominant position in the passenger vehicle market and are further being squeezed out in the NEV market.From 2025 to 2026,Geely Autos energy-sa

127、ving and pricing offensive will put salt on the wound for foreign brands livelihood in China;The core reason that foreign brands have not done much in the energy-saving war in Chinas car market is because foreign carmakers have mechanically pushed forward the so-called“electric replacing ICE”strateg

128、y,which is entirely different than the dominant“small EV+large energy-saving vehicle”strategy deployed by Chinese brands that cater to Chinese consumer tastes on NEVs.In order to turn it around,foreign mainstream brands like VW,Buick,Nissan and Ford wanted to test the waters of their new energy-savi

129、ng strategy during the crucial period of 2025-2026,but the full-on battle between Geely Auto and BYD as well as additional moves by strong Chinese brands like Chery,Changan and Great Wall Motor will shorten the time with which foreign brands can prepare for a strategic counter attack,and essentially

130、 make 2025-2026 a decisive period for them.Foreign carmak-ers should be fully aware of the deterioration of the competitive environment,and fully be prepared psychologically and have the right measures in place in response.There is no time to waste.Share of Foreign Brands in industryand NEV Market 2

131、017-2024Foreign Brand Share of MarketForeign Brand Share of NEV Market0%20%40%60%80%20172018201920202021202220232024LUMINCS SeriesAVATR 07/06Deepal G318Deepal SL03Deepal SL07Deepal S07Deepal S05Deepal S09Qiyuan SeriesUNI SeriesOshan SeriesAVATR 12/11JETOURZonghengJETOURLargeVehicleEXEEDLargeVehicleC

132、heryLargeVehicleEXEED/STERRAShanhaiJETOUR/Chery/FulwinHaval H6Good CatHaval M6Big Dog/Big Dog IIMenglongTANK 300GaoshanLanshan/LargeLanshanConfidenceSeriesTANK 400TANK 500TANK 700iCARseriesCheryNEVGeelyBYDGWMChanganCheryDenza Z9/Z9GTYang Wang U8Bao 5Tang LDenza New N8Xia Han LDenza N9Denza D9Bao 8Hi

133、gh-EndMobilityEnablingMainstreamStarship 9ZEEKR 001 LYNK&CO Z10LYNK&CO 09ZEEKR Midto Large SUVZEEKR Large SUVZEEKR 009/PHEVLYNK&CO 900Starship 7 EM-i Galaxy L6 EM-iGalaxy L7 EM-i Mid to large car(PHEV)Midsize Car(PHEV)Midsize Car(BEV)Xingyue L XingruiEmgrandBoyue LBinyueMidsize SUV(BEV)LYNK&CO 08LYN

134、K&CO 07LYNK&CO 01LYNK&CO 03ZEEKR MIXZEEKR 7XZEEKR 007Gaalxy E5PandaLYNK&CO Z20LYNK&CO 06ZEEKR XXingyuanYuan UPYuan PLUSDolphinSeagullSealion 07 DM-iSealion 05 DM-iSong PLUSSeal 07Seal 06Seal 05Denza New N7TangHanSong L DM-iSong ProQin LQin PLUSSpillover Effect of the Full-on BattleBetween Geely Auto

135、 and BYD in 2025HyundaiFordBuickVWNissanHondaToyota.The share of foreign high-end brands in the high-end car market fellbelow 30%in 2024,the full-on battle between Geely Auto and BYDand the acceleration of their high-end offensive will significantlyincrease the likelihood of the demise of BBA in 202

136、5-2026The full-on battle between Geely Auto and BYD and the pending offensive from leading Chinese brands in 2025 will impact foreign high-end brands like Audi,Mercedes and BMW in addition to foreign volume brands like VW and Nissan;The period from 2017 to 2019 represented the early stage of energy-

137、saving efforts in Chinas high-end car market.BBA were the core driver of this at the time.From 2020 to 2024,with the rapid rise of energy-saving high-end brands like Li Auto,AITO and Tesla,NEV penetration in Chinas high-end car market quickly surpassed 50%.But mainstream foreign high-end brands like

138、 BBA saw their market share in the high-end NEV market fall quickly below 30%,resulting in the share of foreign high-end brands in the high-end car market falling quickly to below 60%;As middle-class buyers quickly became the dominant buying force in Chinas car market,that will no doubt strengthen t

139、he energy-saving and pricing selling points in Chinas high-end car market,and create new opportunities for the energy-saving offensive from mainstream Chinese carmakers like Geely Auto and BYD in 2025.As of early 2025,based on information that has been released so far,energy-saving measures from for

140、eign mainstream high-end brands like BBA are very limited in 2025-2026.Mainstream Chinese brands like Geely Auto and BYD will also launch their energy-saving high-end offensive in 2025 following emerging high-end brands like Li Auto and AITO,which will significantly increase the likelihood of deteri

141、oration of BBA sales in China.Share of Foreign High-End Brands in ChinasHigh-End Market and High-End NEV Market,NEV Penetration in High-End Car Market 2017-20240%50%100%20172018201920202021202220232024Share of Foreign High-End Brands in High-End MarketShare of Foreign High-End Brands in High-End NEV

142、 MarketNEV Penetration in High-End MarketLUMINCS SeriesAVATR 07/06Deepal G318Deepal SL03Deepal SL07Deepal S07Deepal S05Deepal S09Qiyuan SeriesUNI SeriesOshan SeriesAVATR 12/11JETOURZonghengJETOURLargeVehicleEXEEDLargeVehicleCheryLargeVehicleHaval H6Good CatHaval M6Big Dog/Big Dog IIMenglongTANK 300G

143、aoshanLanshan/LargeLanshanConfidenceSeriesTANK 400TANK 500TANK 700GeelyBYDGWMChanganCheryDenza Z9/Z9GTYang Wang U8Bao 5Tang LDenza New N8Xia Han LDenza N9Denza D9Bao 8High-EndMobilityEnablingMainstreamStarship 9ZEEKR 001 LYNK&CO Z10LYNK&CO 09ZEEKR Midto Large SUVZEEKR Large SUVZEEKR 009/PHEVLYNK&CO

144、900Starship 7 EM-i Galaxy L6 EM-iGalaxy L7 EM-i Mid to large car(PHEV)Midsize Car(PHEV)Midsize Car(BEV)Xingyue L XingruiEmgrandBoyue LBinyueMidsize SUV(BEV)LYNK&CO 08LYNK&CO 07LYNK&CO 01LYNK&CO 03ZEEKR MIXZEEKR 7XZEEKR 007Gaalxy E5PandaLYNK&CO Z20LYNK&CO 06ZEEKR XXingyuanYuan UPYuan PLUSDolphinSeagu

145、llSealion 07 DM-iSealion 05 DM-iSong PLUSSeal 07Seal 06Seal 05Denza New N7TangHanSong L DM-iSong ProQin LQin PLUSEXEED/STERRAShanhaiJETOUR/Chery/FulwiniCARseriesCheryNEVSpillover Effect of the Full-on BattleBetween Geely Auto and BYD in 2025HyundaiFordBuickVWNissanHondaToyota.LexusMercedesAudiBMWLin

146、coln.The full-on battle between Geely Auto and BYD in 2025 seems to bea dog fight on energy-saving but in reality,an effort to gobble upChinas car marketStarting from 2021,selling points such as energy-saving helped to kick off the meteoric rise of BYD and left Geely Auto,which used to be the No.1 C

147、hinese brand,in the dust.From 2022 to 2023,Geely tried to counter with the launch of multiple energy-saving vehicles such as the Emgrand L PHEV,Xingyue L PHEV and Galaxy L7/L6,but they all flopped.In 2023 the Geely Panda became a surprise hit and the Galaxy E5 and Xingyuan launched in the second hal

148、f of 2024 worked in tandem.These small energy-saving EVs from Geely teared open a line of defense from BYD.In 2025,Geely Auto will take it to BYD not only in the mobility enabling and mainstream markets,but also the high-end market.A strategic blueprint from Geely Auto to fully take-on BYD in 2025 c

149、entered on energy-saving and pricing covering mobility enabling,mainstream and high-end markets is coming into focus;Geely Autos third round of counter attack against BYD in 2025 looks menacing,but is not without weakness:its still in the early stages of brand integration,ICE vehicles still account

150、for a majority of share of sales,and there is lack of macho products.Meanwhile,BYD solidified its leadership position in the mainstream market in 2024 and is putting on an offensive in the high-end market in 2025,and could play the price war card any time to counter Geely Auto.In 2024,Geely Auto and

151、 BYD combined accounted for nearly a quarter of Chinas car market.Their full-on battle in 2025 will create another industry shock and jolt it into an“energy-saving war:”in 2024 Geely Auto and BYD combined accounted for nearly 40%of the Chinese brand market share,and their full-on battle will redefin

152、e the Chinese brand landscape and drive the full-on energy-saving efforts in this camp;foreign brandsshare of the overall market and within the NEV market fell to 40%and 10%respectively in 2024,the full-on battle between Geely Auto and BYD will force foreign brands to accelerate their new energy-sav

153、ing strategy from one about testing the waters to one that is a decisive battle;the share of foreign high-end brands in the high-end NEV market fell below 30%in 2024,the full-on battle between Geely Auto and BYD and their high-end offensive in 2025 will increase the likelihood of further deterio-rat

154、ion of BBA sales in 2025-2026;Are Geely Auto and BYD friends or foes in 2025-2026?Its difficult to tell.They may be in a dog fight,but this fight will actually impact everybody else.Their full-on battle looks like an all-out war but in reality,is an effort to gobble up more market share.Combined Sha

155、re of Geely Auto+BYD in ChinasDomestic Car Market 2017-2024BYDGeely Auto0%5%10%15%20%25%20172018201920202021202220232024Share of NEVs in DomesticSales Geely Auto vs.BYD2016-2024Share of NEV End-User Sales withinIndustry,Chinese Brands,Foreign Brandsand Foreign High-End Brands 2017-2024BYDGeely AutoI

156、ndustryChinese BrandForeign BrandForeign High-End Brand0%20%40%60%80%100%201620182020202220240%10%20%30%40%50%60%70%80%20172018201920202021202220232024This report is produced by TengYi Research Institute.All text,pictures andtables are protected by relevant trademark and copyright laws.Some textand

157、data are collected from public information and are therefore owned bythe original author(s);No organization or individual may reproduce,copy,publish or quote in anyform the content of this report without the prior consent of TengYi ResearchInstitute;For reprint or quotation of content,please contact

158、 us in advance and citesource.No quotations of modifications or abridgements of the originalcontent are permitted.Copyright DisclaimerCurrently TYRI does not publish reports for commercial purposes,we mainly helpempower customers like OEMs and dealers;TYRI prides itself on its rich data and the abil

159、ity to speak the facts based on these data;Everyone has different views,therefore we welcome comments and feedback onour own views.Lets agree to disagree.TYRI positioning:non-commercial digital car market think tankTYRI mission:help Yiche customers better understand Chinascar marketCommunications(Me

160、dia,etc.)Extract（Survey/Consulting/Association/Investment Banking）Target Audience（OEM/Dealer/Investment）Traffic,Leads,Conversion,TransactionAd,Membership,Collection,ActivityReceive Basic InformationGain Core PerspectivesReport,Advisory,Suggestion,Diagnostics,SystemInfo,etc.ServiceFeeGain Trust&Custo

161、mersShare Knowledge&OpportunitiesShareKnowledge&OpportunitiesGain Trust&CustomersGain Trust&CustomersShareKnowledge&OpportunitiesNew Species(non-commercial digital think tank)Pro:WideAudienceCon:Limitedin DepthNature:TrafficConversionEffect:BoostSalesPro:Complementary;Con:Cooperation LimitedNature:C

162、ommunication of Views;Effect:Elevate InfluenceThe media&thepressarestrengtheningdataanalysisandindustry authority,as well as elevatingcooperation withOEMs.Caseinpoint:Yicheforming TYRI.Entities likeconsulting firmsarestrengtheningdata miningcapabilities andindustryauthority,andimprovingindustrycredi

163、bility andcustomerinfluence,likethe McKinseyQuarterlyValue：Guidancefor the massmedia:realize long-term interaction;Cooperationforcommercial extraction:facilitate long-termcollaboration;Trust for customers:build long-termcooperationTraits:CommunicationsConsciousness,ExtractionCapability,Audience Base

164、Auto Industry Dialogue Tour Insights Clear as Blazing FireCore Topic:Creating a SegmentationSpecific EcosystemTime:December 2024-April 2025Target:primarily Yiche customersincluding OEMs,one on one discussionSignup on WeChat:yicheresearch(please provide name,position,company and cell phone#)-a New Bo

165、ok from TengYi Research Institutes Industry Analysis Series gives a deeper look into the past,present and future evolution of Chinas car market centered on specific user segments,thereby empowering core components of carmakers including strategic planning,product optimization and sales&marketing.How

166、 to get your book:OEMs,dealers and Yiche customers shouldcontact their Yiche service personnelNon-Yiche customers please contact TYRIdirectly(WeChat:yicheresearch)From December 2024 to April 2025,TYRI will kick off its 9 round of“Insights Clear as Blazing Fire”Auto Industry Trends&Analysis Dialogue

167、Tour,covering the core topic of“creating a segmentation specific ecosystem”to help carmakers capitalize new opportunities presented by new market trends.thDemystifying Chinas Auto MarketDemystifying Chinas Auto Market(2024 Edition,Part II)Contact UsFollow UsWeChatJuns Market TalkBenya Shi，Industry AnalystMobile：188 0118 7009Mail：WeChat：yicheresearch