China Automobile Dealers Association: Passenger car new four modernizations index is 64.2 in October 2020

China Automobile Dealers Association: Passenger car new four modernizations index is 64.2 in October 2020

The Passenger Car New Four Modernizations Index, jointly released by the Automobile Market Research Branch of the China Automobile Dealers Association (Passenger Car Market Information Joint Committee, abbreviated as PCCA) and Shanghai Anluqin Enterprise Management Consulting Co., Ltd. (abbreviated as Anluqin), aims to regularly monitor the development progress of the new four modernizations in the domestic passenger car market and judge future development trends through historical data comparison.

In October 2020, the new four modernizations index of passenger cars was 64.2, an increase from 62.8 in September 2020. Among them, the electrification index was 6.7; the intelligence index was 51.5; and the networking index was 30.3.

By retrospectively calculating the new four modernizations index of passenger cars starting from October 2019, we can see the trend changes of the new four modernizations index of passenger cars in the past 13 months.

At present, the new four modernizations index of passenger cars has three sub-indices, namely electrification index, intelligence index and networking index.
The electrification index in October 2020 was 6.7, a significant increase compared to September 2020.

The intelligence index in October 2020 was 51.5, a slight increase compared to September 2020.

The connectivity index was 30.3 in October 2020, a slight increase compared to September 2020.

After experiencing the fluctuations in the Chinese passenger car market caused by the epidemic in the first half of 2020, the suppressed sales in the first half of the year were released in the third quarter. In October, the growth rate of the overall passenger car market slowed down significantly, with a year-on-year growth rate of only 4%, but the new energy market performed relatively well, with a year-on-year growth rate of more than 20%, and the new four modernization index showed an upward trend.
Sales data from 2020 to date show that competition in new energy products has intensified and the market has gradually evolved into a product-oriented one. New energy market products are becoming increasingly abundant, product competitiveness is gradually increasing, and consumers' overall acceptance of new energy products is gradually increasing. The significant increase in the electrification index in October was mainly due to the sales of Wuling Mini EV. At the same time, the hot sales of products such as BYD Han and Ora Black Cat have injected new vitality into the new energy market. Wuling Mini EV has created a new market area, and other manufacturers are also paying close attention to the subsequent performance of this new market. From the supply side, as manufacturers pay more attention to the concepts of intelligence and networking, the threshold for Level 1 autonomous driving and primary networking functions is extremely low. After the launch of new cars and product updates and upgrades, the competitiveness has increased. From the demand side: With the trend of younger car buyers, there is a certain preference for intelligent and networked equipment. At present, the intelligence and networking index also maintains a relatively fast growth rate. Overall, the new four modernization index in October continued to show a positive trend of continued growth after the rapid growth in September.
On October 9, the State Council passed the "New Energy Vehicle Industry Development Plan", which clearly stated that the market should play a decisive role in resource allocation, strengthen the dominant position of enterprises in the selection of technical routes, and better play the role of the government in the formulation of standards and regulations, quality and safety supervision, etc. Combined with the overall development trend of the new energy market, it is expected that the new energy market will continue to maintain a high growth rate in the next two months. Based on the performance of the overall market and the New Four Modernizations Index in 2020, we expect the New Four Modernizations Index to continue to rise in the last two months of 2020.

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