Core Viewpoint - The controversy surrounding "zero-kilometer used cars" has intensified, with Zeekr clarifying that the vehicles in question are exhibition cars and not registered as used cars [1][2]. Group 1: Company Response - Zeekr stated that the vehicles reported by the media are exhibition cars that have never been registered or issued retail invoices, maintaining their status as new cars [1]. - The company emphasized that exhibition cars are insured but have not been registered, thus retaining their classification as new vehicles [1][5]. - Zeekr has established a special team to investigate and address the concerns raised regarding the sales processes [2]. Group 2: Industry Context - The phenomenon of "zero-kilometer used cars" is prevalent in the domestic market, particularly in the electric vehicle sector, where it is seen as a significant issue [2]. - The practice involves new cars being registered and then sold as used cars at lower prices to meet sales targets, contributing to market confusion [1][2]. - The Ministry of Commerce has convened discussions with industry stakeholders to regulate and improve the second-hand car market [2]. Group 3: Distinction Between Vehicle Types - The primary difference between exhibition cars and "zero-kilometer used cars" is whether they have been registered; exhibition cars remain under the dealership's ownership and have not been registered [4]. - "Zero-kilometer used cars" have completed initial sales and registration, requiring a transfer of ownership during resale [4][6]. - Consumers can identify the type of vehicle based on documentation, such as the registration certificate indicating the first registration date and previous owner information [6].

Core Viewpoint - The emergence of "zero-kilometer used cars" in the Chinese automotive market is a response to inventory pressure and sales targets faced by manufacturers and dealers, leading to significant price reductions in the second-hand car market [2][3][24]. Group 1: Definition and Characteristics - "Zero-kilometer used cars" refer to vehicles that have completed registration but have extremely low mileage, often less than 100 kilometers, making them almost new [2][21]. - These vehicles are typically sold by manufacturers directly to used car dealerships, which then resell them to consumers [6][12]. Group 2: Market Dynamics - The current market for "zero-kilometer used cars" is driven by a price war and an imbalance in supply and demand, with these cars serving as a "release valve" for manufacturers and dealers to manage excess inventory [3][24]. - The sales volume of "zero-kilometer used cars" is estimated to account for 5%-10% of the total used car market, translating to approximately 1-2 million units based on projected total used car transactions in 2024 [21][24]. Group 3: Sources and Distribution - The sources of "zero-kilometer used cars" include excess inventory from 4S dealerships, vehicles from rental companies, and those produced to exploit subsidy loopholes [14][15]. - Many used car dealers find it challenging to access these vehicles directly from manufacturers, often relying on established relationships or group purchases to acquire them [15][16]. Group 4: Market Impact - The rise of "zero-kilometer used cars" is expected to intensify competition in the used car market, particularly affecting the sales of "quasi-new cars" [27][28]. - The phenomenon may lead to a decline in the perceived value of traditional used cars, as consumers may prefer the nearly new condition of "zero-kilometer used cars" at similar price points [28][29]. Group 5: Regulatory Considerations - Experts suggest that the lack of regulatory measures for "zero-kilometer used cars" could lead to potential market manipulation, and there are calls for improved oversight from government bodies [32][33]. - Recent discussions among industry stakeholders, including the Ministry of Commerce, aim to address the implications of "zero-kilometer used cars" on the market [33].

Core Viewpoint - The emergence of "zero-kilometer used cars" has sparked controversy in the automotive industry, with some viewing it as a beneficial option for consumers while others see it as a market anomaly driven by excess inventory and sales manipulation [2][19]. Group 1: Industry Dynamics - A chairman of a domestic car company labeled zero-kilometer used cars as an "industry chaos," claiming they are not genuine used cars but rather new cars sold to dealers to improve sales figures [2][4]. - The zero-kilometer used car phenomenon is linked to high inventory levels among car manufacturers, with dealers facing pressure to sell vehicles quickly to avoid losses and secure rebates from manufacturers [8][9]. - The China Automobile Dealers Association reported that the inventory coefficient for car dealers remained above 1.4, indicating ongoing inventory challenges in the industry [8]. Group 2: Consumer Perspective - Consumers generally view zero-kilometer used cars positively, as they offer the opportunity to purchase nearly new vehicles at lower prices compared to traditional new cars [2][4]. - Examples of significant price reductions for zero-kilometer used cars were provided, showing savings of nearly 10,000 yuan or more compared to new car prices from dealerships [4]. - The existence of zero-kilometer used cars allows consumers to benefit from lower prices while still obtaining vehicles that are effectively new [19]. Group 3: Market Implications - The practice of selling zero-kilometer used cars may distort sales data reported by manufacturers, leading to inaccuracies in production planning and market strategy [19][20]. - Industry experts suggest that the zero-kilometer used car market could lead to consumer protection disputes if dealers do not transparently disclose the nature of these vehicles [20]. - The phenomenon raises concerns about the long-term health of the automotive market, as it may encourage unsustainable practices among manufacturers and dealers [21]. Group 4: Recommendations and Solutions - To address the underlying issues leading to the rise of zero-kilometer used cars, manufacturers should optimize production strategies to better align supply with demand, thereby reducing excess inventory [21]. - Experts recommend enhancing the profitability and service levels of existing sales channels rather than relying on aggressive discounting and inventory-clearing tactics [21].

Core Viewpoint - The automotive industry is facing significant scrutiny regarding its payment practices and the phenomenon of "zero-kilometer used cars," which have been used to inflate sales figures and extend payment terms to suppliers. This has led to a collective movement among major car manufacturers to shorten payment periods to comply with new regulations [1][4][5]. Group 1: Payment Practices and Regulations - Major car manufacturers have announced a commitment to shorten payment terms to no more than 60 days, aligning with the newly implemented "Regulations on Payment to Small and Medium Enterprises" [4][10]. - Historically, payment periods for suppliers often exceeded six months, with an average accounts payable turnover days of 182 days for listed car companies in 2024 [10][16]. - The automotive industry has been criticized for its long payment cycles, which have been a common practice to manage cash flow and reduce financing costs [15][20]. Group 2: Zero-Kilometer Used Cars - The practice of selling "zero-kilometer used cars," which are essentially new cars sold as used, has been prevalent in the industry, allowing manufacturers to manipulate inventory and sales figures [24][31]. - This practice has created a dual pricing system that undermines consumer confidence and distorts the new car pricing structure [35][40]. - The zero-kilometer used car phenomenon has been linked to various financial manipulations, including the exploitation of government subsidies intended for genuine used car transactions [32][35]. Group 3: Industry Response and Challenges - Despite the regulatory push, many car manufacturers remain hesitant to fully abandon these practices, indicating a reluctance to change entrenched behaviors [38][51]. - The competitive landscape, characterized by aggressive price wars, has exacerbated the reliance on these financial maneuvers, making it difficult for companies to pivot away from them [39][50]. - The industry's long-standing practices of extending payment terms and utilizing zero-kilometer used cars are seen as symptoms of deeper issues related to market competition and financial health [37][49].

Core Viewpoint - The automotive industry is facing significant challenges, with comparisons being drawn to the financial troubles of Evergrande Group, suggesting that similar issues may exist within the automotive sector, particularly regarding debt levels and potential financial misrepresentation [2][3]. Group 1: Industry Challenges - The automotive industry is experiencing a profit margin of only 4.3% in 2024, which is below the national industrial average of 6% [2]. - The price reduction of new energy vehicles reached an average of 9.2% in 2024, raising concerns about product quality and sustainability [2]. - The chairman of Great Wall Motors, Wei Jianjun, emphasized the need for profitability and sustainable investment in the industry, warning against excessive capitalization that could threaten industry safety [3]. Group 2: Financial Analysis of BYD - BYD's total assets grew from 2010 billion in 2020 to 7834 billion in 2024, indicating a nearly fourfold increase, primarily driven by debt [4]. - The company's liabilities increased from 1366 billion in 2020 to 5847 billion in 2024, with the debt-to-asset ratio rising from 67.96% to 74.64% over the same period [4][5]. - BYD's reliance on supplier financing is significant, with accounts payable and other payables reaching 4303 billion by the end of 2024, which is approximately double its interest-bearing debt [5]. Group 3: Supply Chain Financing - BYD's use of supply chain financing through Dlink allows the company to secure substantial interest-free loans from suppliers, potentially saving around 120 billion in financing costs [6]. - The extended payment terms for suppliers, exceeding 180 days, have raised concerns about the sustainability of this financing model [6]. - The practice of utilizing supplier funds for operational financing is common in the industry, but it raises ethical questions regarding supplier treatment [5][8]. Group 4: Market Practices and Risks - The issue of "zero-kilometer" used cars, where unsold new cars are sold at discounted prices, has been highlighted as a potential risk to sales data accuracy and profit recognition [7]. - The lack of transparency in sales contracts and the actual sales of these vehicles may lead to doubts about the authenticity of reported revenues [7]. - The automotive industry must balance commercial interests with social responsibility, ensuring that practices do not compromise product quality or supplier relationships [8].

Core Viewpoint - The Chinese automotive market is experiencing severe supply-demand imbalance and negative effects from price wars, leading to distorted business practices among listed car companies [2][4][12]. Group 1: Market Dynamics - The average sales growth rate in China's domestic automotive market over the past three years is only 1.8%, with profit margins continuously declining [4][11]. - The phenomenon of "0-kilometer used cars" has emerged, where new cars are registered and then sold as used cars to alleviate inventory pressure and meet sales targets [6][9]. - The automotive industry is facing a significant overcapacity issue, with many listed companies reporting utilization rates below 50% [13][25]. Group 2: Industry Practices - Some car manufacturers and dealers engage in practices such as "virtual invoicing" to obtain subsidies, contributing to a culture of financial manipulation [6][9]. - The trend of selling "pseudo-used cars" at steep discounts (up to 30% off) is prevalent, indicating a hidden price war within the industry [7][9]. - The competitive landscape has led to a "winner-takes-all" scenario, forcing traditional automakers to downsize and restructure [15][16]. Group 3: Regulatory Response - The Ministry of Commerce has initiated discussions with major car manufacturers regarding the "0-kilometer used car" issue and is working to regulate market practices [4][22]. - There is a call for stricter regulations to address the ongoing price wars and restore healthy competition in the automotive sector [22][26]. - The government is promoting initiatives like the "2025 New Energy Vehicles Going to the Countryside" program to stimulate demand and help manufacturers reduce inventory [26][27]. Group 4: Future Outlook - The automotive industry is expected to undergo a "淘汰赛" (elimination race) in the second half of the year, which may further impact weaker companies [16]. - Despite the challenges, there are potential benefits from government initiatives aimed at boosting sales of new energy vehicles [26]. - The overall production capacity in China may exceed 50 million units, while the global automotive production is around 90 million units, highlighting a significant structural overcapacity [23][25].

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, criticized the excessive competition and distorted market order in the automotive industry, particularly highlighting the issue of "zero-kilometer used cars" [1] - "Zero-kilometer used cars" are vehicles that are technically classified as used but have very low or zero mileage, often coming from test drives or showroom displays. Some manufacturers and dealers register new cars as sold to create a false impression of high sales, then sell them at lower prices through used car dealers [3] - Data from a used car platform indicates that there are approximately 7,000 vehicles registered with less than 10,000 kilometers, with most having less than 1,000 kilometers. These vehicles span various brands and types, and they are often sold at discounts of 10% to 30% compared to new cars, appealing to budget-conscious consumers [3] Group 2 - The sale of "zero-kilometer used cars" is not limited to the domestic market but is also penetrating overseas markets, with some dealers exporting these vehicles under the guise of "parallel exports" to benefit from tax refunds and avoid domestic taxes [4] - It is reported that over 60% of used cars exported overseas in 2023 were "zero-kilometer used cars," including some electric vehicles, indicating a significant trend in the export of these vehicles [4]

近日,长城汽车董事长魏建军在接受采访时表示,一些经销商会将库存时间较长的新车先上牌注册为"已销 售"状态,然后再以二手车的名义出售。此类做法在二手车流通平台上非常普遍。对此,有业内人士认 为,"零公里二手车"实为汽车行业变相降价的产物,车企应当优化经营策略,按销定产,避免盲目生产导致库 存积压。还应提升现有渠道的盈利能力和服务水平,而非依赖价格战等低效内卷手段。 "零公里二手车" 利润主要靠走量 明明是未实际交付过的新车,经过一次"转手",就摇身一变成了二手车,价格还低了不少,这样的车辆在业内 被形象地称之为"零公里二手车"。 日前,一个有关商务部消费促进司召集车企和相关行业机构等开座谈会的通知截图在网络上流传。该截 图显示,此次会议主题是研究"零公里二手车"及进一步促进二手车流通消费相关内容。参会方包括行业 协会、车企和交易平台。有参会人士向媒体证实了上述通知的真实性。 中国汽车流通协会专家、二手车行业资深从业者王萌对齐鲁晚报·齐鲁壹点表示,"零公里二手车"的存在 由来已久,实际上是清理库存的"变相降价"之举,在各国汽车市场都很常见。 据了解,近年来,在汽车市场激烈的竞争中,部分车企为了达到销售业绩,通过激 ...

Core Viewpoint - The emergence of "zero-kilometer used cars" has sparked widespread attention and debate within the automotive market, highlighting the complexities of market competition, sales strategies, and policy environments [2][13]. Group 1: Market Dynamics - The proportion of "zero-kilometer used cars" in the used car market surged to 12.7% in 2024, a significant increase of 7.2 percentage points over four years [3]. - Intense competition in the automotive market has led manufacturers to set challenging sales targets, resulting in dealers selling vehicles beyond market demand, which contributes to the rise of "zero-kilometer used cars" [3][4]. - Overcapacity in the automotive industry, particularly in rapidly changing segments, has forced dealers to register unsold new cars as used cars to alleviate inventory pressure [4]. Group 2: Policy and Regulatory Aspects - The phenomenon of "zero-kilometer used cars" has been exacerbated by loopholes in government subsidy policies, allowing dealers to exploit these for profit [4][12]. - A proposed seminar by the Ministry of Commerce aims to address the issues surrounding "zero-kilometer used cars," indicating a potential shift towards regulatory measures [2][13]. Group 3: Consumer Perspectives - Consumer opinions on "zero-kilometer used cars" are polarized, with some attracted by the lower prices while others are concerned about the loss of first-owner benefits and potential depreciation [6][7][8]. - Data indicates that "zero-kilometer used cars" can depreciate 15%-20% more than regular used cars upon resale, raising concerns about their long-term value [7]. Group 4: Industry Implications - The sale of "zero-kilometer used cars" presents unique advantages for dealers, including lower after-sales risks and the ability to sell in bulk through modern sales channels like live streaming [9]. - The ongoing challenges posed by "zero-kilometer used cars" necessitate a multi-faceted governance approach to ensure market sustainability and consumer protection [12][13].

Group 1 - The core viewpoint of the articles highlights a new wave of price cuts in the domestic automotive market, leading to significant market concerns and a substantial drop in the market value of automotive stocks [1][4][5] - Major automotive companies, including BYD, Geely, and Chery, have initiated promotional activities with substantial cash subsidies, resulting in price reductions of up to 55,000 yuan for various models [2][3] - The phenomenon of "zero-kilometer" used cars, which are essentially unsold new cars registered as used, has emerged as a hidden pricing strategy, raising concerns about market integrity and competition [3][6] Group 2 - The automotive sector has been experiencing a continuous decline in profit margins, with the profit rate dropping from 8.99% in 2014 to an estimated 4.3% in 2024, indicating a challenging financial environment for the industry [6][7] - Analysts suggest that the recent price competition is driven by increased market pressure and inventory accumulation, with BYD's inventory rising by 56,400 units in the first four months of the year [2][5] - Industry leaders are calling for a return to orderly competition to foster sustainable development and technological advancement, emphasizing the need to avoid destructive price wars [7][8]