In 2023, China's automobile production and sales will reach 3,01610,000 and 300940,000 units, a year-on-year increase of 116% and 12%. China's automobile production and sales exceeded 30 million for the first time, hitting a record high, and achieved double-digit growth. In particular, in terms of new energy vehicles, the production and sales exceeded 9 million units, with a market share of more than 30%. According to the China Association, China's total car sales will exceed 31 million units in 2024, a year-on-year increase of more than 3%. The NEV market is particularly strong in 2024, with annual sales expected to reach 11.5 million units, up 21% year-on-year. This growth rate far exceeds the growth of production and sales of traditional vehicles, showing the strong momentum and broad prospects of the new energy vehicle market. At the same time, the market penetration rate of new energy vehicles is also expected to further increase to 36%.
In 2024, the competition in the subdivision track will intensify, new players will enter the market, the industry will be more involuted, and the competition pattern will change. On February 18, He Xiaopeng, CEO of Xpeng Motors, mentioned in a letter to all employees that this year is the first year for Chinese auto brands to enter the "sea of blood" competition, and it is also the first year for the knockout competition. On the same day, Geely Automobile Group CEO Gan Jiayue said in a letter to all employees that 2024 will be the most volatile year for the auto market, "volume **, volume products, volume services, volume traffic". Investment and financing is an important indicator of market activity. According to data from the Flint Industry Data Center, the cumulative amount of financing for the national automotive industry in January 2024 has exceeded 2.2 billion, mainly distributed in southeastern provinces. In terms of the number of financings, Guangdong Province, Jiangsu Province and Far Ahead led the way, with 10 and 7 respectively, accounting for 51 of the total number of financings52%。In terms of the total amount of financing, Guangdong Province is the most prominent, with 83.4 billion yuan, accounting for 36 percent of the total amount40%。
Chart: Regional distribution of financing for the automotive industry in January 2024**: Flint Creation Industry Data Center.
From the perspective of financing stage, a total of 15 financings in January 2024 were equity financings, accounting for 45% of the total45%, with 9 projects concentrated in the Series A stage, accounting for 27 of the total27%。Among them, the total amount of equity financing is the highest, which is 69.9 billion yuan, accounting for 30 percent of the total51%, Series A also received a higher financing amount, 36.5 billion yuan, accounting for 15 percent of the total93%。
Chart: Financing rounds for the automotive industry in January 2024**: Flint Creation Industry Data Center.
The most noteworthy projectsGAC Group: The three shareholders increased their capital by 69.9 billion
GAC Group announced that in order to cope with the rapid development trend of new energy vehicles and realize the strategic transformation of the joint venture GAC Hino to new energy commercial vehicles, the shareholders have reached a consensus to adjust the equity of GAC Hino, and the company and Guangzhou Hydrogen Cloud New Energy Technology Investment Partnership (Limited Partnership) (hereinafter referred to as "Hydrogen Cloud New Energy") will be 2969 respectively090,000 yuan, 407CNY 390,000 was acquired from GAC Hino held by Hino Motor Co., Ltd. 45% equity; After the completion of the above-mentioned equity adjustment, the company, Hino Motor Co., Ltd., and Hydrogen Cloud New Energy will hold shares respectively. 45%；At the same time, the shareholders of the three parties will jointly increase their capital by 69.9 billion yuan, of which the company increased its capital by 62.7 billion yuan, Hino Motor Co., Ltd. increased its capital by 3376480,000 yuan, hydrogen cloud new energy capital increase of 3809910,000 yuan.
Peanut Good Car: Complete 6500 million financingPeanut Haoche, a new automotive retail platform, announced the completion of a 6. investment led by local state-owned assetsRMB 500 million financing, which will be used to expand the sales network of peanut cars, accelerate the layout of new energy vehicle stores, and optimize and upgrade the information system. This round of financing will help Peanut Haoche to further innovate and develop in the field of new automotive retail. Focusing on the three, fourth and fifth offline sinking markets, Peanut Haoche reshapes the channel network, reconstructs automobile consumption, and redefines new automotive retail through the business model of "direct sales + direct leasing + direct procurement". At present, there are more than 600 chain stores and 26 central warehouses across the country, covering more than 300 cities.
Lingchong New Energy: Obtained hundreds of millions of strategic financingXi'an Lingchong Chuangxiang New Energy Technology Co., Ltd. (hereinafter referred to as "Lingchong New Energy") has received a strategic investment of hundreds of millions of yuan, and the financing is led by Sinopec Capital Co., Ltd., followed by Yunhao Capital, an old shareholder of Lingchong New Energy. The financing will be mainly used for R&D investment, market expansion and capacity improvement. Lingchong New Energy is located in Xi'an High-tech Zone, is a national high-tech enterprise focusing on product development, manufacturing and sales in the fields of new energy vehicles and new power systems in the new energy industry, with a production area of more than 30,000 square meters, more than 10 production lines, 3 automated production lines, an annual output of more than 600,000 AC piles, and more than 20,000 sets of high-power and energy storage microgrid equipment.
Top 10 financing projects in the automotive industry in January 2024
*: Flint Creation Industrial Data Center.