从疯狂开店到主动关店：车企渠道“瘦身”求生

Core Viewpoint - The automotive industry in China is undergoing a significant channel transformation, with both new and traditional car manufacturers adjusting their sales strategies to adapt to market changes and improve efficiency [1][3]. Group 1: New Forces in the Automotive Industry - Li Auto plans to close approximately 100 underperforming retail stores by mid-2026, indicating a trend among new energy vehicle companies to reduce sales channels [2]. - Other companies like Tesla, Xpeng, and NIO are also reducing their sales channels, marking a shift from aggressive expansion to a focus on efficiency and profitability [2][5]. - The overall sales performance of Li Auto is declining, with a projected delivery of 406,300 vehicles in 2025, a year-on-year decrease of 18.8% [5]. Group 2: Traditional Automotive Companies - Traditional car manufacturers are also facing channel adjustments, with many luxury and joint venture brands closing dealerships due to declining sales [8][9]. - For instance, BMW and Mercedes-Benz have terminated dealership authorizations for numerous locations, with plans to close over 100 inefficient stores [8]. - The number of 4S stores in China decreased from 32,000 to 31,400 in the first half of 2025, reflecting a net reduction of about 650 stores [8]. Group 3: Market Dynamics and Challenges - The overall retail volume of passenger vehicles in China grew by only 3.8% in 2025, with traditional fuel vehicles experiencing a 9% decline [9]. - The ongoing price wars have put financial pressure on many dealerships, leading to closures and bankruptcies, such as the case of Baolide Holdings [9][10]. - Only 28% of dealerships reported profitability in the first three quarters of 2025, with a loss rate of 55% [10]. Group 4: Channel Strategy Evolution - New energy vehicle companies are shifting from direct sales to agency or dealership models to reduce costs and improve market responsiveness [12]. - Li Auto's "Hundred Cities Star" plan aims to establish over 300 retail outlets through partnerships, while NIO has introduced a "user cooperation store" model to enhance efficiency [12]. - Traditional manufacturers are also exploring diverse channel models, with some like Great Wall Motors adopting direct sales for specific brands [13].