Evolution of China's auto market: Added value becomes key, Great Wall Motor CEO Li Ruifeng explains in depth

According to news on August 29, at the 2023 Chengdu Auto Show recently, Li Ruifeng, CEO of Great Wall Motor Co., Ltd. (CGO), gave an in-depth explanation of the evolution of the Chinese automobile market and consumers’ car purchasing attitudes. He pointed out that with the development of China's automobile market, consumers no longer only focus on traditional factors such as product quality and cost-effectiveness when buying cars. Li Ruifeng pointed out that after China became the world's largest automobile market, its market position Always solid. Although the growth rate has slowed down, China's passenger car market can still sell more than 20 million vehicles every year. However, he pointed out that consumers' car-buying needs have changed dramatically from those ten years ago. In the past, Chinese consumers mainly focused on solving their travel needs, first solving the problem of whether to own a vehicle, and then considering the quality of the vehicle. In that era, as long as there were products and dealers, sales would naturally be achieved. Whether they are joint venture brands or independent brands, most brands have achieved certain gains in the Chinese market

However, the market is now shifting from a growth market to a stock market. After meeting basic travel needs, automakers now mainly serve consumer groups who purchase and upgrade cars. These consumers upgrade from small cars to medium and large cars, or switch from traditional fuel vehicles to new energy vehicles. Li Ruifeng pointed out that modern consumers pay more attention to the additional services provided by vehicles, the experience during the car purchase process, and the actual driving experience of the vehicle. These added values ​​related to the product itself are increasingly gaining importance in the minds of consumers. Therefore, consumers' decision to purchase a car is no longer limited to product quality and cost performance, which has become a basic requirement for car purchase.

Li Ruifeng concluded that this change has brought opportunities for new energy vehicles. Automobile manufacturers should improve their service capabilities, enhance user experience awareness, and open up new market directions for Chinese brands. Facing new opportunities, he emphasized the need to change the way of thinking about communicating with users and establish closer relationships with users to enhance user experience. This process is in line with market competition rules

Through this Chengdu Auto Show, Great Wall Motors and other Chinese automakers will continue to adjust their strategies and provide more up-to-date services and products to meet the changing consumption needs. This also means that the Chinese automobile market is in a new stage of development, facing both challenges and opportunities

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