以“精品化、差异化”切入微型电动车市场，埃尚汽车首款新车A100C上市，售价3.98万元起

Core Insights - Wuling New Energy has launched a new electric vehicle brand, Aishang Automobile, with its first mass-produced model, A100C, priced between 39,800 and 52,800 yuan, marking a significant step in its "commercial and passenger" strategy [2][5][10] - The micro electric vehicle market is recovering after a 27.9% decline in 2023, with a projected 29.2% growth in 2024, making the timing of A100C's launch favorable [2][7][18] Company Strategy - The establishment of the Aishang brand is part of Wuling New Energy's long-term strategic layout, aiming for coordinated development of commercial and passenger vehicles by 2025-2027 and a shift in focus by 2030 [5][9] - To overcome production qualification barriers, Wuling New Energy partnered with Henan Senyuan Electric Vehicle, holding 75% of the sales company, allowing for effective market promotion while maintaining control over product definition and channel management [7][9] Market Context - The micro electric vehicle market has seen a significant reduction in active brands, with only 60 remaining out of 163, creating opportunities for new entrants like Aishang [7][18] - The A00 segment saw sales of 796,000 units in the first three quarters of 2024, reflecting a 29.2% year-on-year increase, indicating a strong recovery in this market [7][18] Product Features - A100C features a 220 km CLTC range, meeting new policy requirements for tax exemptions and surpassing competitors like Wuling Hongguang MINIEV [12][17] - The vehicle's design includes a 3-door, 4-seat structure, catering to urban commuting needs, particularly for first-time buyers and families [14][15] Competitive Landscape - A100C is strategically priced in a competitive range, targeting the core price band of micro electric vehicles, which accounts for 72% of market sales [10][18] - The vehicle is expected to include essential safety features and smart technology, providing a competitive edge against established models like Changan Lumin [17][19] Opportunities and Challenges - The market presents opportunities due to favorable policies, evolving consumer demands, and growth in lower-tier cities, where Wuling has a strong channel advantage [18][19] - Challenges include intense competition from established brands and the need for Aishang to build brand recognition and customer loyalty in a market characterized by low brand loyalty [19][20] Industry Trends - The launch of A100C aligns with the trend of "premiumization and differentiation" in the micro electric vehicle market, emphasizing the need for models that combine price advantages with quality assurance [20]