易车研究院：警惕比亚迪卷完价格“卷品牌”；中国车市净推荐率洞察报告(2024英文版)

Insights on China Car Market NetPromoter Score (2024)Yiche Research InstituteBeware of BYD’s Brand War After Its Price WarAuthorsDirector/Chief Analystzhoulijun1@yiche.comIndustry Analystgaoying1@yiche.comIndustry Analystshibenya@yiche.comLijun ZhouYing GaoBenya ShiVisual Designerzhangqiang9@yiche.comQiang ZhangNet Promoter Score (NPS)Measures the level of satisfaction and appeal from users to companies or brands；YRI NPS survey focuses on how likely you are to recommend a certain vehicle model to a friend or family member looking to buy a car；NPS= recommended (%) – not recommended (%)；A score of 0 denotes not recommended at all, 10 denotes definitely recommended, the higher the score, the higher the inclination to recommend；Source: Online survey of Yiche certified owners based on January-August 2024 research data.109876543210RecommendedHesitantNot RecommendedIn 2024, the overall NPS in China’s passenger vehicle market fell to 15.23%, continuing a string of three years of decline. This shows that Chinese car buyers are becoming ever more demanding, and carmakers can no longer satisfy Chinese customers by extending wheelbases of car models or launching similarly styled but different sized “Russian Dolls,”which had worked wonders in the past;Price was atop the list of dissuasion factors in 2024 with a share of 46.17%. BYD kicked off the latest round of the price war early this year with the launch of Honor editions of its popular NEV models. VW, Nissan, Toyota, Geely and Chery soon followed suit. These proactive or passive price cuts make existing owners very unhappy, and no end is in sight. They are just going to get lower and lower. So it’s no surprising that existing owners are less inclined to recommend or promote brands of vehicles that they own, and that likely will dent car sales in China in the second half of 2024 and 2025. Ener-gy-saving ranked second on the list of dissuasion factors as the accelerated popularization of better energy-saving technologies like DM-i will further dent NPS of ICEVs, in turn impacting sales; Brand was atop the list of recommendation factors in 2024 with a share of 71.47%. This will accelerate brand consolidation in China’s car market. In recent years, many senior executives from various carmakers have predicted that only 5 or 6 carmakers will eventually survive, but no one had the guts to predict who exactly will survive. Ranking second and third on the list was quality and reputation, which are crucial factors that benefit mainstream carmakers, because they’ve battled for years on the market and have accumulated the experience, so they are more likely to solidify quality and reputation. But ironically, it’s exactly these mainstream brands that have suffered the sharpest declines in sales, which is difficult to understand. Smart driving, which has become a key selling point among many carmakers, is not even in the top 10 list of recommendation factors. Maybe smart driving is not so important to buyers yet, or ma