2024年4月中国进口汽车市场月报

Investment Rating - The report indicates a continued downward trend in the import automotive market, with a focus on destocking as a primary task for 2024 [2][4]. Core Insights - The import volume of automobiles has decreased for four consecutive years, with a 7.6% decline in the first four months of 2024 compared to the same period last year, totaling 208,000 units and an import value of 83.28 billion yuan, down 17.1% year-on-year [2]. - The demand for imported vehicles has remained stable at a low level, with total sales in 2023 at 769,000 units, showing no significant change year-on-year. However, sales in the first four months of 2024 dropped by 8.6% to 217,755 units [4]. - The inventory level in April 2024 reached a historical high of 5.5 months, indicating a continued destocking cycle [8]. - The average customs declaration price for imported vehicles has increased from 252,100 yuan in 2015 to approximately 400,400 yuan in 2024, reflecting a shift in consumer trends towards higher-priced vehicles [10]. - The luxury vehicle segment remains dominant, accounting for 90.25% of total sales in the first four months of 2024, despite a decline in sales across all segments, with super luxury vehicles down 39.06% and non-luxury vehicles down 20.74% [12]. - Among the top ten brands, Lexus, Audi, Toyota, and MINI experienced positive growth, with Lexus achieving a 36.3% increase in sales, while Volkswagen saw the largest decline at 53.3% [14]. - In terms of vehicle types, all three major categories (sedans, SUVs, and MPVs) experienced declines, with MPVs seeing the largest drop at 21.25% [15]. - The distribution of engine displacement has shifted, with the 1.5-2.0L range now representing 39.9% of sales, an increase of 0.1 percentage points from 2023 [18]. - Sales of imported new energy vehicles fell by 34.5% in the first four months of 2024, with pure electric vehicles down 24.3% and plug-in hybrids down 50.5% [21].