The largest market for new energy vehicles (NEVs) is in China. In 2023, NEV sales reached 9.495 million units, a year-on-year increase of 37.9%, with a market share of 31.6%. The passenger vehicle market is highly competitive, with price cuts and promotions becoming the norm and low-price launches becoming a trend, leading to significant market saturation.

However, while the passenger vehicle sector is highly competitive, the new energy commercial vehicle segment is relatively overlooked by capital and holds great potential. Currently, China has over 40 million commercial vehicles, with a new energy penetration rate of less than 10%. NEV passenger vehicle sales account for 34.7% of passenger vehicle sales, while NEV commercial vehicle sales account for only 11.1% of commercial vehicle sales. In 2024, the commercial vehicle market is conservatively estimated to grow by 8% year-on-year, with a potential growth rate of 10% to 15%.

Under the guidance of the ‘dual carbon’ goals, new energy is set to become a core competitive field in the commercial vehicle market. In 2024, the penetration rate of new energy commercial vehicles is expected to increase to 12% to 15%. The market for new energy commercial vehicles is on the brink of a major boom.

Xenon Automotive has significant technological strength and cost advantages in commercial vehicle manufacturing. Their self-developed ‘super skateboard chassis’ technology has successfully created four forward R&D vehicle platforms, launching more than ten different models, including micro vans, micro trucks, box trucks, SUVs, and MPVs, fully meeting the diverse needs of the market.

Xenon Automotive focuses on intelligent new energy commercial vehicles, integrating intelligent technology to provide safer, more efficient, and cost-effective green intelligent commercial vehicles for ride-hailing services, logistics companies, e-commerce enterprises, large central enterprises, and government public sectors.

Xenon New Energy Group holds exclusive operating rights for the production of all categories of new energy vehicles, including M1 and M2 class passenger cars and commercial vehicles. This includes a 3600-acre main factory in China and assembly plants in Nigeria, Egypt, and Brazil, along with a core automotive component supply chain and production, procurement, and sales operations for hundreds of dealers both domestically and internationally. Chenxing can leverage its extensive experience and advantages in global supply chain and consumer brand building to support Xenon Automotive’s successful international expansion.