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<Research>Citi Foresees CN Car Price War to De-fuse, Cuts 24E PV Wholesale
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Citi Research, in its report, made forecast that China's automobile price war will de-fuse, and thus lowered the PV wholesale forecast for 2024. Although sales of ICEVs declined, the forecast for 2025 was revised upwards due to the estimated increase in penetration and exports of NEVs. By ASP segment, Citi expected the below RMB200,000 ASP PHEV segment to remain most unaffected in 2024/25 with sector’s sales per model per year ratio at 73,000/ 95,000 units; and RMB200,000-300,000 ASP BEV segment will likely be suppressed the most, with sector’s sales per model per year ratio at 29,000/ 28,000 units. The broker forecast the BEV sector’s overall industry utilization rate will linger between 29% and 32% for 2024 and 2025, while PHEV sequentially will pick up from 38% in 2023 to 50%/ 63% in 2024/ 25. AAStocks Financial News |
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