In July this year, the number of Tesla Model 3 insurance reached 11,000, and the monthly sales exceeded 10,000; BYD's new energy vehicle insurance reached 9,000, a month-on-month increase of 9.0%. According to data from the China Automobile Association, the production and sales of new energy vehicles in China in July were 100,000 and 98,000, up 15.6% and 19.3% year-on-year, respectively. The sales growth rate of new energy vehicles in July turned from negative to positive, ending the 12 consecutive months of negative growth since July last year.

Driven by major new energy vehicle promotion countries such as China, the United States, Germany, and Japan, the global new energy vehicle market has entered a period of rapid growth. As the core of power conversion and circuit control of electronic devices, power semiconductors are the segment with the largest growth in value during the transition from traditional fuel vehicles to new energy vehicles. At the same time, the domestic power semiconductor market has a huge demand, but high value-added products have been monopolized by European and American manufacturers for a long time, and domestic replacement is imminent. Under the dual benefits of market demand and policy orientation, power semiconductors are expected to become the best breakthrough for "Chinese chips".

Electrification accelerates the fastest growth in the value of power semiconductors

Data show that in 2019, the global sales of new energy passenger vehicles reached 2.21 million, with a penetration rate of 2.5%. It is estimated that by 2025, the global sales of new energy passenger vehicles will exceed 10 million units, reaching 11.5 million units, with a compound annual growth rate of 32% compared to 2019. Based on the incremental cost of power semiconductors of US$280 per vehicle, new energy vehicles will bring about US$3.2 billion in increments to the global power semiconductor market.

Industry analysts pointed out that new energy vehicles are changing from policy-driven to supply-side-driven, and among them, the intensive listing of popular models on the supply side has become the core driving force.

According to the second-quarter financial report released by Weilai Automobile, the leading car manufacturer in China on August 11, the company's gross profit margin turned positive for the first time, achieving a sales gross profit rate of 9.7%, a comprehensive gross profit rate of 8.4%, and a significant year-on-year operating loss. narrowed by 64%. Previously, NIO’s sales data in the second quarter showed that a total of 10,331 vehicles were delivered in the second quarter, the first time that the number of deliveries in a single quarter exceeded 10,000. The growth in sales has promoted the realization of economies of scale, and the positive gross profit margin reflects a substantial increase in profitability.

"The development trajectories that have appeared in the IT era and the era of smartphones will most likely occur in automobiles. It is only a matter of time." Ni Zhigang, director of the Asia Pacific Security and Connection Business Department of Aptiv, previously discussed the future innovation and upgrading of automobiles. CIMC pointed out.

In analogy to the development history of smartphones, the emergence of popular models will promote the new energy vehicle industry from the introduction period to the growth period. According to the analysis of Great Wall Securities, the global new energy pattern has gradually formed, and the prosperity of domestic new energy vehicles is also gradually picking up. At the same time, with the entry of global industry leaders such as Tesla into China, the market will be further activated by virtue of its highly competitive product strength and brand power. major development opportunities.

In the transition from traditional vehicles to new energy vehicles, the segment with the largest growth in value is power semiconductors.

Power semiconductors are the core of power conversion and circuit control in electronic devices. As a closed system, the internal power output needs to be realized through the conversion of discrete devices and power MOSFET devices, which is especially important in hybrid and new energy vehicles. According to statistics from Strategy Analytics and Infineon, the power semiconductors used in traditional fuel vehicles are about 21 and the cost is about $71; the cost of power semiconductors for mild hybrid vehicles (MHEV) is about $90; high hybrid vehicles (FHEV) )/plug-in hybrid electric vehicle (PHEV), the cost of power semiconductors climbs to US$305; the cost of power semiconductors in pure electric vehicles (BEV) can reach US$350, which is about 5 times the cost of traditional gasoline vehicles.