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6月乘用车销量大涨18% 二季度车市“价格战”现熄火迹象
Jing Ji Guan Cha Wang·2025-07-09 13:13

Core Insights - In June 2025, China's retail sales of passenger cars reached 2.084 million units, marking an 18.1% year-on-year increase and the highest sales record for June, surpassing 1.94 million units in June 2022 by 7% [2] - For the first half of 2025, retail sales of passenger cars totaled 10.9 million units, reflecting a 10.8% growth, an increase of nearly 2 percentage points compared to the 9% growth observed in the first five months [2] - The strong performance in June was attributed to increased government subsidies under the "Two New" policy and a rush by consumers to take advantage of expiring trade-in incentives [2][3] Market Performance - The automotive market is showing signs of stabilizing, with a significant reduction in price-cutting promotions by manufacturers. In June, only 14 models were discounted, compared to over a hundred in previous months [3] - The average profit margin for the automotive industry remains low, with revenues of 412.83 billion yuan in the first five months of 2025, a 7% increase, but profits fell by 11.9% to 17.81 billion yuan, resulting in a profit margin of 4.3% [3] New Energy Vehicles (NEVs) - NEVs continue to be a bright spot in the market, with retail sales of 1.111 million units in June, a 29.7% year-on-year increase, and cumulative sales of 5.468 million units in the first half of 2025, up 33.3% [3][4] - The market share of pure electric vehicles is growing, with a June share of 62.1%, up 5.1% year-on-year, while plug-in hybrids and range-extended hybrids saw declines [4][5] Brand Performance - Domestic brands are gaining market share, with NEV retail sales reaching 1.34 million units in June, a 30% increase, and a market share of 64.2%, up 5.6 percentage points year-on-year [5] - In contrast, traditional joint venture brands are experiencing a decline in market share despite a 5% increase in sales, with German and Japanese brands seeing significant drops [5][6] Export Trends - In June, passenger car exports reached 480,000 units, a 23.8% increase year-on-year, with NEVs accounting for 41.1% of total exports, up 17 percentage points from the previous year [6] - The export of NEVs surged by 116.6% to 198,000 units in June, with pure electric vehicles making up 63% of NEV exports [6] Future Outlook - The automotive market is expected to enter a consolidation phase in July, influenced by high sales figures from the previous year and a potential slowdown in growth due to reduced consumer incentives [6][7] - The "old-for-new" policy is anticipated to continue supporting retail sales, with a significant number of consumers benefiting from these incentives [7]