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1、Insights on Elderly Car Market(2024)Yiche Research InstituteGrandpa Car Buyers：New“Kids”On the BlockAuthorsDirector/Chief AIndustry AIndustry ALijun ZhouYing GaoBenya ShiElderly car market:sales to buyers 55 years old&aboveAs of the end of 2023,vehicle ownership per 1,000 people in China for the pos

2、t-80s and 90s reached 500,popularizing car consumption in the country.But the same metric for the post-60s is less than 50,which means great potential remains for this cohort of buyers.China is fast becoming an aging society as the number of people that are 60 years old or above reached 298 million

3、in 2023,or 21.1%of the countrys total population.That represents significant market potential;The strategy at many carmakers in China remains focused on addressing younger buyers,while a small number these carmakers turned their attention toward the middle-aged car market over the last 2-3 years wit

4、h brands like Li Auto and AITO emerging as front runners.Yet few are properly addressing the elderly car market;The research data presented in this report is primarily based on YRI online research with a sample size of more than 60,000,as well as on Yiche Big Data and YRI offline research with a sam

5、ple size of more than 10,000.Elderly Car Market SchematicElderlyMiddle AgedYouth03555AgeChina PV Market Elderly Car End-UserSales&Growth 2014-2023(10,000 units)Chinas elderly car market had been gaining momentum over the last 10 years(2014-2023):end-user sales were only 550,000 units in 2014 but rea

6、ched nearly 1 million units in 2017.Over the last 2-3 years,growth accelerated as sales topped 1.5 million units in 2022 and 2 million units in 2023,reaching 2.27 million units,surpassing entire markets of Korea,France and UK;Though there has been explosive growth in Chinas elderly car market,most c

7、armakers as of the end of 2023 had no clear strategy to address this specific group of buyers.Many still think of small low-speed knock-off EVs when they think of the elderly car market.And it is because of this perception that carmakers are behind in offering appropriate models for elderly buyers a

8、nd thus have not capitalized on the opportunity.Those that have been lucky enough have not benefited to the full extent；The elderly car market is growing as we speak,and if it continues to grow and takes off from 2024 to 2030,elderly car buyers will be key to reshaping the competitive landscape of C

9、hinas car market.Many carmakers may regret then that they missed the opportunity.As of early 2024,four of the most prominent automotive leaders in China Yin Tongyue,Li Shufu,Wei Jianjun and Wang Chuanfu born respectively in 1962,1963,1964 and 1966,were all in their 60s.They,as elderly businessmen,su

10、re understand the potential of the elderly car market.Dont they?0%10%20%30%40%0500200020202120222023Source:YRIMarket share:share of sales of certain variable as a percentage of industry salesElderly car buyers bought 2.27 million PVs in China in 2023,up 36.44%year-on

11、-year and topping 10%of the PV market,surpassing entire car markets of Korea,France and UKEnd-User SalesYoY GrowthShare of Elderly Car Buyers in Chinas PV Market 2014-2023Sales&Growth of Top 10 Global Auto Markets 2023(10,000 units)Source:YRIMarket share:share of sales of certain variable as a perce

12、ntage of industry sales0%2%4%6%8%10%12%2000202021202220230%10%20%30%40%004000ChinaUSAIndiaJapanGermanyBrazilChina Elderly(PV)UKFranceKoreaCanadaSalesGrowthGrandpa Car MarketEnd-User Sales&Growth2014-2023(10,000 units)Share of Chinas Elderly Car Market by Gender 2023S

13、ource:YRI0%5%10%15%20%25%30%35%40%0500200020202120222023End-User SalesYoY GrowthFemale：12%Male：88%Grandpas are the primary force behind Chinas elderly car market:contributing 2 million units to sales in 2023 or 88%of the market shareThe force behind the robust growth

14、 of Chinas elderly car market has been elderly male buyers:over the last 10 years(2014-2023),end-user sales of vehicles purchased by these grandpas rose from less than half a million units to nearly 2 million units,or 88%of the elderly car market.Its clear:if you want to succeed in the elderly car m

15、arket,you have to attract grandpas;When it comes to elderly male car buyers,people used to think of low-speed knock-off EVs.But that market had basically gone bust over the past 4-5 years.The Wuling Hongguang MINIEV that launched in 2020 was perceived as an upgrade to these low-speed knock-off EVs a

16、nd supposed to cater to the grandpas,but to no avail.Luckily that model received great fanfare from female buyers.Who exactly are these grandpas that are increasingly flocking to the car market?Retirees,rather than those that purchase low-speed knock-off EVs,have become the primary force of grandpa

17、car buyers:they have much bigger spending powerIf the major force behind the elderly car market are grandpa buyers,then who are the major force behind the grandpa buyers?From an industry perspective,the primary force comes from buyers who used to work in party&government offices,government affiliate

18、d institutions and industry associations,accounting for a 13.87%share,followed by manufacturing at 8.76%and transportation&logistics at 6.81%;From an occupation perspective,22.63%of grandpa buyers were retirees,11.25%were workers,and 6.09%were civil servants;in summary,the primary force behind grand

19、pa buyers are retired civil servants,quite a departure from suburban farmers that used to buy a lot of low-speed knock-off EVs;These retired civil servants had golden years of their careers during the last decade of the previous century and the first decade of this century,a period when the so-calle

20、d“official vehicles”were quite popular to the point of being overused.This means these retirees had lots of experience driving and owning high-end vehicles.The“official vehicle”reform that kicked off in 2014 meant that many of these retirees lost ownership of their”official vehicles”and instead had

21、to buy their own cars;Within a short 4-5 years,the primary force and consumption capability of the grandpa car market were significantly upgraded.Carmakers must be aware of and understand this transformation.Top 10 Industries Representedby Grandpa Car Buyers in 2023Top 10 Occupations Represented by

22、Grandpa Car Buyers in 20230%5%10%15%Party&Governmennt Offices,GovernmentAffiliated Institutions,Industry AssociationsManufacturingTransportation,LogisticsEduction,Sicentific ResearchFarming,Forestry,Husbandry,FishingMiningConstruction,Real EstateEnergyHealthcareWholesale&Retail0%5%10%15%20%25%Retire

23、eWorkerCivil ServantCorporate Base ManagementTeacher,Scientific ResearchCorporate Mid-Level toSenior ManagementFarmerPrivate EntrepreneurFreelance,Part TimeOffice Clerk,Finance,HRSource:YRIBeijing Grandpas contributed 127,600 units to sales in 2023,topping all cities thanks to the fact that veteran

24、cadres mostly live in Chinas capital city,yet penetration is higher in smaller citiesBeing Chinas capital city,Beijing has a high concentration of central level departments and industry associations,and therefore retirees.Its therefore not surprising that Beijing led the way in sales of vehicles pur

25、chased by grandpas in 2023 with 127,600 units,much more than second and third place cities Tianjin and Nanjing which had sales of 67,000 and 58,900 units.The purchase restriction policy in place in Beijing also suppressed consumption from younger buyers,resulting in a grandpa buyer penetration of ne

26、arly 20%in the city.Penetration was also relatively high in cities like Nanjing,Changchun and Dalian;From a city tier point of view,New Tier 1 cities primarily composed of provincial capitals and sub-provincial cities had the highest share of grandpa buyers at 22.84%.From a penetration by city tier

27、perspective,the smaller the city tier,the higher the penetration of grandpa buyers as city tier went from 3 to 5,penetration in Tier 5 cities reached nearly 20%;From 2024 to 2030,penetration of grandpa buyers in smaller cities is only going to rise further if demand from younger buyers continue to w

28、eaken.Carmakers will have to up their game on grandpa buyers as they expand further into smaller markets.DistributionPenetrationEnd-User SalesPenetration0%5%10%15%20%25%Tier 1New Tier 1Tier 2Tier 3Tier 4Tier 5Top 20 Cities in Grandpa Car Market End-User Sales and Corresponding Penetration 2023(10,00

29、0 units)Share of Grandpa Car Buyers by City Tier and Corresponding Grandpa Car Buyer PenetrationSource:YRIPenetration:share of variable within own category;excluding Hong Kong,Macau&Taiwan0%5%10%15%20%25%02468101214BeijingTianjinNanjingChengduShanghaiChongqingGuangzhouChangchunWuhanShijiazhuangJinan

30、ChangshaShenyangSuzhouDalianZhengzhouWuxiXianHarbinShenzhenGrandpa Car Buyer End-User Sales by Province and Corresponding Penetration 2023End-User SalesPenetration0%5%10%15%20%25%30%05101520JiangsuShandongBeijingLiaoningHenanGuangdongHebeiSichuanXinjiangHunanHeilongjiangJilinTianjinHubeiShanxiAnhuiS

31、haanxiShanghaiZhejiangChongqingGansuInner MongoliaGuangxiGuizhouYunnanJiangxiFujianNingxiaHainanQinghaiTibetSource:YRIPenetration:share of variable within own category;excluding Hong Kong,Macau&TaiwanJiangsu Grandpas contributed 164,700 units to sales in 2023,topping all provinces thanks to abundant

32、 talent,penetration is higher in northern ChinaJiangsu Province is abundant with talent as many that work at party&government offices,govern-ment affiliated institutions and industry associations across China often come from Jiangsu.In 2023,Jiangsu Province added 14 academicians of Chinese Academy o

33、f Sciences and Chinese Academy of Engineering,tops in China.As of early 2024,Jiangsu Province had 513 of these academicians(non-foreign),much more than second place Zhejiang which had 426.Its no surprise then that there are more grandpa buyers from Jiangsu Province:in 2023,these Jiangsu grandpas con

34、tributed 164,700 units to Chinas PV market,leading all provinces.Shandong,Beijing,Liaoning,Henan and Guangdong followed;From a provincial penetration perspective,Heilongjiang had the highest penetration of grandpa buyers in 2023 at 25.58%:one out of every four car buyers in the province was an elder

35、ly male buyer over the age of 54.Liaoning,Xinjiang,Beijing and Tianjin followed as ones with the highest grandpa buyer penetrations.Grandpa buyer penetration is clearly higher in Chinas northern provinces,which means brands such as VW and Haval that depend relatively more on northern markets should

36、offer more products catered to grandpa buyers.From 2019 to 2023,as Chinas car market entered into an era dominated by trade-ins and additional purchases,Chinese car buyers interest in road trips rose significantly.As of the end of 2023,the percentage of buyers choosing road trip,work commute and mob

37、ility enabling was roughly the same,but for grandpa buyers,it was highly skewed toward road trips at 65.77%,much higher than that for mobility enabling and work commute;In terms of the type of road trips taken,car buyers overall liked to take sightseeing,leisure and parenting road trips,whereas gran

38、dpa buyers primarily took sightseeing and leisure road trips.Young Chinese people often talk about taking long road trips,but its really the grandpas getting it done.In Europe and America,young people like to travel to places.But in China,its the elderly that does so;Over the past 2-3 years,carmaker

39、s including GWM,Chery,Changan and BEIJING have launched numerous products that are specifically catered to road trips such as the TANK 300,Big Dog,Second Dog,Menglong,Haval H5,Traveler,Deepal 318 and BJ60.Grandpa buyers that love to take road trips might just be key to the success of these models.Gr

40、andpa buyers love road trips,65.77%of these buyers chose road trip/travel as their top purchase factor in 2023Top 10 Purchase Factors for Grandpa Car Buyers vs.Industry 2023Top 5 Road Trip Types Taken byGrandpas vs.Industry 2023Source:YRIGrandpaIndustryGrandpaIndustry0%10%20%30%40%50%60%70%0%10%20%3

41、0%40%50%60%70%80%Sightseeing(Nature,Humanity,etc.)Leisure(Camping,B&B,etc.)Interest(Fishing,Photography,etc.)Parenting(Park,Zoo,etc.)Long Distance(Globetrotting,etc.)Road Trip/TravelMobility EnablingNormal UpgradeWork CommutePick Up/Drop Off KidsFishingVehicle Needs to be ScrappedTransport Cargo/Peo

42、pleBusiness ReceptionGift0%20%40%60%80%WeekendAnytimeSmall Holiday Break(Tomb Sweeping Day)(National Day,Spring Festival)Long Hodliday BreakSummerWinter Vacation0%5%10%15%20%25%30%35%500kmThough Chinese car buyers in general are increasingly interested in taking road trips,close to 70%of those road

43、trips in 2023 happen during the weekend.Given that there are only two days,these road trips are relatively short in distance:in 2023 27.03%of these road trips were between 50-100 km,24.01%were between 101-200 km and just 13.3%were more than 500 km.Grandpas,on the other hand,are more impulsive:38.95%

44、of them like to take road trips any time,much higher than the industry average of 17.25%.And grandpas love to go on long road trips:31.58%of these trips were more than 500 km.They are certainly young at heart!EVs maybe disadvantaged when it comes to range on expressways and especially long stretches

45、 of expressways.The rise of the grandpa car market should help maintain consumption of ICEVs but also stimulate that of PHEVs and HEVs.Rather than wasting time debating whether EVs will replace ICEVs or vice versa,carmakers should focus on finding their core customers and addressing their needs.Gran

46、dpas love to go on random,long-distance road tripsSource:YRITop 5 Time Periods for Road Trips Grandpa vs.Industry 2023Road Trips by Radius Grandpa vs.Industry 2023GrandpaIndustryGrandpaIndustrySource:YRIGrandpas primarily buy cars for road trips,and they often take road trips longer than 500 km.But

47、they dont do it alone:they often take their spouses with them.In 2023,69.47%of the road trips involved older couples,much higher than those involving friends or children.Grandpas love to see the world,and they love to do it with their spouses;Besides enjoying the world together,grandpas and grandmas

48、 take care of each other during long road trips,and most likely its the grandmas that take care of the grandpas.Carmakers should offer products that offer ample space and safety features for older couples that often go on road trips together.It takes two:grandpas love to take their spouses on road t

49、rips as nearly 70%of the trips in 2023 involved older couplesTop 10 Companion Type for Road TripsGrandpa vs.Industry 2023GrandpaIndustry0%10%20%30%40%50%60%70%80%Husband&WifeFriendsChildrenRelatives Coworkers StudentsParentsAloneLoversPetsIn 2023,among all mainstream brands that sold more than 30,00

50、0 vehicles,JETTA had the highest grandpa buyer penetration at 27.31%,followed by SAIC MAXUS,Hongqi and JETOUR.These brands with the exception of Hongqi all play the affordability game.Grandpas and other elderly car buyers especially retired cadres dont necessarily lack money to buy cars but that doe

51、snt mean they all live a lavish life.The post-60s grandpas were born and grew up in the 60s and 70s,a period with great unrest and poverty,and worked hard to help build a socialist society during the 80s and 90s.So they have this basic trait of working hard and living plain.Given that these grandpa

52、buyers love to be active and travel the world,JETTA,SAIC MAXUS and JETOUR are rather conservative when it comes to addressing the elderly buyer opportunity,which could lead to ineffective sales&marketing measures;The elderly buyer penetration of Beijing&BEIJING brands rank high because of the higher

53、 penetration of grandpa buyers in Beijing,but both are highly dependent on regional markets,therefore are not conducive to attracting grandpa buyers from other regions such as Jiangsu and Guangdong;The elderly buyer penetration of foreign mainstream brands like VW,Buick,Toyota and Nissan all rank in

54、 the top 20.These brands over the past 20 years appeal very much to grandpa buyers,and therefore hold an advantage when it comes to capitalizing on the grandpa car market;many mainstream Chinese brands like Geely,Changan and Chery did not make it into the top 20,meaning that these brands on the one

55、hand have been successful the last decade or so when it comes to their“go young”strategy.But on the other hand,they could miss out on the elderly car market opportunity.JETTA had the highest elderly buyer penetration among mainstream brands in 2023Top 20 Mainstream Brands in Elderly Buyer Penetratio

56、n 202327.31%24.85%24.32%20.45%19.92%19.82%17.98%16.76%16.27%16.16%16.11%15.90%15.77%15.58%15.47%15.09%14.71%14.65%14.25%13.52%JETTASAIC MAXUSHongqiJETOURBeijingBEIJINGVWVenuciaBuickToyotaDongfeng ForthingHavalVolvoNissanTANKGAC TrumpchiDongfeng AeolusVOYAHDENZAEXEEDSource:YRIMainstream brands:brands

57、 that sold more than 30,000 units in China in 2023;penetration:variable as a percentage of brand volumeTop 20 Mainstream Models in Elderly Buyer Penetration 2023Source:YRIMainstream models:models that sold more than 30,000 units in China in 2023;penetration:variable as a percentage of model volume30

58、.52%30.26%29.77%29.15%29.10%28.89%28.17%27.86%27.38%26.15%25.17%24.38%23.64%23.48%23.36%23.02%22.70%22.19%20.50%19.92%Though the designs of the Toyota Sienna and sister model Granvia do not necessarily stand out,that hasnt affected their market performance.Over the past year or so,the two combined e

59、asily sells about 7,000-8,000 units if not 10,000 units a month.The key to that is grandpa users.Both models offer ample interior space and high energy-saving capabilities,which grandpa users love even though styling maybe conservative.In 2023,the elderly buyer penetration of the Sienna and Granvia

60、was 30.52%and 29.77%,respectively,ranking No.1 and 3 among mainstream models;VWs Teramont,Santana,Talagon,Tavendor and Lavida all rank in the top 20,and adding the three JETTA models,nearly half of the models in the top 20 rankings come from VW.This is simply because VW used to dominate the rankings

61、 of top selling models in China,and owners of those VW models got older but still had the love for VWs,though VW may not have that tacit understanding;In 2023,most of the models in the top 20 rankings of elderly buyer penetration were bland and conservative rather than stylish and sporty.That means

62、the rise of the elderly car market will likely present challenges for many carmakers that primarily offer products that are sporty,streamlined and stylish;Multi-purpose products like SUVs and MPVs dominated the top 20 rankings.Sienna had the highest elderly buyer penetration among mainstream models

63、in 2023SiennaJETTA VS7GranviaTeramontSantanaHighlanderHaval M6JETTA VS5Buick GL8TalagonHongqi HS5TavendorCrown KlugerJETOUR X70 PLUSGAC Trumpchi M8Wuling Hongguang SJETTA VA3LavidaTiggo 9EmgrandTop 20 Mainstream Brands by Elderly Car Market Share 202317.41%12.11%7.89%4.60%3.77%3.77%3.69%3.54%3.41%3.

64、35%3.22%2.94%2.66%2.33%2.25%1.83%1.74%1.62%1.44%1.41%From a market share perspective,VW and Toyota are major beneficiaries of the elderly car market.In 2023,they accounted for 17.41%and 12.11%respectively of the elderly car market.From a model perspective,Lavida is the biggest beneficiary,accounting

65、 for 3.2%of the elderly car market.More than half of the models in the top 20 rankings belonged to VW or Toyota;BYD ranks third behind VW and Toyota with an elderly car market share of 7.89%in 2023,while the Qin PLUS,Song Pro and Song PLUS all entered the top 20 model rankings.From 2024 to 2030,if t

66、he elderly car market further expands into a market scale of 4-5 million units,itll certainly become a new strategic market for BYD to continue to challenge VW and Toyota.The Tang L and Tang MAX launching in 2024 will be crucial products from BYD to capitalize on the elderly car market opportunity.V

67、W and Toyota are the biggest beneficiaries of grandpa buyers in Chinas elderly car market,but BYD is presenting new challenges as it eyes this specific marketVWToyotaBYDNissanAudiBuickHongqiHondaHavalMercedesChanganGeelyBMWGAC TrumpchiWulingJETTACheryJETOURLi AutoGAC AIONSource:YRIMainstream brands:

68、brands that sold more than 30,000 units in China in 2023;share of variable within own categorySource:YRIMainstream models:models that sold more than 30,000 units in China in 2023;share of variable within own categoryTop 20 Mainstream Models by Elderly Car Market Share 20233.20%2.84%2.42%1.64%1.60%1.

69、46%1.43%1.42%1.37%1.37%1.36%1.30%1.22%1.10%1.06%1.05%1.05%1.01%1.00%0.95%LavidaSylphySagitarQin PLUS NEVHaval H6Song Pro NEVBuick GL8RAV4BoraAudi A6LCamrySong PLUS NEVEmgrandHongqi HS5PassatSiennaWildlanderFrontlanderTiguan LCorollaThough brands like VW and Toyota have benefited greatly from the eld

70、erly car market,the consumption characteristics and market landscape for this specific market have not been fully defined:grandpas that have already purchased vehicles love both cars and SUVs,with each accounting roughly 45%of the market,but those that are in the process of buying love SUVs with a s

71、hare of more than 60%,and MPVs with a share close to 10%,while the share for cars dropped below 30%,clearly multi-purpose sells;grandpas that have purchased vehicles love compact vehicles with a share of 53%but only 37.6%of those that are in the process of buying want compact vehicles while the desi

72、re for midsize and mid to large size vehicles increased significantly,clearly big vehicle sells;grandpas that have purchased vehicles love ICEVs with a share of over 60%but only 37.75%of those that are in the process of buying want ICEVs while the desire for HEVs,PHEVs,EREVs and BEVs all grew,clearl

73、y energy-saving sells;grandpas that have purchased vehicles love economy bland products with a share of 43.04%,but less than 30%of those that are in the process of buying want these type of products whereas the desire for distinctive products such as stream-lined&sporty and off-road and macho,as wel

74、l as mainstream products like mainstream quality and grand&high-end grew significantly;Grandpas in the process of buying cars desire products that are multi-purpose,big,energy-saving and distinctive,proof that they are very much young at heart.But most carmakers that have benefit-ed from the elderly

75、 car market have not placed strategic importance on the grandpa buyers,and neither have they launched any dedicated products.Most of the grandpa buyers make temporary expedient decisions when it comes to buying cars and they certainly could have a change of heart in the future.Existing products not

76、effectively meeting grandpa needs,which are:multi-purpose,bigger,more energy-saving and more distinctVehicle Type DistributionFrom Grandpas Purchasedvs.Intent 2023Vehicle Size DistributionFrom Grandpas Purchasedvs.Intent 2023Vehicle EnergyDistribution From GrandpasPurchased vs.Intent 2023Vehicle Pos

77、itioningDistribution From GrandpasPurchased vs.Intent 20230%20%40%60%80%100%PurchasedIntentSturdy&CommercialLuxury BusinessNoble&LuxuryGrand&High-EndMainstream QualityEconomy BlandSmall&CuteAvant Garde&DistinctOff-Road&MachoStreamlined&SportyRefined&Stylish0%20%40%60%80%100%PurchasedIntentPurchasedI

78、ntentOtherMPVSUVCar0%20%40%60%80%100%LargeMid to LargeMidsizeCompactSmallMicro0%20%40%60%80%100%PurchasedIntentBEVEREVPHEVHEVICEVSource:YRIBecause there were a lot of elderly born during the 1960s and because the number of people that worked in party&government offices and industry associations incr

79、eased during the 1980s,the elderly car market composed of buyers that are primarily retirees will continue to expand in 2024-2030,possibly topping 20%in market share which translates to end-user sales of about 4 million units.Its primed to become a new Blue Ocean market in Chinas car market;The purc

80、hase intent data YRI collected from elderly buyers in 2023 showed that they want multi-purpose,large,energy-saving and distinctive vehicles,reflecting that age is nothing but a number and that these elderly buyers are still young at heart.They could very well establish a”new dynamic market with gran

81、dpa characteristics“and complement the entry sport market formed by younger people,extreme outdoor market formed by boomers and super car market formed by the wealthy;Given that the next 10 years will be a period of golden opportunity to address the elderly car market,key industry leaders including

82、Yin Tongyue,Li Shufu,Wei Jianjun and Wang Chuanfu who are all in their 60s certainly know whats at stake.This will help them better tap potential from consumers for their brands such as JETOUR,EXEED,LYNK&CO,TANK,Haval,WEY,Fang Cheng Bao and Yang Wang as well as new technology routes for these models

83、 including smartification.New generation of leaders who are in their 50s like Lei Jun and William Li certainly feel the vitality and dynamism of the elderly car market and will likely optimize strategies accordingly.The elderly car market will become a new Blue Ocean in Chinas car market in 2024-203

84、0 and will cultivate a“new dynamic market with grandpa characteristics”Source:YRIMarket share:share of sales of certain variable as a percentage of industry salesChina Births and Public Administration&Social Organization Employees 1949-2023(10,000 people)Share of Elderly Car Buyers in Chinas PV Mark

85、et 2014-20300%5%10%15%20%25%20002020224E2025E2026E2027E2028E2029E2030E05000250030003500799352009201320172021BirthsPublic Administration&Social Organization EmploymentPost 60s BirthsPublic Administratio

86、n&Social OrganizationEmployment During 1980s(post 60s flockto government institutions)This report is produced by Yiche Research Institute.All text,pictures andtables are protected by relevant trademark and copyright laws.Some textand data are collected from public information and are therefore owned

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92、strengthening dataanalysis andindustry authority,as well as elevatingcooperation withOEMs.Case inpoint:Yicheforming YRI.Entities likeconsulting firmsarestrengtheningdata miningcapabilities andindustryauthority,andimprovingindustrycredibility andcustomerinfluence,likethe McKinseyQuarterlyValue：Guidan

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96、king to help carmakers refine their strategies timely so that they can better put into practice their”customer is at the center of everything we do”corporate philosophy.How to get your book:OEMs,dealers and Yiche customers should contact their Yiche service personnel:Non-Yiche customers please conta

97、ct YRI directly(WeChat:yicheresearch)From May to July 2024,YRI will kick off its 8 round of“Insights Clear as Blazing Fire”Auto Industry Trends&Analysis Dialogue Tour,covering the core topic of“analyzing Chinese car buyer characteristics and trends”to help carmakers capitalize new opportuni-ties presented by these new trends.Demystifying Chinas Auto MarketthContact UsFollow UsWeChatJuns Market TalkYing Gao，Industry AnalystMobile：188 0118 7009Mail：WeChat：yicheresearch