Order Situation - The average new orders per store are between 65 to 70 units, with a showroom visit rate of 50% and an increase in showroom visits by 150% to 200%. The pre-order to order conversion rate is between 30% to 40% [1][4][6] - After the launch, the pricing met customer expectations, leading to a surge in showroom visits, test drives, and orders, with a return to stable showroom visits post-National Day [6][9] Customer Profile - The primary customer demographic is aged between 35 to 55 years, with a male representation of 90%. There is a noticeable increase in customers from first-tier cities post-launch, with a higher replacement rate from traditional luxury SUV owners like Land Rover, Cayenne, and Prado [5][9] - Customers are predominantly male, including business owners and executives with strong economic capabilities, making quick decisions based on the appearance and driving performance of the Zeekr 9X, as well as its smart features [9] Configuration Preferences - The preferred configurations are the Hyper and Black versions, accounting for 70% to 80% of orders, with the main exterior color being Extreme Night Black and the main interior color being Amber Brown [8][12] - Customers showed high recognition for the Zeekr 9X's exterior and interior after viewing the vehicle at exhibitions, with a significant concentration on higher configurations post-launch [12] Competitive Comparison - Among ten customers, three compared with the AITO M9, one with the NIO ES8, one with the Li Auto Mega, and one with the Mercedes-Benz GLS. The mention of Land Rover remains the highest, with an increased mention of Cayenne and Prado compared to the pre-order phase [10][13] - Customers comparing with the AITO M9 are generally around 40 years old, while those considering the NIO ES8 focused on delivery time and smart features, and Li Auto Mega customers prioritized delivery cycles and family needs [2][13]

Group 1 - The core viewpoint of the news is that the new luxury car consumption tax policy has led to a surge in demand for ultra-luxury vehicles, with manufacturers offering subsidies to offset the tax burden on consumers [2][3][4] - The consumption tax threshold for ultra-luxury cars has been lowered from 1.3 million yuan to 900,000 yuan, impacting a wider range of vehicles and increasing the tax burden on certain models [2][8] - Major brands like Jaguar Land Rover and Mercedes-Benz have quickly introduced promotional measures to alleviate the impact of the new tax policy on consumers [4][5] Group 2 - The new tax policy includes electric and fuel cell vehicles for the first time, addressing previous concerns about tax equity between fuel and electric vehicles [8][9] - The policy also exempts second-hand ultra-luxury car transactions from consumption tax, which may stimulate the second-hand luxury car market [10] - The ultra-luxury car market is currently under pressure, with significant declines in sales for brands like Rolls-Royce and Bentley, indicating a challenging environment for luxury car manufacturers [11][12]

Core Viewpoint - The recent adjustment of the consumption tax threshold for super luxury cars from 1.3 million yuan to 900,000 yuan is expected to significantly impact the luxury car market, particularly affecting brands like Porsche and Mercedes-Benz that fall within the new tax range [1][3][18] Group 1: Policy Changes - The consumption tax threshold for super luxury cars has been lowered from a retail price of 1.3 million yuan (excluding VAT) to 900,000 yuan [1][4] - The new policy will take effect shortly after its announcement, leaving little time for car manufacturers to adapt [1][3] Group 2: Market Reactions - Consumers are reacting quickly to the policy change, with reports of increased sales activity in luxury car showrooms prior to the implementation date [8][9] - Brands like Porsche, Mercedes-Benz, and BMW are expected to be most affected, as many of their models now fall within the taxable range [6][11] Group 3: Competitive Landscape - The adjustment may intensify competition among luxury car manufacturers, as they may need to reconsider pricing strategies to maintain market share [11][18] - If luxury brands do not adjust prices, potential buyers may shift their interest towards second-hand vehicles or domestic luxury brands that are not affected by the new tax [13][15] Group 4: Impact on Different Segments - The policy change primarily impacts traditional fuel-powered luxury vehicles, while electric and fuel cell vehicles are less affected [12][18] - The adjustment could create opportunities for electric vehicles priced just below the new threshold, making them more attractive to consumers [16]

Core Viewpoint - The new luxury car tax regulation, effective from July 20, 2023, lowers the tax threshold to vehicles priced at 900,000 yuan (excluding VAT), leading to a surge in luxury car purchases as consumers rush to buy before price increases take effect [1][3]. Group 1: Tax Regulation Changes - The new luxury car consumption tax now applies to vehicles with a retail price of 900,000 yuan and above, down from the previous threshold of 1.3 million yuan [3]. - The effective price range affected by this change is between 1.017 million yuan and 1.469 million yuan for new cars [3]. Group 2: Impact on Sales - There has been a significant increase in sales activity, particularly for brands like Porsche, with reports of sales staff experiencing a surge in customer inquiries and purchases [6]. - The luxury car market, represented by brands such as Porsche and Mercedes-Benz, is expected to be most impacted by the new tax regulation [5]. Group 3: Manufacturer and Dealer Responses - Jaguar Land Rover has announced a full subsidy for the luxury car tax for specific models purchased before July 31, 2023, to mitigate the impact of the new tax [8]. - Some dealers are also offering to cover the luxury car tax for models like the Maybach S-Class and Mercedes-Benz S-Class [11].

Core Viewpoint - The new luxury car consumption tax policy in China lowers the threshold for taxation from 1.3 million yuan to 900,000 yuan, effective from July 20, 2025, impacting a wider range of vehicles, particularly affecting brands like Porsche and Mercedes-Benz [2][4][7]. Group 1: Tax Policy Changes - The new regulation expands the scope of luxury car consumption tax to include passenger cars and light commercial vehicles with a retail price of 900,000 yuan and above, excluding VAT [2][4]. - The previous tax threshold was set at 1.3 million yuan, meaning that vehicles priced between 1.017 million yuan and 1.469 million yuan will now be subject to the tax [4][7]. Group 2: Impact on Luxury Car Brands - Porsche is significantly affected by the new tax policy, with models like the 911, Panamera, Taycan, and high-end Cayenne now falling within the taxable range, leading to increased customer traffic and sales inquiries [5][7]. - Other brands such as Mercedes-Benz and BMW will also see some of their models, including the S-Class and GLS, impacted by the new tax regulations [8][9]. - The new tax policy is expected to drive consumers to make purchases before the tax takes effect, as buying before July 20 allows them to save tens of thousands of yuan [7]. Group 3: Market Dynamics - The luxury car market is experiencing a surge in demand, particularly for models that fall under the new tax threshold, while ultra-luxury brands like Maserati are struggling with declining sales and are resorting to significant discounts to clear inventory [11][20]. - In contrast, domestic luxury electric vehicles are gaining popularity, with brands like BYD and their models such as the Yangwang U8 and Zun Jie S800 seeing strong sales performance [25][31]. - The shift in consumer preferences towards domestic luxury vehicles indicates a changing landscape in the high-end automotive market, with more brands targeting the million-yuan price segment [31].

Core Viewpoint - The article discusses the current market performance and customer preferences for the AITO M9 vehicle, highlighting its popularity and sales dynamics in a specific city, as well as customer comparisons with competing models [2][9]. Market Performance - The AITO M9 has a high customer interest, accounting for 40% of the foot traffic in stores, despite a slight decline in overall customer visits due to seasonal factors and local events [2]. - The most popular variant is the six-seat range-extended Ultra version, which constitutes 70% of sales, with a waiting period of 6-8 weeks [3]. Customer Preferences - Customers prefer the range-extended version over the pure electric version due to better energy efficiency and practicality for family use [3]. - The six-seat configuration is favored for its spaciousness and suitability for both business and family use [3]. Pricing and Financing - The official price for the six-seat range-extended Ultra version is ¥539,800, with additional popular options costing around ¥28,000 [5]. - A financing example shows a total cost of ¥162,850 after down payment, with a monthly payment of ¥8,273 [6]. Customer Demographics - The primary buyers are from elite circles, including private business owners and executives, who value both commercial and family utility [9]. - Customers often compare the AITO M9 with luxury brands like BMW and Mercedes-Benz, with significant interest in the driving experience and brand perception [11][12]. Competitive Landscape - The main competitors identified are the BMW X5, AITO M8, and Li Auto L9, with varying customer preferences influencing their choices [11]. - Some customers switch from traditional luxury brands to the AITO M9 due to its perceived value and performance [12][14]. Customer Feedback - Common complaints include long delivery times and a desire for more technologically advanced design features [17].

Core Viewpoint - Chinese automotive brands are redefining market standards by offering high configurations at competitive prices, challenging traditional pricing and technology barriers in the automotive industry [2][3][4]. Group 1: Product Logic Innovation - Chinese brands are adopting a new product logic where base configurations are equivalent to high configurations, making advanced features standard in entry-level models [3][4]. - For example, the 2025 IM L6 starts at 204,900 yuan, including features like an 800V high-voltage platform and Huawei ADS 3.0 driving system, which would typically cost an additional 200,000 yuan in traditional luxury brands [3]. - The coverage of intelligent configurations in Chinese brands is 2.3 times that of joint venture brands, enhancing user experience and pushing competitors to accelerate technological upgrades [3][5]. Group 2: Value Standard Reconstruction - The traditional vehicle classification system is being disrupted, with models like Chery Fengyun A9L offering C-class space standards at a 200,000 yuan price point, equipped with high-end technologies [4][5]. - The Aito M9, priced at 469,800 yuan, surpasses the value standards of luxury brands like the Mercedes-Benz GLS, showcasing a shift in high-end vehicle pricing and features [4][6]. Group 3: Cost Control and Pricing Strategy - Chinese brands achieve competitive pricing through cost control strategies, including supply chain integration and independent software development, resulting in a 30% reduction in battery costs [6][7]. - The implementation of transparent pricing strategies, such as nationwide uniform pricing, enhances competitiveness by returning consumer power to users [7][8]. - The transformation in pricing strategies is leading to a redefinition of market dynamics, as evidenced by a 7.3% year-on-year increase in China's automotive exports in Q1 2025 [7][8]. Group 4: Future Outlook - The ongoing transformation in the automotive industry is expected to continue, with Chinese brands needing to focus on technological innovation and global expansion to maintain their competitive edge [8]. - The ultimate goal for the Chinese automotive industry is to redefine global automotive value standards, transitioning from a "big automotive country" to a "strong automotive country" in the era of smart electric vehicles [8].

Group 1 - The recent high-level economic and trade talks between China and the US in Geneva resulted in significant progress, with both sides expressing a constructive atmosphere and reaching important consensus [1][2] - A joint statement was released, indicating the cancellation of tariffs imposed after April 2, with a 90-day pause on 24% tariffs to allow for further negotiations [2][12] - The automotive industry is particularly affected by these developments, as high tariffs had previously led to a significant decline in sales for imported vehicles, such as Lincoln and BMW models, which saw prices soar due to tariffs [5][7] Group 2 - The pause in tariffs is expected to benefit automotive importers, allowing them to resume business operations that had been stalled due to high tariffs [5][11] - Some automotive parts suppliers, previously forced to relocate to Southeast Asia due to tariffs, are now reassessing their global strategies and receiving new orders from North America [7][9] - The collaboration between Ford and CATL for battery technology is set to be revitalized, with plans for a $3.5 billion battery factory in Michigan, which will create 1,700 jobs and support Ford's supply chain in the US [11][12] Group 3 - The current agreement is only a temporary pause, with ongoing negotiations required to ensure a lasting resolution, highlighting the unpredictable nature of US decision-making [12][14] - The complexity of the automotive industry means that both Chinese and American companies are deeply intertwined in the global supply chain, making them vulnerable to trade tensions [14][16]

Core Insights - The Chinese imported car market has seen a significant decline, dropping from a peak of 1.43 million units to 700,000 units, a reduction of over 50% in the past decade, with a continuous downward trend for seven years [2][5] - The market is further impacted by the U.S. imposing tariffs on Chinese imports, including cars, which has led to increased prices and reduced demand for imported vehicles [3][4] - Domestic brands are gaining market share due to competitive pricing and advancements in electric vehicles, contributing to the decline of the imported car market [6][7] Market Trends - In the first two months of 2025, imported car sales were 56,000 units, a year-on-year decline of 45.8%, with an import value of $30.04 billion, down 50.3% [2][5] - The U.S. has increased tariffs on Chinese imports, with rates rising from 34% to 125%, significantly affecting the pricing of German luxury brands like Mercedes-Benz and BMW [3][4] - The overall impact of tariffs on the imported car market is expected to manifest at retail levels by May 2025, with luxury brands facing the most significant challenges [4][5] Competitive Landscape - The rise of domestic brands, particularly in the electric vehicle segment, has led to a substantial decline in the demand for imported fuel vehicles [6][7] - Imported luxury cars are primarily supported by high-end demand, but the overall market for super-luxury imports has seen a decline of 46% in 2024 [8] - The shift towards local production by foreign car manufacturers is further compressing the market share of imported vehicles [7][9] Consumer Behavior - Consumers are increasingly opting for domestic vehicles due to better value propositions and advancements in technology, which have made local brands competitive with imported ones [6][8] - The demand for imported cars is expected to shift towards serving niche markets that prioritize brand image and unique features, rather than mass-market appeal [9]