The "January Red" of the auto market! The sharp drop in lithium prices reduces the cost of car companies. Will the price continue throughout the year under fierce competition?

Sep 1, 2024 10:50

Source:SMM

The "January Red" of the auto market has seen a sharp drop in lithium prices, reducing costs for car companies. Despite fierce competition, BYD continues to lead among new energy car companies. Other new forces such as NIO, Leap Motor, and Xpeng are also performing well. The car price war, which started in 2023, is continuing after the Chinese New Year holiday, with companies like Tesla, Lynk & Co, and Volkswagen offering discounts. The decline in lithium prices has provided space for overall cost reductions for car companies. As the penetration rate of new energy vehicles in the market increases, the traditional fuel car market is shrinking, leading to more intense price competition. The China Passenger Car Association expects the price war to continue throughout the year.

In February, many domestic car companies successively released their "report cards" for the beginning month of 2024. CaiBriefing has compiled January sales data for new energy car companies including Changan Automobile, Geely Automobile, and the new energy car companies led by BYD. Although in the total sales ranking, Changan Automobile and Geely Automobile surpass BYD and are at the forefront, but looking only at the new energy car companies, BYD still leads among many new energy car companies with a score of over 200,000 vehicles, it's retail sales of 206,904 vehicles breaks BYD's highest sales record in history, demonstrating its unquestionable strength.

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The "January Red" of the auto market! The sharp drop in lithium prices reduces the cost of car companies. Will the price continue throughout the year under fierce competition?

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