The Beijing Auto Show returns after a 4-year hiatus: Hybrid models are hot under the price war, and smart technology is eagerly anticipated.

In the wave of electrification and intelligence sweeping the automotive industry, amid the full-scale competition between joint venture brands and independent brands, the 18th Beijing International Automotive Exhibition (hereinafter referred to as the Beijing Auto Show) opened on April 25th.

As the "annual opening extravaganza" of the automotive industry, the Beijing Auto Show, which returned strongly after a four-year hiatus, will become a concentrated platform for showcasing automotive trends and product directions. It is reported that this year's Beijing Auto Show will feature 117 global debut vehicles, including 30 global debut vehicles from multinational companies and 41 concept cars.

According to a preliminary analysis by reporters from "Daily Economic News," this year's Beijing Auto Show is full of "technology," "intelligence," and "new energy." In addition to the simultaneous release of new products by car companies, industry chain companies such as chip and battery manufacturers will also make appearances to showcase their technological prowess.

In addition, since its establishment in 1990, the Beijing Auto Show, which has been held for 16 sessions, is also seen as an important platform for driving automotive industry consumption. With the debut of the latest models from joint venture brands and independent brands, this year's Beijing Auto Show is also expected to stimulate a new round of consumer enthusiasm in the automotive industry.

International mainstream automotive brands are "eager"

At this year's Beijing Auto Show, a number of international mainstream automotive brands, including BMW and MINI, Mercedes-Benz, Honda, Audi, and Volkswagen, will be participating and making appearances.

Recently, Mercedes-Benz announced that it will bring 21 new vehicles and forward-looking technologies to the show, including 1 global debut, 7 China debuts and show premieres, and 8 models for the Chinese market. Among them, the "toughest" G-Class, the "most powerful" AMG flagship sports car, and the "most luxurious" Maybach from the Mercedes-Benz family will all showcase the latest progress in electrification. The BMW Group's BMW and MINI brands will showcase various models, including the new BMW 4 Series family, the new BMW M4, the all-electric crossover MINI ACEMAN, and the BMW iX5 hydrogen fuel cell vehicle. Audi's first pure electric vehicle model based on the PPE platform and designed specifically for the Chinese market, the Q6L e-tron, will also make its global debut at this year's Beijing Auto Show.

In terms of Japanese brands, Toyota's pure electric car models bZ Sport Crossover Concept and bZ FlexSpace Concept will make their global debut; Nissan's Hyper Force electric concept car and Nissan Formula E Gen3 race car will make their China debut; Honda is also expected to showcase three new models of its new electric brand "Yue".

Not only that, the first new car under Volkswagen Group's new product category "ID.UNYX with the masses"; Ford's domestically produced Mustang, Mustang convertible sports version EcoBoost; Hyundai's new models will also debut at the Beijing Auto Show.

In addition, luxury car brands such as Porsche, Lamborghini, Bentley, and Rolls-Royce, as well as luxury modification brands, will also be showcased at the Beijing Auto Show.

Indigenous brands are leading the hybrid "trend"

As the main force in the new energy transformation of the automotive industry, leading indigenous brands such as GAC Aion, Chery, and Jinkang will debut multiple new energy vehicle models at this year's Beijing Auto Show.

Chery's new compact pure electric SUV, the iCAR 03T, is planned to be officially unveiled at this year's Beijing Auto Show; GAC Aion will release new models and brand renewal plans; the 2024 NIO ET7 will also debut at the Beijing Auto Show; Jinkang MIX will make its first appearance at the Beijing Auto Show.

In addition to the above-mentioned pure electric models, hybrid models from indigenous brands will be one of the highlights of this year's Beijing Auto Show. It is reported that the all-new model, the "world's first multi-purpose large 6-seater SUV for all scenarios," the Zero Run C16, will make its debut at the Beijing Auto Show; four models including the BYD Leopard 5, Leopard 8, Leopard 3 concept car SUPER 3, and concept sports car SUPER9 will also collectively debut at this year's Beijing Auto Show.

It is worth noting that before the opening of this year's Beijing Auto Show, the competition for hybrid models has already become very intense.

For example, on April 22, Chery's Jetour Shanhai T2 was launched, focusing on the hybrid off-road track, with an official guide price range of 179,900 to 209,900 yuan. Li Xueyong, deputy general manager of Chery Automobile Co., Ltd., revealed to reporters, "In the next two years, Jetour Automobile will launch 15 new products in succession and achieve an annual sales target of 1 million vehicles by 2026."

On the same day, BYD also launched the Tang DM-p Honor Edition and the 2024 War God Edition models. Among them, the Tang DM-p Honor Edition has a total of 2 models, with prices ranging from 229,800 to 249,800 yuan; the 2024 Tang DM-p War God Edition has 1 model, priced at 269,800 yuan.

In fact, with the continuous development of the new energy vehicle industry, hybrid models have become one of the incremental markets that many car companies are currently focusing on. According to data from the China Association of Automobile Manufacturers, the annual sales of plug-in hybrid electric vehicles in China reached 2.804 million units in 2023, an increase of 84.7% year-on-year. Zhang Yongwei, Vice Chairman and Secretary General of the China Electric Vehicle Hundred People's Association, previously predicted that plug-in hybrid electric vehicles, including extended-range models, will contribute to one-third of the sales of new energy vehicles in China in 2024.

Tech companies showcase "intelligent muscles"

Against the backdrop of the transformation of the automotive industry, consumers have put forward higher requirements for the intelligence and endurance of new energy vehicles. Cross-industry cooperation in chips and batteries has become an important force driving the rapid development of the automotive industry. At this year's Beijing Auto Show, reporters also noticed that companies in the chip and battery industries will also participate in the exhibition, showcasing their intelligent and technological capabilities.

Companies such as CATL, Huawei, Huawei Digital Energy, iFlytek, EVE Energy, DJI Automotive, and Xpeng will participate in the exhibition, showcasing traditional automotive components, assemblies, systems, as well as rapidly developing new energy and intelligent connected products.

It is worth noting that on the eve of the opening of the Beijing Auto Show, some car companies announced cooperation with the aforementioned tech companies. For example, GAC Group announced that several GAC models are now equipped with Huawei's intelligent cockpit, and Huawei's advanced intelligent driving assistance system will also be launched in GAC brand models in the future.

In fact, with the participation of a group of technology companies such as Huawei, Xiaomi, and CATL, the intelligent and technological process of the automotive industry will usher in even faster development. From a policy perspective, the "Development Plan for the New Energy Vehicle Industry (2021-2035)" clearly states the direction of development, which is to adhere to electrification, networking, and intelligence. In November 2023, the Ministry of Industry and Information Technology and four other ministries jointly issued a notice on conducting pilot projects for the admission and on-road operation of intelligent connected vehicles, mentioning that through the pilot projects, it will guide intelligent connected vehicle manufacturers and users to strengthen capacity building, promote the improvement of the functions and performance of intelligent connected vehicle products, and optimize the iterative development of the industry ecosystem, all while ensuring safety, and promote the high-quality development of the intelligent connected vehicle industry.

Driven by both policy and market forces, China's new energy vehicle industry is developing rapidly. According to data from the China Association of Automobile Manufacturers, in the first quarter of this year, the production and sales of new energy vehicles reached 2.115 million and 2.09 million units, respectively, representing year-on-year growth of 28.2% and 31.8%. With multiple car manufacturers unveiling new models at this year's Beijing Auto Show, it is widely expected in the industry that this will become a key driver for the new round of growth in the automotive consumer market in 2024.