New energy car stocks plummet across the board

Summary

New energy car stocks fell dramatically across the board: Weilai once fell more than 15%, Xiaopeng Motors fell more than 10%, and Tesla fell more than 7%.

New energy car stocks fell dramatically across the board: Weilai once fell more than 15%, Xiaopeng Motors fell more than 10%, and Tesla fell more than 7%.

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　　The “new energy vehicles” disappeared in the government job report: What does it mean to be absent after 7 years?

On the morning of March 5, the IV Session of the XIII National People’s Assembly was inaugurated in the Great Hall of the People. In the government work report released by Congress, one thing was quite surprising is that new energy vehicles have been used. for 7 consecutive years. After being included in the government’s work report (in which the term “clean car” was used in 2017), this year it was absent for the first time. The government work report did not separately mention new energy vehicles. In previous government job reports over the years, “new energy vehicles” have been mentioned many times and are the annual keywords for the auto industry.

The Economic Observer Network reporter noted that although new energy vehicles did not appear, charging cells, replacement stations and battery recycling related to new energy vehicles were included in the government work report. The original text of these keywords mentioned in this year’s report reads “Steadily increase mass consumption of cars and appliances, remove unreasonable restrictions on second-hand car transactions, increase parking, charging batteries and facilities power plant replacement, and accelerate the construction of an energy battery recycling system. “Although there is only a short phrase, there are many industries involved.

One notable feature is that in this year’s government report, all that is involved is the use of new energy vehicles, showing that the government’s guidance and support for the front end of new energy vehicles basically You have reached the goal, and the focus must be shifted to the rear -and end of the vehicle.

Among them, the replacement of power plants is mentioned in the government work report for the second year. In 2020, as an important part of the new infrastructure, the exchange stations are included for the first time in the government work report. In the content of the new infrastructure, the report proposes to expand the “construction of load piles” to “add load piles, interchange stations and other facilities”. Thanks to government support, the battery swap model ushered in rapid development last year.Many companies began to implement the battery swap model and implemented the car and electricity separation sales plan. However, from an industry perspective, there are still many difficulties in the energy exchange model, including the difficulty of unifying standards and the difficulty of profitability caused by the low number of new energy vehicles.

Currently, the key to restricting the development of new energy vehicles is imperfect support facilities, and the first thing that suffers the worst is the lack of charging batteries. The promotion of the battery swap mode can alleviate the anxiety caused by charging, which has also become a key design to promote the development of new energy vehicles. It is expected that in 2021, many car companies still join the energy exchange promotion army, and “charge + exchange” will become two parallel models in the future. The development model and format of new energy vehicles will also show a more diversified trend.

Battery recycling, which was hotly discussed last year, was also included in this year’s government work report. Regarding the recycling of electric batteries, according to the relevant research and reports carried out by the Economic Observer on the recycling of electric batteries in 2020, the first wave of scrapping of batteries in electric vehicles has arrived, and the next two or three years will be the peak recycling period There is no complete channel for knowing where these batteries go and how to recycle them. Judging from the signal emitted by this year’s government work report, the policy level will focus on solving this problem this year and clearing the roadblocks to the development of new energy vehicles.

In addition, the “carbon emissions trading market” related to new energy vehicles is also reported for the first time. The original text of the government report says “Accelerate the construction of the national market for trading energy rights and carbon emission rights, and improve the dual control system of energy consumption.” In the auto industry, double dots have become a hot word in the past year. which is the key to carbon emissions trading. As the requirement for double points increases year over year, companies that lack positive points for new energy vehicles will have to turn to the commercial market to buy points, which will lead to a new market and change the landscape of the industry.

Take Tesla for example: This company made $ 1.58 billion in operating income in 2020 through the sale of carbon credits. And some traditional automakers have to buy credits to complete emission reduction tasks, which in turn adds to their burden. In the last two years, many deputies to the National People’s Congress or CPPCC members have issued opinions on double points, including proposals for double points for commercial vehicles and transfer of positive points.

In 2020, the production and sale of new energy vehicles in my country will be 1,366 million and 1,367 million respectively, which represents a year-on-year increase of 7.5% and 10.9% respectively, and production and sales volume reached a record. According to the China Automobile Association, the production and sales volume of new energy vehicles will exceed 1.8 million in 2021. However, before July 2020, new energy vehicles are in continuous decline. If the increase contributed by Tesla is excluded, China’s new energy vehicles will continue to experience negative growth in 2020.

In addition to content related to new energy vehicles, this government work report specifically mentioned the reform of the “car access system”. The original text of the report says “Implement the reform of the system of access to industrial products and promote the entire process of reform of access to production and management of the circulation of industries such as automotive, electronics and household appliances.”

The appearance of the “car access system” is quite surprising. Previously, the automotive industry had also changed access to production, but the main reason was to liberalize access to new energy vehicles, but some rigid conditions must be met to obtain the production and sales ratings issued by the Development and Development Commission. Reform and the Ministry of Industry and Information Technology. At present, in accordance with the relevant regulations on car production, most of the new car manufacturers adopt the OEM and qualification purchasing method. However, many new automakers said they still hope to have their own production and factory ratings. In this report, what is mentioned is no longer the reform of the access of new energy vehicles, but the reform of the access and circulation of the production of automobiles, which means that the access mechanism of the vehicles of new energy can also be reformed. fuel.

The automotive industry is at a key node of full liberalization. In accordance with previous agreements, the auto industry will abolish foreign ownership restrictions on specialty vehicles and new energy vehicles in 2018, and will abolish foreign ownership restrictions on commercial vehicles in 2020, and in 2022 it will abolish ownership restrictions foreigner in passenger vehicles. and at the same time abolish joint ventures Exceed the limit of two. Through a five-year transition period (starting in 2018), the auto industry will remove all restrictions. Does this mean that next year, Chinese cars will enter a new era, and the access and circulation reform is related to this? Of course, this is also the change required by various new business models with the rapid development of new energy vehicles.

In addition, the report also proposed to stabilize car consumption and remove unreasonable restrictions on second-hand car transactions. In fact, as of 2019, stable car consumption has been mentioned frequently. During the period, measures have been taken such as restarting cars to the field and granting subsidies to car consumption. Especially in the first half of 2020, all localities have introduced measures to promote car consumption. For the actual effect, it is of some importance. The passenger car market is still experiencing negative growth in 2020, but the rate of decline slowed to 6%.

The China Automobile Association had forecast that the passenger car market will resume growth this year, which means that the effect of stabilizing car consumption this year may be more obvious. For Chinese auto companies, with the help of policies, substantial growth may occur this year, especially the luxury car market is more likely to grow substantially. In fact, second-hand car transactions are also related to this. In 2018, the “comprehensive elimination of second-hand car restriction policy” first appeared in the government’s labor report. Several years have passed, but the cancellation of the second – The hand car restriction has not yet been fully met. (Source: Economic Observer)

(Source: Oriental Wealth Research Center)

(Editor-in-charge: DF407)