The Geely Galaxy brand has experienced rapid growth, rising from 15th place in the top 10 NEV brand rankings in 2022 to 6th place in 2024, surpassing brands such as Chery and Changan.

Geely Galaxy’s currently available models are primarily concentrated in the price range below 150,000 yuan, with Galaxy E5 and Galaxy L7 serving as its mainstay models, both achieving over 70,000 retail sales units in 2024.

Geely Galaxy has been actively expanding into lower-tier cities. As of 2024, its sales proportion in tier 1 & new tier 1 cities has decreased from 68% in 2019 to 31%, while sales in tier 2 & tier 3 cities and tier 4 & tier 5 cities have increased to 48% and 21% respectively.

In the below 150k yuan nev market in tier 1 & new tier 1 cities, Geely Galaxy ranks fourth with a 6.1% market share, narrowly trailing Wuling, which ranks third. In tier 2 & tier 3 cities as well as tier 4 & tier 5 cities, Geely Galaxy ranks third with market shares of 5.6% and 5.2% respectively, though there is a significant gap compared to Wuling.

The sales of Geely Galaxy’s key models in different city tiers lag significantly behind competitor BYD. However, with brand consolidation and product iteration, its market competitiveness will strengthen in the future.

The New Energy Vehicle market achieved total sales of 12.2 million units, representing a YoY growth of 37.1% and a market penetration rate of 45%.

Throughout 2024, New Energy Vehicle exports reached 1.089 million units, reflecting a YoY growth of 5.4%, with the export growth rate slowing down.

The growth rates for PHEV, EREV, and BEV were 88%, 79%, and 15%, respectively. Although BEVs still held 57.9% of the NEV market share, this marked a decline of 23.7 pcts compared to 2020

Chinese brands captured 81% of the NEV market share, an increase of 20 pct over five years. In contrast, JV brands lagged in product launches, leading to a significant decline in their market share

The NEV market has grown rapidly in the B-segment and above, with penetration rates reaching 48% in the B-segment and 67% in the C/D-segment.
The intensive launch of A-segment NEVs in late 2024 is expected to drive rapid growth in this segment by 2025

NEV SUV and sedan markets maintained rapid growth, while MPVs gradually gained attention. Among the top 10 best-selling models in each category in 2024, 6 out of 10 sedan models, 4 out of 10 SUV models, and 3 out of 10 MPV models were NEVs

BYD achieved rapid growth, with remarkable success in the NEV market. Tesla’s 2024 sales declined 3%, yet maintained second place. Li Auto and AITO also entered the top five

CATL and BYD account for 70% of the power battery market’s installed capacity, with LFP being adopted by more manufacturers

As of Oct 2024, NEV sales have reached 9.2M units, and full-year sales are expected to surpass 12M, with a penetration rate of 44.7%

As of Oct, NEV exports hit 990k units, a 16.5% YoY increase. Full-year exports are projected to reach 1,230k units, up 19% YoY.

BEVs dominate, EREV & PHEV share rises fast, more brands join EREV/PHEV segment

Chinese brands have captured 80% of the market share in the NEV market, while JV brands are progressing slowly

NEV is gradually developing towards the high-end market, with market penetration showing a dumbbell shape

NEV SUVs show rapid growth, MPVs rising steadily. By Oct, 56 new SUVs vs 40 new sedans launched

BYD, Tesla, and Wuling have maintained stable performance over the years, while competition among other brands has become increasingly intense

CATL and BYD account for 70% of the power battery market’s installed capacity, with LFP being adopted by more manufacturers

As of Q3 2024, global NEV sales reached 11.6M units, with annual sales expected to reach 16.8M units, achieving a penetration rate of 23.1%

Over years of development, Chinese brands have increased their market share from 38.5% in 2015 to 62.5% in 2024, while Japanese brands have declined from 18.1% in 2015 to 3.1% in 2024

Chinese brands’ NEV models have entered multiple global markets and have become the most competitive brands in the NEV market

BYD has become the global leader in NEVs, and furthermore, more Chinese brands are appearing in the top 10 rankings

The sales volume in the price area below 100,000 yuan increased rapidly and the sales volume exceeded 800,000 units in 2021.
The sales volume is concentrated in the A00 class market within 50,000 yuan, but with the launch of new models, it will penetrate into the price area of 70,000-90,000 yuan in the future.
In 2022, the market capacity of the price area below 100,000 yuan will be 1 million-1.1 million yuan.

A00 cars drive the low-end market to increase the sales volume rapidly.

In recent years, the sales volume of the price area below 100,000 yuan has grown rapidly, in 2021 the sales volume will exceed 800,000 units, mainly for A00 class cars.

• Users in the price area below 100,000 yuan are the most sensitive to the price and use cost. HongGuang MINI EV enters the market at a low price and quickly becomes a burst, driving the market sales to soar.
• In 2021, BEV’s sales volume in the price area below 100,000 yuan are highly concentrated in A00 class cars, while the A0 class market has not yet increased.
• Non-restricted cities are the main marketing markets of low-end BEV, which are relatively little promoted by policies such as purchase restrictions.

HongGuang MINI EV develops the A00-level market with a low price.

As a pioneer of the A00-level market segment, HongGuang MINI EV has absorbed many short-distance transportation users with the lowest price and the extreme cost performance.

• In the first 11 months of 2021,344,000 products were sold out, with a monthly average of 31,000 units. The market performance was stable and positive. It is the supply side driving the market demand and has become a phenomenon product.
• In the BEV market segment with an entry price below 50,000 yuan, Hongguang MINI occupies 68% of the market share and is the absolute dominant.

Sales focus on within 50,000, the future will penetrate to 70,000-90,000 yuan.

At present, the sales volume is concentrated in the A00 class market within 50,000 yuan, but with the launch of new models, it will penetrate into the price area of 70,000-90,000 yuan in the future.

• Within 50,000 yuan, mainly A00 class cars and the penetration rate of this class has been close to 100%.
• In the 50,000-100,000 price area, there have been no popular models, but some potential models with rapid sales growth have emerged, which will become an important incremental market in 2022.

Sales growth slowed in 2022, with a market size of 1 million-1.1 million.

The market of less than 50,000 yuan is stabilizing, and the market competition is fierce between 50,000 and 100,000,000 yuan. It is expected that the market capacity of the price area below 100,000 yuan is 1-1.1 million yuan in 2022.

• In the price area of below 50,000 yuan, the star model Hongguang MINI EV has gone through a complete sales cycle, and the sales volume has basically stabilized, and the sales growth rate will slow down significantly in the future.
• In the 50,000-100,000,000 price area, although some potential models have emerged, the fuel vehicles in the price area are significant, while the users in the low price area are highly sensitive to the cost performance, and the future sales growth is limited.