According to the latest data released by the Federation of passengers on April 9, retail sales in the passenger car market reached 1.
687 million in March, an increase of 6% over the same period last year, and a month-on-month increase of 52.8%. Cumulative retail sales from January to March reached 4.
829 million units, up 13.
1% from a year earlier.
The car market retail basically achieved the expected good start in the first quarter of 2024.
An important reason for the same and month-on-month growth in March is the recovery of post-holiday consumption brought about by the Spring Festival.
” The Federation pointed out that the price war heating up rapidly after the Spring Festival, followed by the formation of obvious consumption wait-and-see phenomenon, coupled with the concern for some new cars and the expectation of the trade-in policy, the car market showed a slow start in March.
The independent share continues to rise, and the export volume of BYD surpasses that of Tesla China.
In March, the performance of independent brands is still solid.
In March, self-branded retail sales totaled 930000 vehicles, up 19% from the same period last year and 51% from the previous month, according to the Federation of passengers.
In the same month, the domestic retail share of independent brands reached 54.
8%, an increase of 6 percentage points over the same period last year.
At the same time, the cumulative share remained stable, with the cumulative share of independent brands reaching 55% in the first three months of this year, an increase of 5.
4 percentage points over the same period last year.
Joint venture brands are also picking up.
Mainstream joint-venture brands sold 500000 vehicles in March, up 49 per cent from a month earlier, but down 8 per cent from the same period last year.
In terms of share, the retail share of German brands was 20.
4%, down 1.
5 percentage points from the same period last year.
the retail share of Japanese brands was 13.
8%, down 2.
2 percentage points from the same period last year.
and the retail share of American brands was 8.
2%, down 1.
8 percentage points from the same period last year.
Look at the luxury car sector, retail sales of luxury cars in March were 270000, down 3% from the same period last year, up 67% from the previous month.
The retail share of luxury brands in that month was 15.
6%, down 1.
6% from the same period last year.
In this sector, as mentioned before, the shortage of luxury cars, which has been affected by the shortage of chips, has been greatly improved, but the demand in the traditional luxury car market is not very strong.
Behind the above data, the performance of new energy and export sectors is still the focus that can not be ignored.
According to the data of the federation of passengers, the retail market of new energy vehicles in March was 709000, up 29.
5% from the same period last year and 82.
5% from the previous month.
The domestic retail penetration rate of new energy vehicles in that month was 41.
6%, up 7.
6 percentage points from 34% in the same period last year.
Separately, in March, the penetration rate of new energy vehicles in independent brands was as high as 63.
3%, while that in luxury cars was 28.
4%, while that in mainstream joint venture brands was only 7.4%. The gap is still obvious.
In terms of monthly domestic retail share, the retail share of mainstream independent brands of new energy vehicles in March was 62%, up 3.
4 percentage points from the same period last year, while the share of joint venture brand new energy vehicles was 4.
5%, down 0.
7 percentage points from the same period last year.
It is also worth noting that the retail share of New Power reached 11.
6% in that month, up 2 percentage points from the same period last year, while Tesla’s share was 7.
7%, down 4.
7 points from the same period last year.
The passenger association said that the overall trend of new energy passenger car enterprises was strong in March, and BYD pure electric and plug-in twin drives consolidated the leading position of independent brands in new energy.
The enhanced electric vehicles represented by Cyrus, ideal, Changan and Zero have a strong performance.
In that month, 13 manufacturers sold more than 10,000 new energy vehicles monthly, accounting for 86.
7% of the total new energy passenger vehicles (76.
6% last month and 80.
6% in the same period last year).
Among them: 301631 BYD, 89064 Tesla China, 45381 Changan, 44791 Geely, 34398 SAIC-GM Wuling, 28984 ideal cars, 27856 GAC-Ean, 27004 Selis, 24097 SAIC passenger vehicles, 23,740 Chery, 21,813 Great Wall cars, 14,567 zero-running cars and 11,866 Xilai cars.
In March, 17 models sold more than 20, 000 passenger cars, of which the top 10 are: BYD Song (78490), Model Y (57586), BYD Qin (40569), BYD Seagull (34830), Model 3 (31478), BYD destroyer 05 (28964), Xuanyi (28501), Ruihu 8 (27,259), Shuiteng (25,653) and Changan CS75 (24878).
Focusing on exports, 406000 passenger cars (including complete vehicles and CKD) were exported in March, up 39% from the same period last year and 36% from the previous month, setting an all-time high for monthly exports.
From January to March, exports totaled 1.
063 million vehicles, up 36% from the same period last year.
As the impact of the Red Sea crisis on exports declined, exports of independent brands reached 341000 in March, up 33 per cent from the same period last year, up 37 per cent from the previous month, and 65000 joint ventures and luxury brands, up 110 per cent from the same period last year.
It is worth noting that in March, the export of new energy passenger vehicles was 120000, an increase of 70.
9 percent over the same period last year, an increase of 52.
8 percent from the previous month, accounting for 29.
7 percent of passenger car exports, an increase of 5.
6 percentage points over the same period last year.
Of these, pure electric accounts for 82.
3% of new energy exports, accounting for 58% of independent new energy exports.
In terms of manufacturers, the two largest exporters are still BYD (38434 vehicles) and Tesla China (26666 vehicles).
With the appearance of the scale advantage of Chinese new energy vehicles and the demand for market expansion, Chinese-made brands of new energy products are increasingly going abroad and their recognition abroad continues to increase, although they have been disturbed by Europe recently, but in the long run, the export market of new energy is still good and has a bright future, the HKIFA said.
In April, the car market was much better, but the downward pressure on industry profit margins was still great.
Looking back on the first quarter of this year, January, the overall auto market terminal promotion was unabated, the head manufacturer’s target completion rate was high, and the overall auto market got off to a good start as expected.
in February, affected by the Spring Festival, the auto market had a sales trough.
in March, the auto market showed a slow start.
Photo Source: passenger Association, so, in the following April, can the car market continue to grow? First of all, it is clear that there are 22 working days in April this year, two days more than the 20 working days in April 2023.
Secondly, the arrival of the May Day holiday is expected to promote the growth of the car market in April.
The Federation said that the five-day holiday on May Day this year is a good time for driving, the self-driving experience of high-level assisted driving is even better, and self-driving trips have continued to be popular in the past two years, and travel consumption will well boost the demand growth of new and trade-in groups.
Again, the agency mentioned that it is expected to increase due to a series of continuous price cuts since the Spring Festival in February this year and new energy models that have been on the market since 2022.
Heavy wait-and-see psychology consumers want to wait for the car market to stabilize before buying a car.
However, with the recent launch of Xiaomi cars and the further price adjustment of a new round of related models, and April is the intensive release period of new models, the consumer enthusiasm of the market will be gradually stimulated.
Source: Xiaomi Automobile.
In addition, as the agency said, this year’s Beijing Auto Show resumes, which is not only a grand event to showcase new technologies and new products of the industry, but also a grand event to showcase the new image of the brand.
It is bound to arouse widespread concern in the community.
The holding of the Beijing Auto Show, superimposed by the implementation of policies to promote consumption in various places, is bound to become a catalyst and trigger point for promoting domestic automobile consumption.
The performance of auto show orders will be an important weather vane to judge whether the market is cold or warm.
” It believes that under the promotion of the national consumption promotion policy and the corresponding consumption promotion policy of many provinces and cities, the offline activities of the auto show will fully activate the market atmosphere and will accelerate the gathering of popularity.
The HKIFA also mentioned that the “trade-in” consumption policy has experienced many meetings and clear announcements since the end of last year, and consumers’ attention and expectations for the policy are very high.
Car buyers have strong spending power before 2016, this time there is no rigid time requirement for car owners, and the timing of purchase is more flexible, so there is great potential for “trade-in” to stimulate car consumption in the future.
It pointed out that with the imminent launch of the country’s detailed rules and policies of “trade-in”, the first two departments of Ching Ming Festival jointly issued the Circular on the Adjustment of relevant policies on Automobile loans, adding codes to optimize the circulation of new cars and trade in old ones in the field of auto finance, reflecting that the overall consideration and details of “promoting consumption and boosting domestic demand” have become increasingly clear and accurate.
The consumption potential of “elimination renewal” and “replacement renewal” in the market will be gradually released, which will be beneficial to the gradual strengthening of the car market in the next few months.
But even so, car companies are not destined to be too easy next.
The Federation of passenger Transport Association mentioned that the sales of new energy passenger cars across the country reached 8.
88 million in 2023, which has exceeded the overall sales scale of the national passenger car market in 2009.
“after several years of rapid growth of new energy, 2024 is a key year for new energy vehicle companies to gain a firm foothold, and the competition is destined to be very fierce.
” In fact, this situation is already very obvious.
Since the beginning of this year, many car brands have announced price cuts, and many models have even reduced prices by tens of thousands of yuan.
recently, with the entry of Xiaomi Automobile, the competition in the industry is becoming more and more fierce.
According to the data of the National Bureau of Statistics, the income of the automobile industry in 2023 was 10.
0976 trillion yuan, an increase of 12% over the same period last year.
the cost was 8.
7627 trillion yuan, up 13%.
the profit was 508.
6 billion yuan, an increase of 5.
9% over the same period last year.
and the profit margin of the automobile industry in 2023 was 5%.
Compared with the average profit margin of 5.
8% of the entire industrial enterprise, the automobile industry currently shows a low level.
According to the latest data, from January to February 2024, the revenue of the automobile industry was 1.
3715 trillion yuan, up 8% from the same period last year.
the cost was 1.
1991 trillion yuan, up 8% from the same period last year.
and the profit was 58.
7 billion yuan, up 50% from the same period last year.
The profit margin of the automobile industry from January to February is 4.
3%, which is still on the low side compared with the average profit margin of 4.
7% for the entire industrial enterprise in the same period.
, “especially compared with the automobile industry’s profit margin of 8.
7% in 2015, there is great pressure on the industry’s profit margin to decline rapidly.
” This is what the Union of Rivers said.
It pointed out that from January to February 2024, the automobile industry had better production and sales at a low base, but due to excessive competitive pressure, profits mainly came from exports and high-end luxury, and the profits of most other enterprises declined sharply, and the survival pressure of some enterprises increased.
At present, the fuel vehicle business still makes a profit, but it is a small profit, and the market scale shrinks rapidly.
new energy vehicles maintain medium-and high-speed growth, but suffer large losses, contradictions and pressure.
” However, it also mentioned that the central government and governments at all levels stabilize automobile production, actively promote “trade-in” to stabilize fuel vehicle consumption, and the overall situation of the automobile industry is stable and improving.
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