燃油车市场阶段性回暖！多家跨国车企暂缓全面电动化，加速燃油车智能化升级

Core Insights - The fuel vehicle market in China is experiencing a temporary recovery despite the rising penetration of new energy vehicles (NEVs) [1][2] - Major automotive companies are adjusting their strategies, with some postponing their plans for full electrification and continuing to invest in internal combustion engine (ICE) technology [2][3] - The profitability of fuel vehicles remains significant for many automakers, influencing their strategic decisions [3][4] Group 1: Market Performance - In May, traditional fuel vehicle sales reached 854,000 units, a month-on-month increase of 2.2%, while NEV sales were 1.095 million units, accounting for 54.7% of total passenger vehicle sales [1] - Regional differences are evident, with the Northwest region showing a 68% ownership rate for fuel vehicles and hybrid models in lower-tier cities outpacing pure electric models by 20 percentage points for 18 consecutive months [1] Group 2: Strategic Adjustments by Automakers - Audi has retracted its plan to cease ICE vehicle development by 2033, reflecting a broader trend among global automakers to maintain a dual-path strategy that includes both ICE and NEV investments [2] - Companies like Great Wall Motors are also adopting a "pan-internal combustion engine strategy," focusing on both hybrid technologies and traditional engines [2] Group 3: Profitability and Cost Considerations - Volkswagen Group reported a total profit of €1.7 billion (approximately 13.4 billion RMB) in China, with over 290,000 vehicle deliveries, of which NEVs accounted for about 6.9% [3] - The supply chain for ICE vehicles is more stable and cost-effective compared to the volatile battery raw material market, which has seen significant price fluctuations [3] Group 4: Policy Environment and Future Outlook - The EU has introduced new CO2 emission regulations, aiming for zero emissions by 2035, while in China, the implementation of the National VI emission standards is still pending, allowing automakers to utilize hybrid technologies in the interim [4] - The recovery of the fuel vehicle market is partly driven by temporary policy incentives, and maintaining existing replacement subsidy policies could sustain market competitiveness, especially in the price-sensitive segment below 150,000 RMB [5]