Core Viewpoint - The automotive replacement subsidy policy in several regions, including Zhengzhou and Luoyang, has been suspended, impacting consumer purchasing behavior and creating challenges for car manufacturers in achieving sales targets [1][2][3]. Group 1: Policy Changes - Zhengzhou and Luoyang have announced the suspension of the 2025 automotive replacement subsidy application, with the highest subsidy amount being 15,000 yuan for eligible users [1][2]. - The suspension is attributed to the depletion of subsidy funds, with the announcement indicating a pause rather than a termination of the program [2][3]. - Other regions, such as Chongqing and Shenyang, are also planning to suspend their automotive replacement subsidy applications, indicating a broader trend [3]. Group 2: Market Impact - The suspension of subsidies is expected to lead to increased consumer hesitation and a potential decline in vehicle sales, particularly affecting budget-conscious buyers [3]. - The "National Subsidy" program remains available, but its impact may not significantly differ from local subsidies [3]. - Data shows that as of May 31, 4.12 million applications for the "National Subsidy" were submitted, with a notable increase in applications in May compared to April [3]. Group 3: Industry Challenges - The automotive industry is facing pressure to maintain sales amid a competitive environment, with companies like BYD and Geely engaging in price promotions to boost sales [4][5]. - The China Automotive Industry Association has issued a warning against excessive price competition, emphasizing the need for fair market practices [5][6]. - Major automakers are still striving to meet their annual sales targets, with BYD leading with 1.76 million units sold in the first five months of the year [6]. Group 4: Future Outlook - Experts suggest that the automotive market will continue to evolve, with companies needing to focus on product differentiation and innovation to thrive in a post-subsidy environment [7]. - The market is expected to stabilize as companies adapt to the changing landscape and seek new growth drivers beyond government incentives [7].

Group 1: Industry Challenges - The automotive industry is facing intense "price wars," leading to increased pressure on suppliers to lower prices and extend payment terms, resulting in a challenging financial environment for suppliers [2][3] - In 2024, the loss ratio for automotive dealers is projected to be 41.7%, with a significant reduction in the number of 4S dealerships, marking the first negative growth since 2021 [2] - The average accounts payable turnover days for major automotive companies have been rising, with Haima Automotive at approximately 206 days and BYD at about 146 days as of Q3 2024 [5] Group 2: Supplier Financial Strain - Suppliers are experiencing extended payment cycles, with some reporting payment terms ranging from 30 to 120 days, which is exacerbated by the competitive landscape [3][4] - Financial platforms promoted by automakers, such as BYD's DiChain, have extended payment cycles to six months, further straining supplier cash flow [4] - The new regulations effective June 1, 2023, aim to protect small and medium enterprises from forced acceptance of non-cash payment methods that could extend payment terms [6] Group 3: Dealer Dynamics - Dealers are facing high inventory levels and liquidity risks, with a reported increase in overall inventory by 12,000 vehicles in early 2025, breaking a five-year trend of inventory reduction [7][9] - The financial struggles of dealers are highlighted by the bankruptcy of several dealerships, including the Qiancheng Group, due to cash flow management issues exacerbated by manufacturer policies [7][8] - Only 35% of 4S stores met or exceeded their sales targets in the first half of the year, indicating significant pressure on dealer operations [9] Group 4: Market Response and Future Outlook - There is a growing consensus among industry leaders to move away from destructive price wars, with calls for a healthier competitive environment to stabilize the industry [11][13] - In Q1 2025, the number of models experiencing price reductions decreased significantly compared to the previous year, indicating a potential shift in market strategy [11] - Major brands are implementing substantial price cuts, with some models seeing reductions exceeding 100,000 yuan, reflecting the ongoing competitive pressures in the market [12]

每经记者｜李星 每经实习编辑｜余婷婷 在汽车行业新一轮"价格战"打响后，中国汽车工业协会（以下简称中汽协）在5月31日一早发布了《关于维护公平竞争秩序 促进行业健康发展的倡议》，明 确表示支持企业通过正常的方式参与市场竞争，坚决反对无底线的"价格战"。 随后，工业和信息化部相关负责人回应称，赞同并支持中国汽车工业协会提出的倡议，将加大汽车行业"内卷式"竞争整治力度。 5月31日，中国汽车流通协会专家委员会委员颜景辉在接受《每日经济新闻》记者采访时表示，中汽协和工信部在车市半年冲销量时发出"加大汽车行业'内 卷式'竞争整治力度"警示声音，促使市场的价格营销秩序基本维持在一个正常状态，非常及时。"这也是在提醒厂商进行价格营销的时候要适度，抢占份额 不能出现前两年的这种不正当竞争局面。" 对于中汽协的倡议，《每日经济新闻》记者第一时间与比亚迪方面进行了联系，但截至记者发稿时未获回应。 图片来源：每经记者 黄辛旭 摄 无序"价格战"加剧恶性竞争 在颜景辉看来，车企在6月淡季为冲半年销量目标搞促销优惠活动是行业传统性动作，厂家和经销商都是赚钱的。但近一两年来，车市打响的"价格战"，却 是一种生产成本跟销售价格的"倒挂" ...

每经记者｜黄辛旭 每经编辑｜孙磊 2.99万元的吉利帝豪、3.49万元的奇瑞瑞虎3x、直降5.3万元的比亚迪海豹……当这些跌破认知的"白菜价"新车密集轰炸市场时，新一轮的车市价格战似乎又 开始了。 自比亚迪5月23日推出的"限时一口价"促销活动后，吉利、奇瑞、凯迪拉克等品牌第一时间跟进。 不过，《每日经济新闻》记者近日在走访市场时发现，所谓"史上最低价"实则暗藏套路。有销售人员坦言，所谓降价不过是把国补、置换补贴等政策重新包 装。一位吉利销售人员表示："价格战是有一些噱头，清库存冲销量才是真。" 面对新一轮车市促销，有消费者欣喜，也有消费者担忧。比如，上海市一位近期计划购车的赵女士的第一反应不是惊喜，而是警惕："以前从不敢想3万元能 买辆车，现在反而怕继续降价，因为更怕偷工减料。" 真降价还是假套路？ "这次所谓降价其实是之前的政策，但是从来没有过宣传，最近通过官方发布这一消息之后，吸引到更多的消费者前来问询和购车，是有一定效果的。"一位 比亚迪的销售人员告诉记者。 早在今年3月底，比亚迪针对海洋网和王朝网部分非智驾版入门车型就推出了限时"一口价"。上述比亚迪销售人员透露，这次所谓的降价只是把国补和置换 补贴 ...