多地汽车“国补”暂停，都是价格战惹的祸？

Core Viewpoint - The suspension of the "old-for-new" subsidy for cars in various regions is primarily due to a mismatch between the demand for subsidies and the phased funding mechanism, despite strong demand for vehicle replacements. The marginal effectiveness of the policy is diminishing due to factors such as price wars in the automotive market [1][3][4]. Summary by Sections Suspension of Subsidies - From mid-May to June 15, multiple regions across the country announced the suspension of applications for the "old-for-new" subsidy due to exhausted funds [2]. - Regions such as Zhengzhou, Luoyang, and others have reported that the suspension is due to the "subsidy funds being used up" [2][8]. Market Reaction - The suspension of the "old-for-new" subsidy has caused unrest in the automotive market, with dealers using the news to encourage consumers to make purchases quickly [3]. - The actual impact of the subsidy policy is more favorable for low-end models, as consumer purchasing power declines and price wars intensify, leading to a decrease in the policy's stimulating effect [4]. Sales Data and Trends - From January to May, automotive sales increased by 3.5 percentage points year-on-year, significantly aided by the "old-for-new" policy. However, the suspension of subsidies and ongoing price wars have led to increased consumer hesitation [5][17]. - The overall retail sales of automobiles remained stagnant, with a total automotive consumption value of 1,884.7 billion yuan, showing zero growth year-on-year [17]. Funding Mechanism - The "old-for-new" subsidy is part of a larger funding pool of 3 trillion yuan for various consumer goods, with the distribution of funds being a challenge due to the mismatch between local demand and the phased release of funds [11][12]. - As of June 18, the central government has allocated 1,620 billion yuan of the planned 3 trillion yuan, with the remaining funds to be distributed in the latter half of the year [6][11]. Future Implications - The marginal effectiveness of the "old-for-new" policy is expected to continue diminishing, with consumers adopting a wait-and-see attitude due to aggressive price cuts in the market [16]. - The automotive market is facing pressure for growth, with expectations for more robust policies to stimulate demand, such as tax reductions and incentives for purchasing vehicles [16][18].