电厂 | 汽车公司内卷进入暗战：“增配不加价”

Group 1 - BYD has completely canceled its "limited-time fixed price" promotional policy starting July 1, with subsidies exceeding 50,000 yuan terminated, signaling the end of a two-year price war in the Chinese automotive industry [1] - The automotive industry has seen over 60 models with price reductions in the first quarter of this year, increasing to over 100 models by May, with price cuts ranging from several thousand to 50,000 yuan [1] - Despite the call for "anti-involution," there are still hidden price reductions through tactics like limited-time promotional pricing and added features without price increases [1] Group 2 - The first-generation IM LS6 was launched in October 2023 with a starting price of 214,900 yuan, while the updated version, IM LS6 Theater Edition, added features valued at over 40,000 yuan but only increased the price by 3,000 yuan [2] - The new generation IM LS6 is expected to have a pre-sale starting price reduced to 209,900 yuan, with anticipated final pricing below 200,000 yuan [4] - Li Auto's i8 underwent rapid changes in pricing and configuration shortly after its launch, indicating a trend of adjusting prices and configurations based on consumer preferences [4] Group 3 - BYD had already prepared for the "no visible price reduction" strategy by implementing "adding features without price increases" at a core dealer meeting in late June [5] - A supply chain expert noted that adding features without price increases is essentially a price reduction strategy, although it may not be reflected in visible price changes [7] - The competitive landscape suggests that only a few companies, like BYD, can quickly achieve cost reductions through supply chain efficiencies, while others may face negative impacts on profit margins in the short term [7] Group 4 - In July, the retail penetration rate of new energy passenger vehicles reached 51.1%, marking the first time their monthly retail sales surpassed traditional fuel vehicles [8] - The average price reduction for new energy vehicles was 18,000 yuan, compared to 13,000 yuan for fuel vehicles, with average reductions of 9.2% and 6.8%, respectively [8] - The market share of entry-level fuel vehicles has significantly decreased, while the share of high-end fuel vehicles has increased, indicating a shift in consumer preferences [8] Group 5 - Despite the price war, the average retail price of passenger cars has been steadily increasing, with the average price expected to exceed 185,000 yuan by 2024 [10] - Most new energy vehicle companies remain unprofitable, with only BYD and Li Auto achieving profitability, while others like Leap Motor have not yet reached full-year profitability [10] - Leap Motor's sales average price was 109,500 yuan in 2024, with a gross margin increase from 8.4% to 14.1% [10] Group 6 - Xiaopeng Motors delivered 190,068 vehicles last year, but the average sales price dropped to 158,500 yuan in the first half of this year, indicating ongoing challenges in profitability [11] - The automotive industry saw a 7% revenue increase to 32.55 billion yuan in the first four months of the year, but costs rose by 8%, leading to a 5.1% decline in profits [13] - The industry's profit margin is currently at 4.1%, significantly lower than the average of 5.6% for downstream industrial enterprises [13]