In 2024, the price war in the automobile market will intensify and the competition landscape will be reshaped

The price war in the automobile market will become increasingly fierce in 2024. BYD's main model will launch the Honor Edition, which will quickly trigger a large-scale price war through price cuts and increased configurations. This price war will further accelerate the reshaping of the market competition landscape and intensify the survival of the fittest in the market. Affected by the price war, the profit margin of the automobile industry was at a historically low level in the first quarter. The net profits of nearly 70% of automobile companies declined significantly year-on-year. The annual target completion rate of most automobile companies after the first quarter was less than 20%.