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keyword:Caroline Chen28 result(s)

Press Releases
Total NEV Sales Reached 6.47 Million in 2021 with BYD First in Plug-in Hybrids, Says TrendForce

2022/02/24

Emerging Technologies

In 2021, total sales of new energy vehicles (NEVs including battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles) reached 6473 million units, with annual growth rate reaching 122%, the highest growth rate since the development of vehicle electrification, according to TrendForce’s research Battery electric vehicles (BEV) accounted for approximately 716% of total sales and plug-in hybrid electric vehicles (PHEV) accounted for approximately 281%, while the scale of fuel cell vehicles remained small Tesla ranked first among BEV brands with total global sales exceeding 930,000 vehicles and a 202% market share SAIC-GM-Wuling ranked second, posting strong sales numbers for their low-priced mini electric vehicles in 2021 Other BEV brands such as Ora and Chery have also greatly increased sales performance on the backs of mini-vehicle products The significance of this segment in the NEV market is considerable On the whole, a reinvigorated BEV market has birthed a number of new brands that have further fractured market share The concentration of market share among the top ten BEV brands dropped from 644% in 2020 to 57% in 2022, indicating an escalation of market competition  BYD ranked first in PHEV sales with 273,000 vehicles sold in 2021, accounting for 15% of the market Both BYD and seventh ranked Li Auto posted multifold growth, suggesting China’s reduced PHEV subsidy policy exerted minimum impact on the market In addition to a number of luxury European brands holding their spots on the sales ranking, TOYOTA moved swiftly into fifth place while Jeep, a part of the Stellantis group and known for its performance cars, ranked 10th with the lion’s share of sales coming from the United States and Europe  From a regional perspective, NEV sales in China once again exceeded half of the global total in 2021 while NEVs accounted for 193% of China's overall auto market TrendForce states, in addition to fierce competition, the Chinese market also includes numerous new brands, accelerated mass production, joint venture brands adjusting strategies, and overseas deployment of domestic brands targeting Europe, the Middle East, and Southeast Asia In addition, with the European Union strongly promoting electrification, the penetration rate of NEVs in several leading countries such as Germany and France is expected to reach 20~25% in 2022 In terms of the currently trailing US market, the Biden administration's many policy incentives have focused the actions of brands and supply chains which include the introduction of ever-popular (in the US market) battery electric pickups by a number of automakers In addition, many new brands such as Rivian, Lucid Motors, Fisker, and Lordstown Motors have successively entered the mass production and assembly stage of vehicle manufacturing or plan to enter mass production in 2022, making the future of the US electric vehicle market worth observing in terms of quantity and competition As the global trend of energy conservation and carbon reduction remains unchanged and automakers shift greater proportions of their product lines to electric vehicles, the total number of NEVs is forecast to exceed 10 million in 2022 However, the international situation is turbulent, and the Russia-Ukraine conflict has caused the price of crude oil to rise In addition, Ukraine supplies neon gas for the semiconductor process and Russia is a producer of nickel ore Nickel is a key material for electric vehicle batteries Once the war heats up, the automotive industry will bear the brunt of rising costs and unstable supply chains, which are variables for the development of NEVs in 2022 For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
NEV Market Remains Bullish Across 1Q21-3Q21 Period Against Headwinds, with More Than Four Million Vehicles Sold Globally, Says TrendForce

2021/11/12

Emerging Technologies

Total global sales of NEVs (new energy vehicles) for the first three quarters of 2021 (January-September) reached 42 million units, with BEVs in particular accounting for 292 million units, a 153% YoY growth, according to TrendForce’s latest investigations Total sales of PHEVs, on the other hand, reached 128 million units, a 135% YoY growth Compared to the overall automotive market, whose growth has been constrained by the ongoing semiconductor shortage and effects of the COVID-19 pandemic, sales of NEVs still remained relatively strong Regarding BEV sales, Tesla comfortably took the leadership position with a 215% market share The automaker’s sales volume for the first three quarters of this year already surpassed its sales volume for 2020 Taking second place on the top 10 list, Wuling Hongguang was able to maintain its high volume of sales due to not only low retail prices, but also a gradual expansion of its target markets from tier-three and tier-four cities to tier-one and tier-two cities in China This shift would seem to indicate a corresponding expansion of and shift in Wuling Hongguang’s customer base BYD and Volkswagen took third and fourth places, respectively, with the latter aggressively consolidating its BEV offerings into the ID Family this year Vehicles in the ID Family have accounted for nearly all of Volkswagen’s BEV sales since 3Q21 Despite the rapid growth of the BEV market, competition has been intensifying after traditional automakers began releasing their own BEV models at a faster pace while emerging automakers also began delivering vehicles It should be noted that, although the global semiconductor shortage has not damaged the NEV market to the same degree as it did the traditional ICE vehicle market, the NEV market is not entirely immune to the resultant supply-side issues In addition, China’s power rationing and pandemic-generated transportation/logistics disruptions likewise affected automakers’ manufacturing operations to various degrees Taken together, these aforementioned factors became some of the underlying causes responsible for the shifts in NEV automakers’ market shares Regarding PHEV sales, BYD put up a remarkable performance by leapfrogging to second place in the rankings, and this can primarily be attributed to the release of BYD’s DM-i vehicles, which feature a super hybrid technology aimed at reducing fuel consumption Thanks to the DM-i vehicles, BYD’s PHEV sales began skyrocketing in 2Q21, and the automaker was able to overtake several European automakers with respect to total PHEV sales for the first nine months of 2021 Much like the BEV market, despite the growths in most automakers’ sales volumes, companies will find it increasingly difficult to raise their PHEV market share Looking ahead to the NEV market’s future, TrendForce believes that, as traditional global automakers gradually kick off mass production of vehicles based on the battery electric platform, more and more new BEV models will be released to market at an accelerated pace Furthermore, the next one to three years will serve as the key timeframe for emerging automakers as well as new entrants that crossed from other industries to achieve mass production Therefore, there remains much potential for changes to occur within the rankings of NEV automakers’ sales and market shares For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
NEV Sales for 2021 Projected to Reach 4.35 Million Units, While IoT/Consumer Electronics Vendors Attempt to Enter NEV Market, Says TrendForce

2021/06/23

Emerging Technologies

As the pace of electrification accelerates in the global automotive market, and various governments worldwide implement subsidy policies that encourage consumer EV purchases, sales of new energy vehicles (NEV, which includes both BEV and PHEV) are continuing to rise as well, according to TrendForce’s latest investigations NEV sales for 2021 are projected to reach 435 million units, a 49% increase YoY TrendForce indicates that electrification, smartization, and automation are the three key determinants of the ongoing transformation taking place in the automotive industry Guided by these three determinants, not only are the strategies, business models, and competitions of automakers transforming, but the automotive supply chain is also changing and expanding Upstream component suppliers and downstream manufacturers alike are now operating in accordance with new paradigms High potential for NEV growth entices emerging competitors to enter the market Now that the competition between traditional and emerging automakers in the NEV market is gradually intensifying, traditional automakers have begun releasing BEVs that are based on purely electric platforms rather than preexisting ICE vehicles However, for the vast majority of mainstream automakers, NEV sales account for less than 10% of their total car sales These automakers are therefore placing a top priority on expanding the lineup and sales volume of their NEV models Emerging automakers, on the other hand, are instead focusing on expanding their production capacities, and Tesla as well as Chinese brands (including NIO and XPeng) have made their respective capacity expansion plans NEV sales currently account for only 5% of total automotive sales As such, not only does the NEV market still have high potential for growth, but this potential has also attracted new players, which are mostly consumer electronics and IoT vendors such as Xiaomi and OPPO, to enter the market Given their lack of competencies in developing and manufacturing whole vehicles, these companies are instead acquiring existing automakers or utilizing ODM services Therefore, automotive ODM services are likely to ramp up going forward, while automakers and ODMs will continue building factories via joint ventures, sharing their technologies, and jointly developing NEV models For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
BEV Sales Undergo 153% YoY Increase in Newly Released Total NEV Sales Ranking for 1Q21, Says TrendForce

2021/05/13

Emerging Technologies

Total NEV (New Energy Vehicle, which includes both BEV and PHEV but excludes HEV) sales for the 1Q21 period reached 109 million units, according to TrendForce’s latest investigations Of this figure, BEVs accounted for 750,000 units in sales, a 153% growth YoY, while PHEVs accounted for 340,000 units in sales, a 128% growth YoY In particular, Chinese automakers collectively possessed the largest shares in the BEV market in 1Q21, and certain Chinese BEV manufacturers moved up in the rankings accordingly Other than longstanding market leader Tesla, Chinese automakers Wuling Hongguang, BYD, and ORA occupied three of the top five spots With regards to the BEV market, Tesla remained firmly as the sales leader, primarily thanks to Model 3, which surpassed Model Y by more than 50,000 units in sales despite the latter’s sales growth Wuling Hongguang continued to set sales records in the Chinese market with its Hongguang MINI, which retails for a modest RMB 28,800 Not only was the MINI the highest-selling BEV in China in 1Q21, but Wuling Hongguang also leapfrogged to second place in the top 10 by overtaking Volkswagen and BYD, which ranked second and third in the global BEV market last year Chinese automaker ORA ranked fifth in 1Q21 mainly thanks to the ORA R1, which is also known as the ORA Black Cat and retails for RMB 69,800, with a driving range of 301km Much like the Hongguang MINI, the ORA R1 has been highly popular in its home market As one of the Chinese automakers whose models are relatively high-priced, NIO took seventh place on the top 10 list NIO’s EVs support both charging and battery swapping functions As well, the automaker has been offering BaaS (battery-as-a-service) since 2020, and NIO EVs that are paired with a BaaS subscription plan can be purchased at a RMB 70,000 discount These functional and cost-oriented advantages will likely propel NIO’s sales even further With regards to the PHEV market, changes in the sales rankings for 1Q21 were relatively minor, with no changes in the top four spots, occupied by European automakers BMW, Mercedes-Benz, Volvo, and Volkswagen, respectively Toyota rose through the ranks and took the fifth position after it released PHEV versions of its popular RAV4 and Prius models Notably, Li Xiang, or Li Auto, has been gaining traction in the Chinese market The automaker was able to break into the top 10 list of PHEV sales via only one model, the Li Xiang One, and whether it can maintain this remarkable performance going forward remains to be seen On the whole, TrendForce believes that the regional fluctuation of EV sales will be the key to determining the ranking of automakers in the NEV market In particular, Chinese automakers are able to benefit from several factors: first, China’s vast market; second, the Chinese government’s push for NEV sales in rural areas since March 2021; and finally, online auto retailers’ sales promotions during shopping seasons such as the Shuangpin Shopping Festival (or Brand and Quality Online Shopping Festival) Sales performances in the European market, on the other hand, appear relatively uncertain in 2Q21 due to each European country’s varying market conditions, border restrictions, and pandemic responses

Press Releases
Automakers Score Remarkable Performances in Top Five Ranking of EV Sales in 2020 Thanks to Affordable Models, Says TrendForce

2021/03/02

Emerging Technologies

Global sales of NEV (new energy vehicles, which include both BEV and PHEV) skyrocketed in the final two months of 2020, with various models setting historical sales records, according to TrendForce’s latest investigations TrendForce estimates total NEV sales for 2020 at 29 million units, a 43% increase YoY, and further expects yearly sales to reach 39 million units in 2021 However, as the current shortage of automotive chips has had a considerable impact on the auto industry, some uncertainties still exist in the forecast of EV sales With regards to the BEV market, Tesla primarily focused on marketing the Model 3 as its key model for 2020 The automaker took leadership position with a 245% market share last year, while the Model Y is expected to be key to securing its continued leadership in 2021 primarily because China has issued a sales permit allowing the Model Y to be exempt from purchase tax Furthermore, Tesla was able to catch its competitors off guard by discounting Model Y prices by 30% on the first day of 2021 Volkswagen took second place in the rankings due to not only the excellent market reception of the e-Golf, but also the remarkable sales figures set by the ID3 in 2H20, which helped Volkswagen stabilize its market share Incidentally, as the ID4 is set to hit the market later on, it is expected to make meaningful contributions to Volkswagen’s overall EV sales in 2021 instead of 2020 BYD derives its competitive advantage from having a comprehensive model lineup The Chinese company comfortably took third place with a 64% market share Conversely, fourth-ranked Wuling Hongguang became the dark horse of 2020 by fielding a single EV model, the Hongguang Mini Not only was the Hongguang Mini attractively priced, but the Chinese government also made a heavy push for NEV sales in China's rural areas Both of these factors allowed the Hongguang Mini to become one of the global top sellers within six months of its release Hot on the heels of Wuling Hongguang is Renault, which took fifth place in the ranking Renault was able to score a 56% market share thanks to its longstanding best seller ZOE Although other models, including the Nissan Leaf and Hyundai Kona, also posted remarkable sales performances last year, their respective automakers did not place on the top five list because these automakers each had total EV sales that fell short of the five automakers on the list On the other hand, the top PHEV manufacturers were neck and neck in terms of ranking by market share BMW and Mercedes-Benz each possessed a 13% market share, followed by Volvo with 12% Fourth-ranked Volkswagen and fifth-ranked Audi registered a 10% market share and 6% market share, respectively TrendForce indicates that China and Europe are perfect examples of EV markets propelled by government policies For instance, European automakers have adopted a proactive position to expand their EV lineups as a result of the stringent emissions standards set by the EU, and these automakers have subsequently been aiming to achieve zero carbon emissions or increase the share of EVs in their total vehicle sales Apart from China and Europe, the US is yet another market where policies may have a positive effect on EV sales After winning the 2020 presidential election, Biden is now set to launch his clean energy proposal, which includes replacing the US government’s existing fleet with EVs, removing the previously set ceiling on federal tax credits for EV purchases, and offering consumer tax incentives to replacing their conventional fossil fuel vehicles with EVs, among other actions If these proposed actions were eventually implemented, TrendForce believes they would be able to drive up EV sales in the US

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