Core Viewpoint - The recent regulatory measures by Chinese authorities aim to address the chaotic "zero-kilometer used car" phenomenon, ensuring that used car exports return to their original purpose and enhancing the oversight of export enterprises [1][2][3] Group 1: Regulatory Changes - The Ministry of Commerce, Ministry of Industry and Information Technology, Ministry of Public Security, and General Administration of Customs issued a notification to strengthen the management of used car exports, effective January 1, 2026 [1] - Vehicles registered for less than 180 days will require additional documentation, including a service confirmation letter from the manufacturer, to obtain export permits [1] - The notification provides a buffer period of approximately one and a half months for companies to comply with the new regulations [1] Group 2: Industry Context - The "zero-kilometer used car" issue has been criticized for allowing new cars to be exported under the guise of used cars, circumventing import/export controls and taxes, and potentially harming brand reputation [1][2] - The used car export volume in China has seen explosive growth, with projections of 500,000 to 600,000 units for the year, a significant increase from less than 3,000 units in 2019 [2][3] - The growth of used car exports has raised concerns about the integrity of some enterprises, leading to a trust crisis in the overall image of Chinese used car exports [2][3] Group 3: Industry Growth and Future Outlook - Since the pilot program began in 2019, China's used car exports have grown from 4,300 units in 2020 to over 436,000 units in 2024, covering more than 160 countries and regions [3] - The regulatory framework aims not only to impose restrictions but also to guide the industry towards healthy development by clarifying rules and encouraging self-regulation among enterprises [3] - The focus is shifting from mere scale growth to value growth in the used car export sector, supported by systematic measures to enhance compliance and quality [3]

【明年起须提供售后确认书！#四部门新规严打零公里二手车#】11月14日，商务部、工业和信息化部、 公安部、海关总署联合发布《关于进一步加强二手车出口管理工作的通知》，明确自2026年1月1日起， 对申请出口距注册登记日期不满180天的车辆，需提交生产企业出具的《售后维修服务确认书》，对无 法提供材料的车辆，不予发放出口许可证。 据中国汽车流通协会数据，2024年二手车市场中"登记≤3个月、里程≤50公里"的车辆占比已飙升至 12.7%，相当于每8辆二手车中就有1辆是"刚上牌就转手"的准新车。 这一政策直指近年来盛行的"零公里二手车"出口乱象。 "零公里二手车"指的是已经完成车辆登记手续，但未实际使用或行驶里程极低的车辆。这类车辆虽然名 义上属于"二手车"，实则保持着新车状态。 ...

Core Viewpoint - The article discusses the phenomenon of inflated order numbers in the Chinese automotive market, particularly in the electric vehicle sector, highlighting how these inflated figures serve as marketing tools rather than accurate reflections of consumer demand [4][6][21]. Summary by Sections Order Dynamics - Orders are crucial for automakers to guide production based on consumer preferences, but they have increasingly become a marketing gimmick, leading to inflated figures that misrepresent actual demand [6][9]. - As of 2025, the total number of small orders for passenger cars in China reportedly exceeded 50 million, suggesting a significant discrepancy between reported orders and actual sales [6][9]. Industry Practices - The article reveals a gray market for fake orders, where some automakers and dealers collaborate to inflate order numbers, undermining the credibility of the data [10][12]. - Instances of "zero-kilometer used cars" being counted as sales highlight the lengths to which companies will go to boost their sales figures, further complicating the landscape [12][19]. Case Studies - The case of Leida Automotive illustrates the dangers of relying on inflated order numbers, as the company faced significant backlash when actual sales fell far short of expectations [14][19]. - NIO's CEO Li Bin's comments on the industry's order inflation reflect a broader concern about the sustainability of such practices and their potential to harm companies in the long run [19][21]. Market Impact - The prevalence of fake orders not only disrupts production schedules but also damages the overall industry ecosystem, leading to skepticism among consumers regarding the authenticity of order data [21][24]. - The article notes that genuine sales figures are becoming more critical for companies to establish credibility, as consumers are increasingly questioning the validity of reported order numbers [22][25]. Regulatory Response - In response to the rampant inflation of order numbers, regulatory bodies have initiated measures to combat false advertising and promote transparency in the automotive industry [24][25]. - Experts are calling for mechanisms to verify order data against actual sales figures to ensure accountability among automakers [24][25].

Core Viewpoint - Zeekr has reported a strong performance in vehicle deliveries and revenue for the first half of 2025, but it faces significant challenges regarding profitability and market perception due to the "zero-kilometer used car" controversy [2][19]. Financial Performance - In the first half of 2025, Zeekr delivered a total of 244,877 vehicles, marking a year-on-year increase of 14.5% [2]. - Total revenue reached 49.45 billion yuan, with a year-on-year growth of 8% [2][13]. - In Q2 2025, total revenue was 27.43 billion yuan, and the comprehensive gross margin reached 20.6%, an increase of 2.6 percentage points year-on-year, setting a historical high [2][7][14]. - Vehicle sales revenue for Q2 was 22.92 billion yuan, reflecting a year-on-year growth of 2.2% [2][11][10]. Cost Management - The R&D expense ratio and sales expense ratio both decreased year-on-year, indicating improved cost control [19][12]. - Despite these improvements, Zeekr still reported a net loss in Q2, although the loss amount has narrowed compared to previous periods [19]. Market Challenges - Zeekr is currently embroiled in controversy regarding "zero-kilometer used cars," which has raised concerns about the legitimacy of its vehicle sales [19]. - The controversy is particularly sensitive as Zeekr is in the process of privatization, with Geely Auto signing a merger agreement to take Zeekr private [19]. - The combination of delivery growth and profitability challenges, along with the "zero-kilometer used car" issue, poses a risk to Zeekr's market trust and future performance [19].

Core Viewpoint - The recent financial disclosures from Zeekr indicate a mixed performance amidst ongoing privatization efforts, highlighting both revenue growth and challenges related to profitability and sales practices [1][2][3] Financial Performance - In Q2 2025, Zeekr reported total revenue of 27.431 billion yuan, with a gross margin of 20.6%, marking a year-on-year increase of 2.6 percentage points, achieving a historical high [1] - Vehicle sales revenue reached 22.916 billion yuan, reflecting a year-on-year growth of 2.2% [1] - For the first half of the year, Zeekr delivered a total of 244,877 vehicles, representing a year-on-year increase of 14.5%, with total revenue amounting to 49.450 billion yuan and vehicle revenue growing by 8% [1] Profitability Challenges - Despite a decrease in both R&D and sales expense ratios, Zeekr recorded a net loss in Q2, although the loss amount showed a reduction compared to previous periods [1] - The company continues to face profitability issues that are common among many new energy vehicle manufacturers [1] Sales Practices Concerns - The "zero-kilometer used car" issue has emerged as a significant concern, with reports of dealers being pressured to meet sales targets through questionable practices, such as selling vehicles that are technically classified as used but are essentially new [2][3] - This practice has led to consumer complaints regarding the loss of benefits associated with being the first owner, such as battery warranties and free charging [3] Market Context - The phenomenon of "zero-kilometer used cars" is seen as a response to industry pressures, including inventory buildup and intense market competition [3] - Zeekr's increasing inventory levels, as indicated in financial disclosures, reflect broader industry challenges [3] Privatization Developments - Zeekr is currently undergoing a privatization process, with Geely Automobile Holdings announcing a merger agreement to acquire all outstanding shares of Zeekr, which has raised concerns about potential discrepancies in sales and financial data [3]

Core Viewpoint - The article highlights the significant depreciation of electric vehicles (EVs) in the second-hand market, leading to financial losses for both car owners and dealers, exacerbated by rapid technological advancements and aggressive pricing strategies in the new car market [6][12][28]. Group 1: Depreciation and Market Dynamics - Tesla Model 3 and Model Y owners are experiencing substantial losses, with depreciation rates reaching 65% over three years for some models, and in extreme cases, vehicles losing up to 70% of their value within a year [7][12]. - The average inventory cycle for second-hand car dealers is reported to be 43 days, with a significant portion of dealers facing longer cycles, indicating a challenging operating environment [9][10]. - The second-hand EV market is characterized by a lack of trust and transparency, with many consumers feeling their rights are not adequately protected due to the rapid depreciation and unclear valuation models [10][28]. Group 2: Technological Impact and Consumer Behavior - Rapid technological advancements in EVs, particularly in battery technology, are causing older models to lose value quickly, with some vehicles depreciating by 40% shortly after new models are released [20][23]. - A survey indicated that 87% of respondents believe the depreciation rate of EVs exceeds their tolerance, leading to 23% of potential buyers abandoning their purchase plans [15][16]. - The introduction of "zero-kilometer second-hand cars" is disrupting the market, as these vehicles are often priced lower than used cars, further driving down the value of traditional second-hand vehicles [30][31]. Group 3: Recommendations for Stakeholders - To address the depreciation crisis, stakeholders suggest implementing equal subsidies for new and second-hand vehicles and eliminating the practice of zero-kilometer second-hand cars, which distort market pricing [30][31]. - Innovations such as AI-based residual value assessment systems and battery rental models are being explored to mitigate depreciation risks and enhance consumer confidence [34]. - Consumers are advised to choose brands that offer official value retention guarantees and to avoid brands with aggressive technological iterations that could lead to rapid depreciation [36][37].

Core Viewpoint - A recent Reuters investigation revealed that some Chinese car manufacturers are inflating sales figures through "pre-insurance" practices, which have become increasingly common in the industry, involving both domestic and foreign brands such as BYD, Volkswagen, Toyota, and Buick [1] Group 1: Consumer Complaints - The investigation identified 97 consumer complaints regarding the practice of pre-insurance, where vehicles were insured under someone else's name before being sold [1] - Dealers admitted that this practice is aimed at meeting monthly sales targets [1] - Affected brands include Neta, Zeekr, Li Auto, Changan, Geely, and FAW-Volkswagen, with many vehicles counted as "sold" before official sales, referred to as "zero-kilometer used cars" [1] Group 2: Company Responses - Volkswagen China stated it will investigate the complaints and emphasized that it does not use insurance to boost sales [1] - SAIC-GM clarified that its sales data is based on actual deliveries [1] - BYD and Geely did not respond to requests for comment [1] Group 3: Legal Actions and Industry Implications - Court records indicate that since 2023, consumers have filed lawsuits against dealers for concealing pre-insurance practices, with some cases resulting in consumer victories and compensation [1] - Industry insiders noted that such practices could mislead the market's understanding of actual demand and pose risks in production capacity allocation [1]

Core Viewpoint - The phenomenon of "zero-kilometer used cars" has gained significant attention following criticism from Great Wall Motors' chairman, highlighting its prevalence in the industry and its implications for sales reporting and market integrity [1][4][9]. Group 1: Industry Impact - Many domestic car manufacturers have reportedly used zero-kilometer used cars to inflate sales figures, aiming to meet monthly and quarterly targets [1][4]. - The Ministry of Industry and Information Technology (MIIT) is considering a policy to prohibit the sale of used cars within six months of new car registration to combat this practice [1][10]. - The prevalence of zero-kilometer used cars has led to a distorted market, where new car sales are negatively impacted, creating a vicious cycle that pressures manufacturers to resort to such tactics [6][9]. Group 2: Market Dynamics - Data from the China Automobile Circulation Association indicates that vehicles registered within three months and with mileage under 50 kilometers accounted for 12.7% of the used car market in 2024, underscoring the scale of zero-kilometer used cars [6][9]. - The practice has also affected the profitability of dealerships, with over 40% of dealers reporting losses and a significant number of used car trading platforms going bankrupt [9][12]. - The zero-kilometer used car issue has implications beyond China, as it allows for the circumvention of high tariffs on new cars when exported as used cars, prompting international scrutiny and policy responses [8][9]. Group 3: Regulatory Responses - The proposed regulations by MIIT aim to reduce the market share of zero-kilometer used cars, although it is acknowledged that such measures may not completely eliminate the practice [10][12]. - The industry is urged to focus on healthy market practices, including better regulation of sales processes and reducing the pressure on dealerships to meet unrealistic sales targets [22][10]. - The ongoing discussions and regulatory efforts reflect a broader recognition of the need for a sustainable automotive market, moving away from reliance on artificial sales boosts [17][22].

Core Viewpoint - The article highlights the controversy surrounding "0-kilometer used cars," particularly focusing on the practices of Zeekr and Neta Auto, which allegedly inflate sales figures by insuring vehicles before they are sold, thus allowing manufacturers to record these as sales [1][2][10]. Group 1: Definition and Context - "0-kilometer used cars" refer to vehicles that have been registered but have minimal usage, typically with mileage close to 0 kilometers, and are entering the market [7]. - These vehicles often include older models cleared from inventory, "performance boost cars" from dealers, and display vehicles used for customer test drives [7]. - The rapid growth of the "0-kilometer used car" market is evident, with data showing that in 2024, vehicles registered within three months and with mileage under 50 kilometers accounted for 12.7% of the used car market, with over 60% being electric vehicles [7]. Group 2: Industry Practices - Zeekr has publicly opposed the practice of selling "0-kilometer used cars," emphasizing the need to maintain industry order [2]. - In contrast, Neta Auto reportedly inflated its sales figures by over 60,000 vehicles through unconventional methods, which accounted for more than half of its total reported sales during a specific period [2][12]. - Neta Auto's approach involved insuring vehicles before they were sold, allowing them to count these as sales, which misleads consumers relying on sales data for purchasing decisions [12][14]. Group 3: Implications for Consumers - The practice of selling "0-kilometer used cars" can distort sales data, leading to consumer misjudgment when selecting vehicles based on inflated sales figures [10][15]. - Consumers purchasing these vehicles may lose out on manufacturer warranties and benefits typically associated with new cars, as these rights are often tied to the first owner [17]. - There is a lack of regulatory framework in China specifically addressing "0-kilometer used cars," which raises concerns about consumer rights and potential deception in transactions [17][18].

Core Viewpoint - The article discusses the controversy surrounding the sale of "zero-kilometer used cars" by Zeekr, clarifying that these vehicles are actually exhibition cars that have not been registered or sold as used cars, despite media reports suggesting otherwise [1][2]. Group 1: Market Context - The term "zero-kilometer used cars" refers to vehicles that have completed registration but have very low or zero mileage, often sold at lower prices to meet sales targets in a competitive market [2]. - The phenomenon has been criticized by industry leaders, including Great Wall Motors' chairman, who highlighted the issue of new cars being sold as used cars shortly after registration [2]. - The Ministry of Commerce has convened discussions to address and regulate this market anomaly to promote a healthy used car market [2]. Group 2: Zeekr's Response - Zeekr issued a statement clarifying that the vehicles in question are exhibition cars, which are insured but have never been registered or issued retail invoices, maintaining their status as new cars [1][3]. - The company has established a special team to investigate and address the concerns raised about the sales processes and vehicle classifications [3]. Group 3: Distinctions Between Vehicle Types - The primary distinction between exhibition cars and "zero-kilometer used cars" is whether they have been registered; exhibition cars remain unregistered and owned by dealers, while "zero-kilometer used cars" have been registered and previously owned [5]. - Insurance practices differ, with "zero-kilometer used cars" typically insured as new vehicles, while exhibition cars may not always be insured, depending on dealer practices [6]. - Consumers can differentiate between the two types based on documentation, such as registration dates and ownership history, which are clearly indicated on the vehicle's registration certificate [7].