11月汽车零售销量三年来同比首降

Core Viewpoint - The Chinese passenger car market experienced a significant decline in retail sales in November 2023, marking the first year-on-year negative growth in retail sales for the year, with a decrease of 8.1% compared to the same month last year [3]. Group 1: Market Performance - In November, the national retail sales of passenger cars reached 2.225 million units, reflecting a month-on-month decline of 1.1% [3]. - The year-on-year decline in retail sales has worsened compared to October's 0.5% decrease, indicating a challenging market environment as the year-end approaches [3]. - The production and wholesale sales of vehicles maintained growth on a month-on-month and year-on-year basis, leading to an increase in dealer inventory by 60,000 units in November, contrasting with a decrease of 220,000 units in the same month last year [7]. Group 2: Policy Impact - The "old-for-new" subsidy policy has been a crucial factor in adjusting the growth rate of car sales, with over 11.2 million applications for subsidies by October 22, 2023 [6]. - The average daily subsidy scale dropped to 30,000 units in November due to the widespread suspension of subsidies across various regions [6]. - The penetration rate of new energy vehicles (NEVs) in domestic retail reached a record high of 59.3% in November, up 7 percentage points from the same period last year [6]. Group 3: Segment Analysis - The pure electric vehicle market was the only segment showing growth in November, with retail sales increasing by 9.2% year-on-year, while the range-extended and plug-in hybrid markets saw declines of 4.3% and 2.8%, respectively [6]. - The retail sales of fuel vehicles experienced a significant year-on-year decline of 22% [6]. - The market share of new forces in pure electric and range-extended vehicles shifted from 57%:43% last November to 73%:27% this year [6]. Group 4: Industry Profitability - The automotive industry is facing notably low profit margins, with the sales profit margin for the automotive sector at only 4.4%, compared to 30.3% for the upstream non-ferrous metal industry [8]. - 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 [8].