Zhu Huarong, Chairman of Changan Automobile: The automobile market will change in 2024, and the new energy elimination competition will accelerate.

In a recent interview with China Fund News, Zhu Huarong, chairman of Changan Automobile, made an in-depth analysis of the Chinese automobile market in 2024. He pointed out that competition in the automobile market will become more intense in the future, competition in the new energy field will further intensify, and the industry will see more differentiation. Zhu Huarong said that with the development of technology and changes in consumer demand, the automotive industry will face unprecedented challenges and opportunities. He emphasized the importance of innovation and quality, pointing out that only by continuously innovating and improving product quality can enterprises remain invincible in the fierce market competition. Zhu Huarong also emphasized the importance of sustainable development, saying that as the prices of bulk raw materials continue to fall, the manufacturing cost of new energy vehicles is expected to be further reduced. , which provides car companies with greater room for price cuts. However, the Matthew Effect in the industry will become more and more obvious, the survival of the fittest will accelerate, and market concentration will further increase. He predicts that by 2024, the top ten car companies by sales will account for nearly 85% of the market, and in the next few years, 80% of car brands will face the dilemma of shutting down operations.

According to the editor’s understanding, China’s automobile market will maintain a steady growth trend in 2023. Data from the China Automobile Association shows that the annual automobile production and sales reached 30.161 million units and 30.094 million units respectively. Among the top ten automobile manufacturers by sales volume, large automobile companies such as SAIC, China FAW, BYD, and Changan Automobile are among the best.

Chongqing Changan Automobile Co., Ltd. recently announced its production and sales report for February. Although the company's production and sales in February declined due to the Spring Festival holiday, the cumulative production and sales from January to February still maintained a year-on-year growth trend. Changan Automobile achieved impressive sales performance in 2023, with annual sales exceeding 2.55 million vehicles, of which the sales of self-owned brand new energy vehicles and overseas sales both hit record highs.

Changan Automobile has set a more ambitious sales target and plans to achieve the sales target of 2.8 million vehicles in 2024. At the same time, the company will further increase investment in new energy and intelligent driving fields. Changan Automobile has cooperated with technology giants such as Huawei to promote the development of the smart car industry. By integrating core technologies and resources, the newly established company will strive to become the world's leading automotive intelligent driving system and component industry leader.

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