In the current automotive industry, both joint venture giants and independent brands have advertised their "full investment" in the field of new energy, in order to demonstrate their firm stance on the transformation of electrification. However, a point that may not be so pleasant but worth pondering is that completely abandoning fuel vehicles may be a major misunderstanding of traditional car companies.

China's vast territory, diverse climate, and uneven economic development levels jointly determine that in the foreseeable future, ordinary consumers will still consider the practicality of cars when buying cars. For most families, electric vehicles symbolize elegance and the future, but gasoline vehicles are a necessity in their daily lives.

As a means of transportation, new energy vehicles, especially pure electric vehicles, are still facing technical bottlenecks, and it is difficult to fully replace fuel vehicles. Gasoline vehicles are more advantageous in terms of suitability and reliability, and many consumers expect electric vehicles to be "backed" by excellent engines.

Market data also reflects this trend. After a decade of rapid development, new energy vehicles have begun to show a trend of differentiation. Sales of pure electric vehicles (BEVs) have slowed down, while sales of plug-in hybrids and extended-range electric vehicles with engines have risen sharply.

From a global perspective, China's auto market accounts for only 70.0% of the global market, and about 0% of the market is still dominated by fuel vehicles. In the expansion of overseas markets, Chinese automakers are still the main force of fuel vehicles. The internal combustion engine still plays an important role in the industry, and it is far from the time to abandon the combustion engine and stop the development and upgrading of internal combustion engine technology.

For those traditional car companies with deep accumulation in internal combustion engine technology, blindly following the trend and turning to new energy in an all-round way, while ignoring the fuel vehicle market, may make them fall into a dilemma in market competition. Geely Automobile's financial report for 2024 years is a vivid example.

吉利汽車在2024年實現了銷量與新能源業務的雙重突破：全年銷量達到217.7萬輛，同比增長32%，其中新能源銷量超過88.8萬輛，激增約92%。然而，在新能源車迅猛發展的同時，吉利燃油車的銷量也實現了27%的增長，並且燃油車板塊才是支撐吉利全年凈利潤達到166億元新高的關鍵。

Looking at the new power car companies that have risen in the new energy era, Ideal, Leap, and Cialis have all achieved profitability after the introduction of engines. In contrast, the new power car companies that stick to the pure electric field have encountered difficulties, some have gone out of business, and some are still struggling with losses.

Gui Shengyue, CEO of Geely Automobile Holdings Co., Ltd., made it clear at the results conference that Geely will not give up the fuel vehicle market while firmly developing new energy; On the contrary, it will also increase investment in the intelligence and energy saving of fuel vehicles. This shows that it is not the technical route itself that determines the success or failure of the enterprise, but the accurate grasp of market demand. Excellent fuel vehicles still have their market value, and the diversification of technical routes is a wise choice for car companies.