On September 30th, Wang Xia, President of the Automotive Industry Committee of the China Council for the Promotion of International Trade and President of the Automotive Industry Chamber of the China Chamber of International Commerce, stated at the opening ceremony of the 2024 Tianjin International Automotive Exhibition that in recent years, China's automotive industry has shown a new characteristic of "moving forward and upward": historic breakthroughs have been made in new technologies, new markets, and new ecosystems in the Chinese automotive industry. The Chinese automotive industry is achieving a historic leap from low-end manufacturing to high-end manufacturing, low-end brands to high-end brands, and low-end consumption to high-end consumption.

In 2014, General Secretary Xi Jinping issued an important directive stating that "developing new energy vehicles is the only way for China to move from a major automobile country to a strong automobile country", which pointed out the direction for the construction of a strong automobile country in China. This marked the beginning of a new decade of "new and upward" development in China's automobile industry.

Wang Xia stated that in terms of technology, we have achieved comprehensive breakthroughs in new energy core technologies such as batteries, motors, and electronic controls, as well as technologies such as intelligent chassis, intelligent cockpit, intelligent driving, and intelligent manufacturing. Our independent research and development innovation capabilities have greatly improved, and diversified technological routes continue to emerge. In the field of new energy and intelligence, we have not only formed a first mover advantage, but also begun to "feed back" the world.

At the market level, China's annual production and sales of new energy vehicles have increased from less than 100000 units to over 9 million units, accounting for over 60% of the global market share, with an average annual compound growth rate of 71%, ranking first in the world for nine consecutive years. The total sales of new cars exceeded 30 million units for the first time last year, setting a new historical high, and automobile exports also jumped to the top of the world last year. While the total market volume continues to reach new highs, the market structure has also undergone profound changes.

At the ecological level, we have formed a new system for the new energy and intelligent automotive industry that is independent, controllable, structurally complete, and has both software and hardware capabilities. It connects key links such as basic materials, key components, complete vehicles, manufacturing equipment, and energy replenishment facilities. The localization rate of mainstream automotive components generally exceeds 90%, and the comprehensiveness, systematicity, and completeness of the industrial chain lead the world.

For a long time before this, the Chinese automotive industry was labeled as large but not strong, with products mainly concentrated in the price range of around 100000 yuan, and the high-end market was almost monopolized by foreign brands. But with the continuous enhancement of R&D and manufacturing capabilities of car companies, especially with the strong momentum of electrification and intelligence, Chinese car brands have become increasingly popular, and new brands positioned as mid to high end continue to emerge, with price ceilings constantly being broken through. Data shows that in 2023, domestic brand passenger cars accounted for 31% of the price range of 300000 to 400000 yuan, and it is expected to further increase to 40% this year.

At the consumer level, the upward trend is becoming increasingly evident. Ten years ago, the consumption structure of automobiles was basically pyramid shaped, but now it has become olive shaped. The proportion of demand for models below 100000 yuan accounts for only 20%, and the price range of 100000 to 200000 yuan has become the main consumption. Moreover, about half of the car owners in this price range are willing to consider higher priced models when buying a car next time. With the stabilization and recovery of the Chinese economy and the gradual improvement of residents' quality of life, the upward trend of automobile consumption will continue.

'New' and 'upward' have become keywords that run through the first and second halves. Wang Xia stated that it is precisely in this industry context that we have chosen "moving towards novelty and upward" as the theme of the Tianjin International Auto Show.

As the largest and most comprehensive auto show in the northern region in the second half of the year, this year's Tianjin Auto Show brings together mainstream domestic and foreign car brands, with multiple emerging luxury brands making their debut. Numerous new car products equipped with the latest technology are gathered together, with nearly half of the nearly thousand exhibited cars being new energy vehicle models. The auto show will present a panoramic view of the excellent achievements of the automotive industry's iterative upgrading and technological innovation, becoming an important window for the world to understand the development of China's automotive industry, and an excellent platform for consumers to view, select, and purchase cars. Not only an auto show, but also a car carnival that integrates exhibition, culture, and entertainment, with numerous cross-border "new scenes" unlocking diversified exhibition experiences.