TGOOD(SZ:300001) 虎嗅APP·2025-11-13 00:09Core Viewpoint - The article discusses the growth of China's new energy vehicles (NEVs) and charging piles, highlighting the decreasing vehicle-to-pile ratio while emphasizing that the charging difficulties persist due to the imbalance between private and public charging infrastructure [5][6][8]. Group 1: Growth of NEVs and Charging Infrastructure - In 2020, China had 4.92 million NEVs and 1.68 million charging piles, with a vehicle-to-pile ratio of 3.1:1. By 2022, NEV ownership rose to 13.1 million, and charging piles increased to 5.2 million, reducing the ratio to 2.5:1 [5][6]. - Projections for 2024 indicate NEV and charging pile ownership will reach 31.4 million and 13.08 million, respectively, with a further decrease in the vehicle-to-pile ratio to 2.4:1 [6]. - As of mid-2025, NEV ownership is expected to hit 36.89 million, with charging piles around 16.04 million, leading to a vehicle-to-pile ratio of 2.3:1 [6]. Group 2: Charging Difficulties - The article argues that simply observing a declining vehicle-to-pile ratio does not accurately reflect the alleviation of charging difficulties, as it fails to differentiate between public and private charging piles [8]. - By the end of 2024, out of 16.04 million charging piles, 11.94 million will be private piles, leaving owners of vehicles without charging piles reliant on public options [10]. - The growth of private piles has consistently outpaced public piles, with private piles increasing by 373,000 and public piles by only 85,300 in 2024 [11]. Group 3: Public Charging Infrastructure Challenges - The article identifies three critical variables affecting charging difficulties: the percentage of vehicle owners with private charging piles, the ratio of new public piles to vehicles without charging piles, and the ratio of existing vehicles to public piles [14][15]. - The ratio of existing vehicles to public piles has worsened from 6.5:1 in 2021 to 9:1 by mid-2025, indicating that the growth of public charging infrastructure is lagging behind vehicle sales [15][17]. - The annual production of 30 million vehicles contrasts sharply with the addition of only 850,000 public charging piles, highlighting inefficiencies in public charging infrastructure investment and operation [17]. Group 4: Economic Viability of Charging Operators - The article discusses the performance of 特来电 (Telai Electric), which operates 792,000 public charging terminals, holding a 24% market share as of mid-2025 [19]. - Despite a significant number of terminals, the average profit per terminal is low, with each terminal generating only 4.1 yuan in gross profit per day [24]. - The decline in revenue per terminal is attributed to the expansion of partnerships and collaborations, which dilute the profitability of individual charging stations [22]. Group 5: Charging Speed and User Experience - The article emphasizes that the primary issue is not the number of charging piles but the slow charging speed, which contributes to user anxiety regarding vehicle range [29]. - Current average charging power across 18 million charging piles is only 44 kW, leading to long wait times for users [31]. - The article advocates for a "charging revolution" where charging speeds match those of refueling gasoline vehicles, which would significantly improve user experience and operational efficiency for charging operators [31][38]. Group 6: Government Initiatives and Future Outlook - As of September 2025, China aims to have 28 million charging piles by 2027, with a focus on increasing charging speed and efficiency [32]. - The government has recognized the need for faster charging solutions and plans to enhance the infrastructure to support high-power charging stations [32]. - The article concludes that the future of NEV competitiveness will hinge on charging convenience and speed, rather than just battery capacity [41].