7月1日开始，比亚迪全面取消"限时一口价"的促销政策，最高超过5万元的促销补贴终止同时"高息高返"也被叫停。 这被认为是中国汽车行业持续两年多的价格战进入尾声的信号，也是行业自律、反内卷的第一步。电厂从知情人士了 解到，相关部门曾在6月至7月连续召集十余家主流车企开会，强调不搞"内卷式"竞争，不能以牺牲产品性能、降低产 品质量为代价实现短期的"降本增效"。 据第三方机构的监测数据，今年第一季度，国内汽车市场的降价车型超过60款。到了5月，随着上半年节点临近，降价 换销量的车型增加至超过100款，降价幅度在数千元至5万元不等。 在"反内卷"的呼声下，汽车行业几乎看不到明面上的降价，但"内卷"仍然在暗处涌动，新车型上市限时权益价、增配 不加价等"变相降价"的行为并不少见。 隐晦的内卷：新车上市，增配不加价 2023年10月，第一代智己LS6上市，起售价21.49万元。一直到今年初，智己LS6的改款车型智己LS6剧院版上市。 比起最新的智己LS6，智己LS6剧院版新增的配置包括双激光雷达、后排17.3英寸的3K娱乐屏。按照智己LS6的老款选 装价格，这块娱乐屏的加装费用是3000元。在宣传信息中，智己汽车声称"智己 ...

Group 1 - The Chinese automotive market is currently facing unprecedented challenges, including intense competition, high operating costs, and inventory pressure, leading to a "retreat" of dealerships [2][4] - A new subsidy policy from Beijing Automotive Manufacturing Plant offers up to 3.7 million yuan for new dealership image stores, along with a total of 360,000 yuan in employee salary subsidies over two years, which has garnered significant attention [2][4] - Beijing Automotive Manufacturing Plant has established a strong financial ecosystem in collaboration with several banks to support dealerships, aiming to reduce their operational pressures and enhance profitability [4][5] Group 2 - Beijing Automotive Manufacturing Plant, founded in 1951, has undergone significant restructuring and is now part of the Fortune Global 500 company Weiqiao Chuangye Group, focusing on lightweight, green, and intelligent automotive solutions [3][4] - The company is committed to long-term strategies and aims to transform the relationship between manufacturers and dealerships from a cost-bearing model to a value-creating partnership, which is essential for sustainable development in the automotive industry [5] - The MPV segment is a core business for Beijing Automotive Manufacturing Plant, which plans to launch a new brand, "Rui Sheng Automobile," to redefine the MPV market and establish itself as a leader in this segment [6]

Core Viewpoint - The phenomenon of "zero-kilometer used cars" is gaining attention in the market, where vehicles are sold at prices significantly lower than new cars, raising concerns about market dynamics and consumer protection [1][2]. Group 1: Market Dynamics - The circulation of "zero-kilometer used cars" is increasing, with 12.7% of the used car market consisting of vehicles registered for less than 3 months and having mileage under 50 kilometers, indicating a significant impact on new car sales and pricing structures [2]. - The presence of these vehicles is expected to disrupt the profit margins of new car retailers, leading to a potential decline in new car sales and increased pressure on manufacturers to adopt aggressive market strategies [2][4]. Group 2: Consumer Risks - Consumers purchasing "zero-kilometer used cars" may face hidden risks, including the loss of warranty rights, as many manufacturers only provide warranty coverage to the first owner, which could lead to high repair costs for subsequent owners [3]. - The export of "zero-kilometer used cars" to overseas markets has raised concerns about anti-dumping allegations and potential tariffs, posing a threat to the reputation and interests of Chinese automotive manufacturers [3]. Group 3: Regulatory Response - The industry is experiencing a push for regulatory measures to address the "zero-kilometer used car" phenomenon, with the Ministry of Commerce and the China Automotive Industry Association advocating for fair competition and the cessation of price wars [4][5]. - Initiatives are being implemented to promote healthy market practices, including enhancing product consistency checks and enforcing regulations against unfair competition, aimed at fostering a sustainable automotive industry [4][5].

Core Viewpoint - Dongfeng Motor is actively pursuing technological innovation to escape the "involution" dilemma in the automotive industry, emphasizing long-term value creation and high-quality development [1][5][7]. Group 1: Technological Innovation and Industry Collaboration - Dongfeng is collaborating with over 300 partners to establish 12 industrial innovation alliances, aiming to enhance overall efficiency in the supply chain by over 30% [9]. - The company is focusing on overcoming "bottleneck" technologies, with significant advancements in electric drive, control, and battery production capabilities, positioning itself as a leader in the industry [7]. - Dongfeng's integrated die-casting project is expected to produce 200,000 lightweight components annually, significantly boosting regional GDP and creating thousands of high-tech jobs [7][9]. Group 2: Market Performance and Sales Growth - In May, Dongfeng sold 206,000 vehicles, with 81,000 being electric vehicles, marking a year-on-year increase of 26.5% [5]. - From January to May, Dongfeng delivered a total of 905,000 vehicles, with nearly 60% being from its own brands, and electric vehicles accounting for over 30% of total sales [5]. Group 3: Industry Positioning and Supply Chain Resilience - Dongfeng is enhancing its role as a chain leader, restructuring the supply chain and collaborating with various sectors, including logistics and energy [8]. - The establishment of the Hubei automotive-grade chip innovation consortium aims to address common supply chain challenges, leading to the production of the first domestic high-performance MCU chip [9]. - The company has successfully developed a robust supply chain ecosystem in Hubei, with over 2,600 parts suppliers and a total automotive production of nearly 2 million units in 2023 [10].

Core Viewpoint - The Chinese automotive industry is entering a critical elimination phase by 2025, where survival depends on fundamental strategies and key actions, leaving no time for delays [1] Group 1: Industry Challenges - The automotive industry is facing "six major internal competition phenomena," including competition in costs, technology, capital, users, relationships, and public opinion [3] - The current state of "internal competition" in the automotive industry remains a prominent topic of discussion among experts and executives [3] Group 2: Supply Chain and Collaboration - GAC Group emphasizes that a healthy supply chain is essential for ensuring high safety and quality in products, committing to a supplier payment term of no more than 60 days to ensure efficient capital turnover [5] - Executives from various companies advocate for open cooperation and mutual benefits to stimulate innovation and promote collaborative development within the supply chain [5] Group 3: Competitive Strategies - Chery Holding Group's chairman highlights the need to resist chaotic price wars and internal competition, stating that price cuts are a desperate measure that harms both the industry and individual companies [7] - Chery's executives stress the importance of focusing on competition in technology, products, and services rather than engaging in detrimental price competition [9] - Li Bin, founder and CEO of NIO, emphasizes the importance of investing in technological innovation and maintaining high standards in product experience and service rather than resorting to price competition [13] Group 4: Future Directions - The automotive industry is at a crossroads due to the global wave of electrification and the reshaping of mobility through intelligent technologies, with "decisiveness" being key to overcoming challenges [15] - Companies are encouraged to focus on product quality, technology, and service, moving away from superficial marketing tactics to genuinely meet user expectations [11]

Core Viewpoint - The automotive industry is experiencing a severe "price war," prompting dealers to optimize operations and seek survival and transformation opportunities [1] Group 1: Industry Developments - In June, 17 automakers publicly committed to a "60-day payment term" for suppliers, marking the beginning of a response to internal competition [2] - GAC Group announced a commitment to ensure "60-day rebate payment" to dealers, responding to the call for healthy industry development [5] - Several major manufacturers, including GAC Group, BMW, and others, have pledged to complete rebate payments to dealers within 60 days [3][4] Group 2: Dealer Conditions - A survey of 10 dealerships revealed a stark contrast in operational conditions, with 6 facing difficulties and some having closed, while 4 reported better performance [3][9] - Dealers are experiencing a significant decline in profitability, with some reporting annual losses between 6 million to 10 million yuan [10][18] - The traditional profit model for dealers, heavily reliant on new car sales and after-sales services, is becoming unsustainable due to increased competition and price transparency [18] Group 3: Inventory and Financial Management - High inventory levels are a pressing issue, with some brands having stock that exceeds three months, leading to financial strain on dealers [20][24] - The average inventory turnover days for several major dealer groups have increased, indicating a growing challenge in managing stock [22] - A significant percentage of dealers (84.4%) are facing price inversion, with 60.4% experiencing a price drop of over 15%, severely impacting cash flow [31] Group 4: Strategic Responses - Dealers are urged to prioritize cash flow management, seek timely rebates from manufacturers, and optimize inventory structures to avoid financial collapse [32] - The industry is expected to undergo a "Matthew effect," with weaker brands and inefficient stores likely to exit the market, while stronger dealer groups may expand through acquisitions [33] - The Ministry of Commerce is taking steps to address the "involution" in the automotive sector, aiming to maintain fair competition and support the industry [34]

Core Viewpoint - The commitment of automotive companies to limit payment terms to no more than 60 days reflects a proactive response to national calls, demonstrating social responsibility and corporate accountability, which is crucial for building a collaborative and sustainable development ecosystem in the automotive industry [1] Group 1: Industry Context - The automotive industry in China is currently experiencing a critical period of high-quality development, with the Ministry of Industry and Information Technology urging companies to strengthen industry self-discipline [1] - Over 17 automotive companies, including major players like China FAW Group and BAIC Group, have pledged to shorten payment terms to suppliers, addressing the long-standing issue of extended payment cycles that have negatively impacted cash flow for smaller suppliers [1][2] - Historically, domestic automotive brands have relied on commercial acceptance bills or electronic receivables, leading to payment terms extending from 90 days to over 180 days due to competitive pressures and price wars [1][2] Group 2: Payment Terms and Supplier Impact - The prolonged payment cycles have created a "pass-the-parcel" effect throughout the supply chain, exacerbating financial pressures on automotive suppliers [2] - Many suppliers are facing intense competition during the bidding process, which has led to a decline in profit margins and increased financial strain, with some unable to sustain operations due to cash flow issues [3] - The recent implementation of the "Regulations on Payment to Small and Medium Enterprises" mandates that large enterprises must pay small and medium suppliers within 60 days, prohibiting the use of non-cash payment methods that extend payment periods [4][8] Group 3: Industry Challenges and Calls for Rationality - The automotive industry is grappling with a significant decline in profitability, with reported profits dropping by 8% year-on-year in 2024, and profit margins falling to 3.9% in the first quarter of 2025 [6][7] - The ongoing price wars have led to a deterioration of the industry ecosystem, with calls from experts and regulatory bodies for a return to rational competition and the establishment of stable, long-term relationships between manufacturers and suppliers [6][7][8] - The Ministry of Industry and Information Technology has indicated plans to intensify efforts to address "involutionary" competition in the automotive sector, aiming to optimize industry structure and ensure fair market practices [7]

Core Viewpoint - The automotive supply chain is under significant pressure due to long payment terms, with 17 automakers committing to a 60-day payment term for suppliers, raising questions about the effectiveness of this solution in alleviating supply chain stress [1][2]. Group 1: Payment Terms and Supply Chain Pressure - The accounts receivable in the automotive parts industry have been increasing significantly since 2014, with some companies seeing a tenfold increase over a decade [2]. - Major automakers like BYD, Great Wall, and SAIC have accounts payable turnover days of 145, 153, and 177 days respectively, which is higher than competitors like Tesla and Volkswagen [2]. - The extended payment terms allow automakers to use the funds for price competition, placing financial strain on suppliers who are left waiting for payments [2][3]. Group 2: Execution Challenges of 60-Day Commitment - The 60-day commitment does not guarantee that suppliers will receive payments within that timeframe, as it often refers to the issuance of acceptance bills rather than cash payments [2][3]. - The payment process is fragmented, and suppliers may face delays in receiving cash even after the 60 days if they are given bills instead of cash [3]. Group 3: Settlement Methods and Financial Risks - Cash payments are preferred by suppliers, but most automakers use acceptance bills, which can extend the payment period further [3][4]. - Acceptance bills can be either bank-accepted or commercial, with commercial bills posing a higher risk of delayed payments [4]. - The implementation of regulations to protect small and medium enterprises from forced acceptance of non-cash payment methods has been introduced, but compliance varies among automakers [4]. Group 4: Industry Competition and Cost Pressures - The automotive industry is experiencing intense price competition, which is pushing cost pressures down the supply chain, affecting suppliers at all levels [6][7]. - Steel manufacturers have reported that automakers are demanding price reductions exceeding 10%, which is unsustainable for suppliers [6][7]. - The trend of demanding lower prices has become normalized, leading to detrimental effects on product quality and supplier viability [7][8].

Core Viewpoint - The automotive supply chain is under significant pressure due to prolonged payment terms, with 17 automakers committing to a 60-day payment period, raising questions about the effectiveness of this solution in alleviating supply chain stress [1][5]. Summary by Sections Payment Terms and Supply Chain Pressure - The accounts receivable in the automotive parts industry have been increasing significantly since 2014, with some companies seeing a tenfold increase over a decade [1]. - Major automakers like BYD, Great Wall, and SAIC have accounts payable turnover days of 145, 153, and 177 days respectively, which is notably higher than companies like Tesla and General Motors [1]. - The extended payment terms allow automakers to engage in price wars, shifting financial pressure onto suppliers who face increasing operational challenges [1]. Implementation of the 60-Day Commitment - The 60-day payment commitment does not guarantee that suppliers will receive payments within this timeframe, as it often refers to the issuance of promissory notes rather than cash payments [2]. - The payment process is fragmented, and suppliers may still face delays in receiving actual cash, especially if payments are made via commercial acceptance bills [2][3]. - Cash payments are preferred by suppliers, but most automakers typically use acceptance bills, which prolong the payment cycle [2]. Impact on Suppliers and Industry Dynamics - The implementation of commercial acceptance bills can exacerbate the financial strain on smaller suppliers, as these bills often require further processing before cash is received [3]. - The recent regulations aimed at protecting small and medium enterprises prohibit forcing them to accept non-cash payment methods, yet many automakers still rely on these methods [3]. - The automotive industry is experiencing a downward pressure on prices, with steel manufacturers reporting that automakers are demanding price reductions exceeding 10%, which is unsustainable for suppliers [6]. Future Outlook and Industry Culture - The ongoing price wars and extended payment terms indicate that the internal competition within the automotive industry remains unresolved, with pressure cascading down the supply chain [5][7]. - There is a call for a shift in industry culture towards mutual respect and transparency between automakers and suppliers, emphasizing the need for sustainable practices and fair pricing [8][9].

Group 1 - The core viewpoint of the articles emphasizes the commitment of 17 major automotive companies to limit payment terms to suppliers to no more than 60 days, which is seen as crucial for fostering a collaborative and sustainable development ecosystem in the automotive industry [1][3] - The Ministry of Industry and Information Technology (MIIT) supports this commitment, highlighting the importance of a stable supply chain for the transformation and upgrading of the automotive industry, especially in the context of increasing competition in the new energy vehicle market [1][2] - The articles discuss the negative impact of "internal competition" within the automotive industry, where some companies delay payments to suppliers to alleviate cost pressures, potentially leading to the collapse of many small and medium-sized enterprises [2] Group 2 - The commitment from automotive companies is also a proactive response to the "Regulations on Payment of Small and Medium Enterprises," which will take effect on June 1, 2025, mandating large enterprises to pay small and medium enterprises within 60 days of delivery [3] - The articles mention a recent initiative by the China Automotive Industry Association to promote fair competition and discourage practices that lead to price wars, which have been exacerbated by some companies significantly lowering prices [2][3] - The MIIT has indicated that it will intensify efforts to address the issue of "internal competition" in the automotive sector, which is characterized by chaotic price wars and unfair practices [2]