In October 2022, the new "Four Modernizations" index for passenger vehicles was 80.3.

       The Passenger Vehicle New Four Modernizations Index, jointly released by the Automotive Market Research Branch of the China Automobile Dealers Association (referred to as the Passenger Car Association) and Shanghai Anluqin Enterprise Management Consulting Co., Ltd. (referred to as Anluqin), aims to regularly monitor the progress of China's domestic passenger car market in embracing the "new four modernizations." By comparing historical data, the index also helps gauge future development trends. In October 2022, the Passenger Vehicle New Four Modernizations Index stood at 80.3, with the electrification index at 30.1, the intelligence index at 44.3, and the connectivity index at 58.8.

        By retrospectively calculating the New Four Modernizations Index for passenger vehicles starting from October 2021, we can observe the recent 13-month trend in the index.

        Currently, the New Four Modernizations Index for passenger vehicles consists of three sub-indices: the Electrification Index, the Intelligentization Index, and the Connectivity Index. In October 2022, the Electrification Index stood at 30.1, showing a noticeable month-on-month decline compared to the previous month.

       In October 2022, the Intelligent Index stood at 44.3, maintaining a steady, albeit modest, growth trend.

        In October 2022, the Internet Connectivity Index stood at 58.8, continuing its steady growth compared to the previous month.

        In October 2022, retail sales of passenger vehicles nationwide reached 1.843 million units, representing a year-on-year increase of 7.3% and a month-on-month decline of 4.3%.
In October 2022, the overall New Four Modernizations Index stood at 80.3, continuing its upward trend. However, nationwide sales of new-energy passenger vehicles declined month-on-month compared to the previous month, primarily due to a notable drop in Tesla's delivery volumes. As a result, the electrification index fell by 0.7 points this month. Nevertheless, with more new models featuring advanced smart and connected technologies gradually entering the market and hitting sales shelves, both the intelligence index and the connectivity index for passenger vehicles maintained their month-on-month growth momentum in October.
Explanation: With the rapid development of the New Four Modernizations market, to better measure the progress using the New Four Modernizations Index, we will set mid-term development goals tailored to the characteristics of each index. Once an index reaches its mid-term target, we will raise the corresponding measurement standards for that index. Continuously refining the New Four Modernizations Index is essential for enhancing our market dynamics monitoring system.
Regarding the "New Four Modernizations Index for Passenger Vehicles":
Data Source: Sales figures are derived from the monthly "Passenger Vehicle Market Information Joint Report (Comprehensive Table)" published by the China Passenger Car Association, compiled each month through sampled data of various models collected from 4S dealerships of different brands across major cities nationwide.
The index structure: The New Four Modernizations Index for Passenger Vehicles consists of one primary index and three secondary indices, with plans to further expand into more detailed tertiary indices in the future. The primary index is the New Four Modernizations Index for Passenger Vehicles, which reflects the monthly market performance of domestically produced passenger vehicle models that meet the New Four Modernizations standards. The secondary indices—the Electrification Index, the Intelligentization Index, and the Connectivity Index—each separately measure the monthly market performance of domestic passenger vehicles that align with electrification, intelligentization, and connectivity standards, respectively. Currently, the Sharing Index, one of the "New Four," lacks reliable data support and is therefore excluded from the calculation for now.
The calculation method is as follows: The New Four Modernizations Index for passenger vehicles refers to the share of sales for all models that meet at least one of the criteria—electrification, intelligence, or connectivity—within the overall passenger vehicle market. This figure is obtained by removing the percentage sign. If a model satisfies more than one of these criteria (electrification, intelligence, or connectivity), it will still be counted only once, regardless of how many conditions it meets. Meanwhile, the Electrification Index, Intelligence Index, and Connectivity Index each represent the respective shares of sales for models meeting the electrification, intelligence, or connectivity criteria, respectively, within the overall passenger vehicle market—again, after removing the percentage sign.
Standard definition:
1. Electrification: According to the national standard definition (subject to adjustment as needed), currently new-energy passenger vehicles include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), range-extended electric vehicles (EREVs), and fuel cell electric vehicles (FCEVs).
2. Intelligent Standards: Measured against the SAE standards for autonomous driving levels L0–L5, vehicles meeting at least the L1 criteria can be classified as intelligent models (as of January 2022, the criteria were enhanced to require the mandatory installation of adaptive cruise control systems).
3. Connected Vehicle Standards: These are categorized into three levels—Beginner (Vehicle-to-Everything networking), Intermediate (intelligent interaction between people and vehicles), and Advanced (vehicle-to-all connectivity). At the Beginner level, vehicles must at least include a mobile communication module (for internet access)—with OTA online upgrades added in January 2022. Vehicles at the Beginner level or higher can be classified as connected vehicles.

Translated from Sina Auto

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