Cango Newsletter 20210208

Date: 2021-02-08

Cango Newsletter 20210208


FY2020 Total Duty-Free Sales in Hainan Grew 103.7% YoY

According to the customs statistics, the total sales of Hainan duty-free island reached RMB27.48 billion in 2020, a year-over-year increase of 103.7%. A total of 4,484 thousand customers shopped at duty-free shops in 2020, representing a year-over-year increase of 19.2%. The transaction volume of duty-free shopping increased by 87.4% year-over-year. In the past month, five new duty-free shops were opened, amounting to a total number of nine operated shops.


Hurun Report: Over 5 Million Chinese Families with Wealth Exceeding RMB6 million

According to the latest “Hurun Wealth Report 2020,” over 5 million Chinese households had a wealth of RMB6 million or more, up 1.4% YoY. About 2.02 million Chinese families had a wealth of RMB10 million or more, up 2% YoY, while 130,000 households with wealth over RMB100 million, up 2.4% YoY.

Cango Newsletter 20210208


Global New Energy Vehicles Reached 2.86 million in 2020, China Accounted for 41%

In 2020, the global sales volume of general new energy passenger cars reached 5.16 million, up 17% YoY. Among them, the global sales volume of plug-in hybrid, pure electric and fuel-cell new energy vehicles reached 2.86 million, up 36% YoY, of which China accounted for 41%.


CAAM Expects January Auto Vehicle Sales in China to Increase by More Than 30%

According to China Association of Automobile Manufacturers (CAAM), China vehicle sales in January are expected to grow by 31.9%YoY to 2.54 million units. Passenger vehicle sales are expected to reach 2.07 million units, up by 28.4% YoY, while commercial vehicle sales are expected to increase by 50.1% YoY to 480,000 units. CAAM pointed out that, from the development trend of the auto industry, along with the steady recovery of the economy, consumer demand sees a strong recovery and China's auto market still has huge potential. In 2021, China auto recovery is on track as vehicle sales are expected to rise by around 4% to exceed 26 million units. Sales of new energy vehicles are expected to hit 1.8 million units this year, up by 40% YoY.


NIO, Xpeng and Li Auto Sales Soared in January 2021

NIO delivered 7,225 vehicles in January 2021, recording a new monthly high for sixth consecutive month with a month-on-month increase of 3% and a year-on-year increase of 352.1%. Xpeng surpassed Li Auto and followed NIO to become the No.2 in terms of total sales. Xpeng delivered 6,015 vehicles with a year-on-year increase of 470%, setting a new monthly delivery record for three consecutive months. Li Auto delivered 5,379 new cars in January, a 355.8% increase YoY, representing a month-on-month decrease compared with 6,162 deliveries last month.


SAIC Motors Released “14th Five-Year Plan,” Aiming to Be the World’s Top Five Automobile Companies

SAIC Group issued the "14th Five-Year Plan" and strived to become the top five automobile companies by 2025, with a trillion-level business scale. According to the announcement, SAIC Group's operating income reached RMB843.3 billion in 2019, and its total operating income in the first three quarters of 2020 was close to RMB500 billion.


Great Wall Motor Announced Strategic Investment in Horizon Robotics

Great Wall Motor and Horizon Robotics, a pioneer and a leader in edge-AI computing for smart mobility, will utilize their extensive expertise in intelligence technology and leading automotive intelligent chips and algorithms to speed up the development in autonomous driving and AIoT. At the same time, the two parties will sign a framework agreement to explore intelligent automobile technology, develop market-leading intelligent automobile products, and accelerate the R & D and mass production of intelligent automobiles.