Core Viewpoint - The article discusses the various promotional policies introduced by car manufacturers aimed at addressing consumer concerns, but highlights the difficulties in fulfilling these promises, leading to consumer disappointment and skepticism [1][11]. Group 1: Promotional Policies - Car manufacturers are introducing attractive policies such as "one-year price guarantee," "zero self-ignition commitment," and "intelligent driving insurance" to alleviate consumer anxiety regarding vehicle purchases [2][11]. - The "three-year buyback" strategy allows consumers to sell their vehicles back to dealerships at a predetermined discount within specified time frames, but many consumers face challenges when trying to redeem this offer [6][7]. Group 2: Execution Challenges - Many of the promotional policies have stringent execution standards or are subject to various excuses for denial, leading to consumer frustration [4][9]. - For instance, the "intelligent driving insurance" has hidden conditions that limit compensation, often leaving consumers with minimal support in case of accidents [5][9]. Group 3: Market Context - The automotive industry is experiencing declining profit margins, with a reported profit rate of only 4.3% in 2024, prompting manufacturers to focus on after-sales services for profitability [13][14]. - The shift towards after-sales services is evident, as companies like Zhongsheng Group and AutoNation report significant profits from their after-sales operations despite losses in new car sales [13][14]. Group 4: Consumer Trust Issues - The lack of clear, executable details and the ability of manufacturers to fulfill their promises contribute to a growing distrust among consumers [16][11]. - The article emphasizes that without a collective industry effort to ensure transparency and accountability, individual promotional policies may only serve as temporary marketing strategies rather than genuine consumer protections [16][11].

Core Insights - The rapid growth of the new energy vehicle (NEV) market in China is not matched by the development of the corresponding insurance market, leading to high premiums, high claim rates, and high loss ratios in NEV insurance [1][3][7] - The insurance industry is facing challenges due to the high repair costs associated with NEVs, which are exacerbated by the vehicles' design and technology [15][18] - The market for NEV insurance is projected to grow significantly, with estimates suggesting it could reach 500 billion yuan by 2030, accounting for nearly 50% of total auto insurance premiums [9][10] NEV Market Growth - In March 2025, NEV sales in China reached 1.237 million units, with a month-on-month growth of 38.7% and a year-on-year growth of 40.2%, achieving a penetration rate of 42.4% [1] - By the end of 2024, the total number of NEVs in China is expected to reach 31.4 million, representing 8.9% of the total vehicle population, with an annual growth rate exceeding 50% [1] Insurance Market Dynamics - In 2024, the insurance industry covered 27.95 million NEVs, generating 140.9 billion yuan in premiums but incurring a loss of 5.7 billion yuan [3][10] - The average premium for NEVs is approximately 30%-50% higher than that for traditional fuel vehicles, with NEV premiums ranging from 3,000 to 4,000 yuan compared to 2,000 to 3,000 yuan for fuel vehicles [6][10] Challenges in NEV Insurance - The high repair costs for NEVs are attributed to advanced designs, high-tech components, and a lack of scale in parts production, leading to increased insurance claims [15][18] - The operational use of NEVs, particularly in ride-hailing and delivery services, results in a higher claim rate compared to traditional vehicles, with 5.5% of NEVs used for commercial purposes versus only 0.4% for fuel vehicles [19] Regulatory and Industry Responses - Regulatory bodies are closely monitoring the NEV insurance market, with initiatives aimed at improving pricing mechanisms and developing new insurance products to address the unique risks associated with NEVs [14][19] - Major insurance companies are adopting strategies to maintain market share in the NEV segment despite ongoing losses, indicating a willingness to invest in the future potential of this market [9][10] Competitive Landscape - Traditional insurance companies maintain a significant market share in NEV insurance, with the top three companies holding approximately 74.7% of the market [21] - New entrants, including automotive manufacturers, are beginning to establish their own insurance operations, aiming to integrate insurance offerings with their vehicle sales to enhance customer loyalty [22][24] Future Outlook - The NEV insurance market is expected to evolve with increased competition and potential collaboration between traditional insurers and automotive manufacturers, as both sectors seek to adapt to the changing landscape of vehicle technology and consumer needs [27][28]