3 6 Ke·2025-06-02 11:19Core Viewpoint - The rapid rise of zero-kilometer used cars in the Chinese electric vehicle (EV) market is a significant issue, exacerbated by price wars initiated by leading companies like BYD, leading to a collapse in the residual value of EVs [1][2]. Group 1: Price War Impact - BYD's price war in 2024 resulted in a dramatic price drop for new models, with the Qin PLUS DM-i priced at 12.58 million yuan and zero-kilometer used cars selling for 8.98 million yuan, a decrease of 28.6% [2]. - The residual value of the BYD Seagull dropped from 75.29% in 2024 to 68.7% in 2025 due to the price war, indicating a significant decline in the value of new energy vehicles [2]. - The phenomenon of zero-kilometer used cars has created a "shadow market," with 18% of BYD's inventory being sold through this channel in 2024, leading to confusion in the pricing system between new and used cars [2][3]. Group 2: Technological and Policy Challenges - Rapid technological advancements in EVs have further complicated the residual value issue, with the introduction of BYD's fifth-generation DM system leading to a 12% depreciation in older models [4]. - The introduction of new battery technologies, such as solid-state batteries, has resulted in a 25% decline in the residual value of older models, compressing the depreciation cycle from five years to 2-3 years [6]. - Policy exploitation by used car dealers, such as fraudulent practices to claim government subsidies, has led to a further decline in the residual value of vehicles sold under these schemes [6][7]. Group 3: Regulatory Response and Industry Adaptation - Regulatory bodies are beginning to take action, with the Ministry of Commerce convening meetings with major car manufacturers to enhance oversight and establish a credit evaluation system [7]. - NIO has launched an official used car platform that includes extensive inspections and warranties, aiming to transform the perception of used cars from non-standard to certified products [8]. - The industry is exploring innovative solutions, such as the adoption of solid-state batteries, which could improve the longevity and value retention of EVs in the future [8][10]. Group 4: Future Outlook - The potential for improved residual values exists with the widespread adoption of solid-state batteries and the establishment of a certified used car system [10]. - A collaborative effort among manufacturers, regulators, and consumers is essential to create a sustainable ecosystem for the EV market, ensuring long-term growth and stability [10].