In the first half of 2024, the domestic car sales ranking was announced, with Chinese new energy vehicles showing outstanding performance!

According to statistics from the China Automobile Circulation Association, six out of the top 10 were domestic brands, fully demonstrating the strong competitiveness of Chinese automobile brands!

1. In terms of sales ranking in the first half of the year, BYD still firmly holds the championship throne

Among them, BYD's sales performance in the first half of 2024 was very prominent, with retail sales reaching 1.613 million vehicles, a year-on-year increase of 28.46%.

In the field of pure electric vehicles, BYD's sales reached 726,200 vehicles, a year-on-year increase of 17.73%. In terms of hybrid models, sales reached 881,000 vehicles, a year-on-year increase of 39.54%. BYD's product line covers from the Dynasty series to the Ocean Network, to the high-end brand Yuewang and Tengshi, covering multiple market segments.

In the second half of this year, BYD also plans to launch several new models, including the Seal X and Song L equipped with the fifth-generation DM technology, to further enrich the product line and provide consumers with a more excellent driving experience.

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Looking at other peer data, Chery Automobile followed closely with a sales volume of 1.057 million vehicles, becoming the fastest-growing brand in China. Geely Automobile ranked 3rd with a sales volume of 955,000 vehicles, and Changan Automobile ranked 4th with a sales volume of 808,000 vehicles. Joint ventures FAW-Volkswagen and SAIC Volkswagen ranked 5th and 6th with sales volumes of 754,000 and 512,000 vehicles, respectively. It is worth noting that in the past few years, Volkswagen's dominant position in the Chinese market has been replaced by BYD.

In the 7th place on the list, we saw the figure of Great Wall Motors, indicating that among the top 10 car companies in the first half of the year, domestic independent brands occupied 6 seats, and the market penetration rate of domestic cars has significantly increased.

2. Li Yunfei: "Building a World-Class Brand That Commands Respect"

At the "2024 China Automobile Forum" held from July 11 to 13, Li Yunfei, the head of BYD's brand and public relations department, delivered a keynote speech titled "Building a World-Class Brand That Commands Respect." He believes that the Chinese automobile industry is showing a trend of "the more intense the competition, the stronger the development," and believes that "only by rolling can there be opportunities!" Back then, BYD was the one who chewed the hardest bone in the midst of doubts, unrecognized by others, but still persisted, which has led to today's achievements.Over the past four years, the R&D investment of mainstream Chinese automotive brands has increased by 2.5 times. Li Yunfei pointed out that this not only reflects the emphasis on technological innovation but also has helped domestic brands achieve nearly a 60% increase in market share.

In addition, Li Yunfei also emphasized the growth in exports, stating that "the continuous rise in export volume" indicates that the competitiveness of Chinese automotive brands in the international market is continuously strengthening. With the completion of BYD's Thailand factory and the rollout of its 8 millionth vehicle, BYD's overseas sales market is also expected to become a new growth point for BYD's sales volume.

Currently, JPMorgan Chase has raised its target price for BYD's A-shares to 440 yuan and forecasts that its sales volume in 2024 will reach 4 million units. At the same time, it is expected that by 2026, BYD's global delivery volume will reach 6 million units, with about 1.5 million units in overseas markets.

III. R&D investment of 39.9 billion yuan, BYD is number one again

The global top investment bank's recognition of BYD is not only due to its annual sales volume of over 3 million vehicles but also the R&D support behind the sales volume.

In 2023, BYD's sales volume was 3.02 million units, with a total annual revenue of 602.3 billion yuan and a net profit of 38.1 billion yuan. At the same time, the investment in R&D was as high as 39.9 billion yuan, ranking first among many automotive companies.

In the analysis of R&D investment for the full year of 2023, BYD transformed about 4.57 billion yuan of R&D expenditure into intangible assets, indicating that more than 46% of the technological investment has been applied. Clearly, the market has widely recognized the DM-i, Blade Battery, e-platform 3.0, and DiLink 4.0 technologies launched by BYD in 2021, and these technological investments have brought substantial returns to BYD.

In addition, BYD's fifth-generation DM technology has reduced fuel consumption and improved endurance, and models equipped with this technology, such as the Qin L and Seal 06, have been warmly welcomed by the market.

Apart from its self-produced IGBT chips, BYD also announced that it has mastered the independent research and development and manufacturing technology of the third-generation semiconductor, which can also meet the company's own needs. Because of this, BYD can calmly deal with the chip supply disruption that has threatened the industry since the second half of 2023.

BYD's high R&D investment has also encouraged other automotive companies to follow suit. For example, in 2023, Changan Automobile invested 9 billion yuan in R&D, Geely Automobile invested 7.8 billion yuan, and although Great Wall Motors only had sales of 380,000 units, its R&D investment reached 11 billion yuan.IV. Conclusion

Believe in the future, Chinese national automobile brands will not only capture 60% of the automobile market share at their own doorstep but also carve out a 60% share on the global automotive map.

May all Chinese automakers aspiring to be respected world-class brands meet at the summit!