BYD(SZ:002594) Qi Lu Wan Bao Wang·2025-03-25 11:48Core Insights - The high cost of battery replacement for electric vehicles (EVs) is causing significant concern among owners, with replacement costs often exceeding the vehicle's resale value [1][2][3] - The trend of increasing EV scrappage is evident, with projections indicating a substantial rise in the number of retired EVs in the coming years [3][4] - Consumers are increasingly considering the total cost of ownership, including battery replacement and vehicle depreciation, when purchasing EVs [4][8] Group 1: Battery Replacement Costs - The cost of replacing batteries for older EV models, such as the Tesla Model S, can reach up to 22,000 USD (approximately 160,000 RMB), which is higher than the vehicle's current market value [1][2] - In China, the battery replacement costs for various EV models are similarly high, with prices ranging from 19,900 RMB to over 220,000 RMB, while the resale value of these vehicles is significantly lower [2][4] Group 2: Market Trends and Consumer Behavior - The number of scrapped EVs is on the rise, with projections of 12,000 units in 2023 and 26,000 units in 2024, indicating a growing trend in the retirement of older EVs [3] - The penetration rate of EVs in the Chinese market is expected to reach 40.3% by the end of 2024, with an anticipated increase to 57.8% by 2025 [3] Group 3: Consumer Considerations - Consumers are increasingly weighing the cost of battery replacement and vehicle depreciation when deciding whether to purchase an EV or a traditional fuel vehicle [8][9] - The resale value of EVs is a significant concern, with experts suggesting that consumers should aim to keep the purchase price of EVs between 200,000 to 300,000 RMB to mitigate depreciation risks [8][9] Group 4: Warranty and Technology Developments - Many manufacturers are introducing comprehensive warranty policies to alleviate consumer concerns regarding high battery replacement costs, with companies like BYD offering lifetime warranties on battery systems for the first owner [6][7] - Technological advancements in fast-charging capabilities are being developed by various brands, enhancing the user experience and addressing concerns about charging times [7]