11月汽车零售销量三年来同比首降

Group 1 - The retail sales of passenger cars in China for November reached 2.225 million units, marking a year-on-year decline of 8.1% and a month-on-month decrease of 1.1%, indicating that the year-end "tail market" is unlikely to materialize [1] - This is the first instance of year-on-year negative growth in retail sales for the automotive market in 2023, with the decline widening from a 0.5% drop in October [1] Group 2 - The important policy for adjusting the growth rate of car sales this year has been the trade-in subsidy, with over 11.2 million applications for the subsidy by October 22, 2023 [3] - The average daily subsidy scale dropped to 30,000 units in November due to the widespread suspension of subsidies across various regions [3] - The penetration rate of new energy vehicles in domestic retail reached 59.3% in November, an increase of 7 percentage points year-on-year, with the pure electric market being the only growth highlight, showing a year-on-year increase of 9.2% [3] Group 3 - Despite the decline in retail sales, production and wholesale volumes in the automotive market maintained growth, leading to an increase in dealer inventory by 60,000 units in November [4] - The automotive industry is facing a low profit margin, with the sales profit margin for the upstream non-ferrous industry at 30.3% compared to just 4.4% for the automotive industry, indicating a hollowing out of profits for vehicle manufacturers [4] - Increased inventory levels of new energy vehicles in October and November led to a misperception of high demand in the upstream lithium carbonate industry, resulting in price increases [4]