Passenger Association: the new four-modernization index of passenger cars in August is 59.7.

SMM: on September 29th, the Federation of passengers released the new four-modernization index of passenger cars in August, which was 59.7 in August 2020, up from 56.8 in July 2020. From January to June, the indexes of the new four modernizations were 53.4, 57.2, 53.7, 53.8, 53.2 and 53.9, respectively.

At present, the new four-modernization index of passenger vehicles has three sub-indexes, which are electrification index, intelligence index and network index. In August, the electrification index was 5.5, the intelligence index was 47.9, and the networking index was 28.1.

The new four-modernization index of passenger cars refers to the share of sales of all models that meet any of the conditions of electrification, intelligence and networking in the overall passenger car market, which is obtained after removing the percent sign. The index of electrification, intelligence and networking respectively refers to the share of the sales volume of models that meet the conditions of electrification, intelligence and networking in the overall passenger car market, which is obtained after removing the percent sign.

As for the reasons for the rise of the New four Modernization Index, the HKIFA pointed out that the wave of product upgrading and new product launch brought about by the Chengdu Auto Show in August, the intensification of manufacturers' off-season terminal sales promotion, and the enhancement of consumption willingness brought about by the overall economic recovery after the additional epidemic, especially the upsurge of consumers' enthusiasm for replacement and purchase, is the main reason for the rise of the New four Modernization Index.

Looking at the overall market and the performance of the New four Modernization Index from May to August, combined with the process of improving China's economic situation, it is not difficult to find that the market has sufficient growth potential in the third and fourth quarters of 2020. Even when overseas outbreaks continue to affect global economic growth, the supply and demand of the domestic market are sufficient to ensure stable development during the year. The Federation expects that the new four modernizations index will continue to break through and rise this year.