Chengdu Auto Show Reflects Industry Shift from Price Wars to Value Competition

Industry
โดย 财中社·CN·Read original
Summary · why it matters

The 29th Chengdu International Automobile Exhibition was held from August 21 to 30 at the Western China International Expo City, reflecting the domestic auto industry's departure from years of price-driven involution and its full entry into a new cycle dominated by value competition, with technology popularization and scenario-based segmentation advancing in parallel. Leading independent brands such as BYD, Chery, and Great Wall Motor exhibited with full-brand, full-category product matrices occupying entire halls, while mainstream joint-venture brands including Lexus, Infiniti, Dongfeng Nissan, Yueda Kia, and Dongfeng Honda were collectively absent, and ultra-luxury brands like Rolls-Royce and Bentley also did not appear. Data from the China Passenger Car Association shows that in July 2026, the domestic retail penetration rate of new energy passenger vehicles climbed to 65.1 percent, breaking through the 60 percent threshold on a stable basis for the first time. At this year's show, core technologies previously reserved for million-yuan-level high-end models, such as 800-volt high-voltage fast charging, lidar-based intelligent driving, full-domain chassis control, and silicon carbide oil-cooled electric drive systems, were comprehensively extended to mainstream family models in the 200,000-yuan and 150,000-yuan classes. The new Lynk & Co 20 comes standard with an 800-volt high-voltage platform, 6C ultra-fast charging, a lidar intelligent driving system, and a new-generation 16-in-1 silicon carbide oil-cooled electric drive. Geely Auto launched the Xingrui L Plus and the Boyue L i-HEV lidar version, and SAIC Roewe's Jiayue 07 made its first public appearance. IM Motors officially released its new product strategy, NEXT 2028, built on three core proprietary technology pillars: the NEO three-electric architecture, an aviation-grade safety full-by-wire chassis, and the IM Claw intelligent agent. BYD's second-generation blade battery and full-domain God's Eye intelligent driving system achieved deployment in high-difficulty scenarios such as narrow-space parking and customized parking. Joint-venture brands showed insufficient new product momentum and a slowing transformation pace. The Freelander brand, jointly created by Chery and Jaguar Land Rover, made its debut, and a small number of joint-venture new products such as the Buick GL8 Lushang and SAIC Volkswagen's all-new ID.ERA appeared, but their overall presence and product strength struggled to compete with the intensive technology and product iterations of independent brands.

Impact on stocks 8

Electrification & Mobility▲ · 4 stocks
Aerospace & Aviation▲ · 1 stocks
Others▲ · 3 stocks
BYD Co Ltd Class A
002594
▲ PositiveDemandrelevance

BYD exhibited with full-brand, full-category product matrices, reflecting strong demand and market leadership.

Great Wall Motor Co Ltd
601633
▲ PositiveDemandrelevance

Great Wall Motor exhibited full-brand, full-category product matrices, indicating strong market presence.

SAIC Motor Corp Ltd
600104
▲ PositiveTechnologyrelevance

SAIC Roewe's Jiayue 07 made first public appearance, highlighting new product.

Theme Impact 5

Off-coverage companies 5

Bentley Motors LimitedPrivate± Mixed
relevance

Dongfeng Nissan Passenger VehiclePrivate± Mixed
relevance

Infiniti (Nissan Motor)Private± Mixed
relevance

上汽大众汽车有限公司 (SAIC Volkswagen Automotive Co., Ltd.)Private± Mixed
relevance

东风本田汽车有限公司 (Dongfeng Honda Automobile Co., Ltd.)Private± Mixed
relevance

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