报告称纯靠降价难再刺激购车

Core Insights - The automotive competition in China is shifting from price-based strategies to innovation-driven approaches, as price competition is losing its effectiveness in stimulating consumer demand [3][4] - In 2023, the net stimulating effect of price competition was only 3%, with over 60% of respondents indicating that price competition had no impact on their purchasing decisions [3] - The report suggests that automakers should focus on providing better technology at the same price point to meet consumer needs and protect brand value [3] Price Competition Trends - The discount rate for traditional fuel vehicles increased by nearly 8 percentage points in 2024 compared to 2023, while the discount rate for electric vehicles rose by nearly 5 percentage points [3] - The net stimulating effect of price competition only increased by 0.6% in 2024, indicating that the costs associated with price competition are not justified [3] - Consumers are increasingly able to purchase better-performing vehicles at lower prices, affecting their budget planning for future purchases [5] Consumer Behavior - Most consumers prefer to stay within the same price range when purchasing their next vehicle, particularly in the mainstream segment priced between 100,000 to 150,000 yuan [4] - There is a notable increase in the proportion of consumers willing to downgrade their vehicle choice in other market segments, approaching levels seen in 2022 [4] - The automotive market is experiencing a return to rationality in promotions and downgrades, with a moderate scale of new car price reductions observed in 2025 [5] Market Performance - In October, the production and sales of passenger vehicles reached 2.995 million and 2.961 million units, respectively, showing month-on-month growth of 3.3% and 3.6%, and year-on-year growth of 10.7% and 7.5% [5] - The average price reduction for new energy vehicles in October was approximately 18,000 yuan, representing an 11.1% decrease [5] - The China Automobile Industry Association is closely monitoring terminal prices, noting significant downward pressure on new car pricing [5]