Zhong Guo Chan Ye Jing Ji Xin Xi Wang·2025-08-19 22:27Core Viewpoint - The automotive market in July experienced a seasonal slowdown, but year-on-year growth remained robust due to favorable policies and market conditions [1][2]. Group 1: Market Performance - In July, automotive production and sales reached 2.591 million units each, with month-on-month declines of 7.3% and 10.7%, respectively, while year-on-year growth was 13.3% and 14.7% [2]. - Retail sales of passenger vehicles in July totaled 1.834 million units, showing a year-on-year increase of 6% but a month-on-month decrease of 12% [2]. - The cumulative retail growth rate for the domestic automotive market improved from -12% in January to 11% by June, indicating a "front low, middle high" trend [2]. Group 2: Company Performance - Leap Motor achieved a record delivery of 50,129 units in July, marking a year-on-year increase of over 126% [3]. - Xiaomi's vehicle deliveries exceeded 30,000 units in July, while NIO delivered 21,017 units, a slight year-on-year increase of 2.53% [3]. - Li Auto's deliveries fell nearly 40% year-on-year, highlighting the competitive challenges faced by some brands [3]. Group 3: Industry Dynamics - The automotive industry is undergoing a comprehensive effort to address excessive competition, with positive progress reported in reducing "involution" [5]. - The number of new car price reductions has increased, with 113 models experiencing price cuts from January to July 2023, indicating a trend towards more rational pricing [5]. - The automotive industry's profit margin reached 6.9% in June, reflecting improved market order and reduced pressure [5]. Group 4: Future Outlook - The market is expected to see further growth during the "Golden September and Silver October" sales period, supported by ongoing policies and new model launches [7]. - The government has allocated 69 billion yuan for the third batch of long-term special bonds to support the "old-for-new" consumption policy, which is anticipated to stabilize consumer confidence [7]. - Consumer spending is expected to increase, with savings growing rapidly, enhancing purchasing power and enthusiasm for vehicle purchases [8].