6月乘用车销量大涨18% 二季度车市“价格战”现熄火迹象

Core Viewpoint - The automotive market is experiencing a slowdown in price wars, with a significant reduction in promotional activities by car manufacturers, indicating a shift in market dynamics [1][3]. Group 1: Market Performance - In June, the retail sales of passenger cars reached 2.084 million units, a year-on-year increase of 18.1%, marking the highest sales record for June [2]. - For the first half of the year, retail sales of passenger cars totaled 10.9 million units, growing by 10.8%, an increase of nearly two percentage points compared to the growth rate of 9% in the first five months [3]. - The strong performance in June was attributed to increased government subsidies under the "two new" policy and a rush by consumers to take advantage of expiring subsidies [3]. Group 2: Pricing and Profitability - The automotive industry is facing a "revenue growth but profit decline" scenario, with revenues of 4.1283 trillion yuan in the first five months, up 7%, while profits fell by 11.9% to 178.1 billion yuan [4]. - The profit margin for the automotive industry stands at 4.3%, which, although improved from 4.1% in the previous months, remains lower than the average profit margin of 5.7% for downstream industrial enterprises [5]. Group 3: New Energy Vehicles (NEVs) - The NEV market continues to show strong growth, with retail sales of 1.111 million units in June, a year-on-year increase of 29.7%, and cumulative sales of 5.468 million units in the first half, up 33.3% [6]. - The market share of pure electric vehicles is increasing, while the share of plug-in hybrid and range-extended hybrid vehicles is declining [6]. - In June, the penetration rate of NEVs reached 53.3%, an increase of 4.8 percentage points year-on-year, with significant differences in penetration rates among different brands [7]. Group 4: Brand Performance - Domestic brands achieved retail sales of 1.34 million units in June, a year-on-year increase of 30%, capturing a retail market share of 64.2% [8]. - Mainstream joint venture brands saw a slight increase in sales but a decline in market share, with German brands' share dropping by 2.4 percentage points [8]. - Luxury car sales faced challenges, with a year-on-year decline of 7% in June [9]. Group 5: Export Trends - In June, passenger car exports reached 480,000 units, a year-on-year increase of 23.8%, with NEVs accounting for a growing share of exports [10]. - NEV exports in June totaled 198,000 units, up 116.6%, representing 41.1% of total exports [10]. Group 6: Future Outlook - The automotive market is expected to enter a consolidation phase in July, influenced by high sales bases and tightening credit policies affecting car loans [10]. - Positive factors include the potential for NEVs to penetrate rural markets and the ongoing impact of the vehicle replacement subsidy policy [11].