Group 1 - Toyota's new car sales in China from January to June increased by 6.8% year-on-year, reaching 837,700 units, marking the first time in four years that it surpassed the previous year's performance in the same period [1] - The combined new car sales of Honda and Nissan in China decreased by double digits, with a total decline of 7% to 1.43 million units compared to the same period [1] - Japanese automakers are lagging in the EV and PHV sectors in China, with sales down 40% compared to the recent peak in 2021 [1] Group 2 - FAW Toyota, a joint venture with China's First Automobile Group, saw a sales increase of 16.3% to 377,800 units, while GAC Toyota, in partnership with Guangzhou Automobile Group, grew by 0.6% to 364,200 units [2] - Lexus, the luxury brand, experienced a 1.3% increase in sales, reaching 85,600 units [2] - Honda's new car sales in China from January to June fell by 24.2% to 315,152 units, with the Accord and CR-V remaining strong but other models underperforming [2] Group 3 - Nissan's sales decreased by 17.6% to 279,546 units, with both Honda and Nissan losing market share to Chinese manufacturers [3] - In June alone, Toyota's sales grew by 3.7% to 157,700 units, while Honda's sales dropped by 15.2% to 58,468 units, and Nissan's sales increased by 1.9% to 53,843 units [3]

Core Viewpoint - Toyota's new RAV4 has upgraded its plug-in hybrid vehicle (PHV) engine, achieving a pure electric mode range of 150 kilometers, which is 1.5 times the previous range, while also increasing the total range to over 1350 kilometers, indicating a strong push to compete with leading Chinese companies like BYD in the PHV sector [1][3]. Group 1: Product Features and Innovations - The new RAV4 features the latest sixth-generation hybrid system, which includes a 30% increase in battery capacity, enhancing its overall efficiency [3]. - The total range of the vehicle, when fully charged and fueled, exceeds 1350 kilometers, comparable to the distance from Tokyo to Kagoshima [3]. - The new hybrid system utilizes high-efficiency silicon carbide (SiC) semiconductors, improving output power by over 12% by reducing electrical losses [3]. - The e-Axle's overall height has been reduced by 15% and weight by 18%, improving interior space and seat comfort [4]. Group 2: Market Position and Competition - Despite the advancements, Toyota's global sales of PHVs remain low, accounting for only 2% of total sales, with projected sales of 153,829 units in 2024 [6]. - In contrast, BYD sold 2.5 million vehicles in 2024, surpassing pure electric vehicle sales, highlighting the competitive landscape in the PHV market [6]. - Toyota's strategy includes focusing solely on the latest hybrid engine for the new RAV4, eliminating gasoline models, which aligns with stricter emissions regulations globally [6][5].

Core Viewpoint - The Chinese market for Plug-in Hybrid Vehicles (PHV) is experiencing rapid growth, outpacing Electric Vehicles (EV) due to longer driving ranges and increasing competition among major automotive manufacturers [1][4][7]. Group 1: Market Trends - Major automotive manufacturers in China are accelerating their deployment of PHVs, with brands like Zeekr and Xpeng set to launch their first PHV models [1][4]. - The demand for PHVs is driven by their ability to offer longer ranges compared to EVs, making them increasingly popular among consumers [1][6]. - In 2024, PHV sales in China are projected to reach 5.14 million units, an 83% increase from 2023, while EV sales are expected to grow by only 15% to 7.71 million units [7]. Group 2: Product Launches - Zeekr's PHV model "9X" is scheduled for launch between July and September, featuring a range of 380 kilometers in electric mode and extended range with the engine [4][5]. - BYD plans to introduce two new PHV models in its "Ocean" series, priced around 100,000 yuan [5]. - Guangzhou Automobile Group is focusing on battery performance for its upcoming PHV, utilizing CATL's latest "Xiaoyao Battery" which can charge from 30% to 80% in 15 minutes [5]. Group 3: Competitive Landscape - Volkswagen has unveiled its first EREV concept car "ID.ERA," which can travel 300 kilometers in electric mode and up to 1000 kilometers with the engine [6]. - Mazda is set to launch its new SUV "EZ-60" by 2025, expanding its offerings in the PHV segment [6]. - Xpeng is also entering the EREV market, with plans to launch a model by late 2025 to meet the growing demand for PHVs [6]. Group 4: Export Opportunities - PHV exports from China are expected to triple in 2024, reaching 290,000 units, while EV exports are projected to decline by 10% [7]. - As the Chinese automotive market becomes saturated, domestic EV manufacturers are increasingly targeting European and Southeast Asian markets, positioning themselves as strong competitors against established brands [7].