端午假期期间，在震天锣鼓声中，各地龙舟竞渡带来精彩的"水上F1"。同一时间，车市同样在进行激烈竞逐。"价格战"硝烟再起，众车企接连入局，精 彩程度不亚于千帆竞发的赛龙舟场面。 此轮来势汹汹的"价格战"也引得行业上下深感担忧，行业组织、政府部门、专家学者接连发声，坚决反对无底线的"价格战"。自2023年初多家车企大规模降 价至今，"价格战"已持续两年有余，汽车行业早已因此疲累不堪。 降价风暴再袭 多家车企跟进 根据中国汽车流通协会乘联分会（简称"乘联分会"）发布的数据，4月我国车市仅14款车型降价，较2024年4月的41款和2023年4月的19款数量大幅下降，体 现了降价潮明显降温的特征。然而，好景不长，5月底突如其来的新一轮"价格战"打破了车市难得的宁静。 5月23日，比亚迪宣布推出限时促销活动，涉及旗下王朝网、海洋网品牌共22款车型，最高优惠幅度达到5.3万元。其中，海豹07 DM-i智驾版限时一口价 10.28万元起，相较指导价降低5.3万元。 吉利汽车紧随其后加入降价阵营，吉利银河推出"百万银河限时补贴价"活动。其中，吉利星愿限时补贴价5.98万元起，较指导价优惠9000元；吉利银河L7 EM-i长续航 ...

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]

同样进入"百万俱乐部"的还有吉利汽车和奇瑞汽车。今年前5个月，吉利汽车累计销量约为117.3万辆， 同比增长49%；其中，5月销量为23.52万辆，同比增长约46%。同期，奇瑞汽车累计销量约为102.65万 辆，同比增长14%；其中，5月销量约为20.57万辆，同比增长9.1%。 进入6月，车企密集公布5月"成绩单"。 5月，比亚迪销量约为38.25万辆，同比增长15.3%，这一数据再创其年内月度销量新高。前5月，比亚迪 累计销量为176.34万辆，累计同比增长38.7%，领跑车市。 此外，极氪科技、零跑、鸿蒙智行和理想汽车5月的交付量均超4万辆，车市竞争进一步加剧。 4家车企销量均破百万辆 数据显示，今年前5月，有4家车企累计销量均超过100万辆。 今年前5月，上汽集团实现整车批售约为168.7万辆，与比亚迪同期销量数据相比，差距已不到10万辆。 上半年销冠花落谁家，将是车市接下来的看点。从5月单月销量来看，上汽集团位居第二，整车批售约 为36.6万辆，同比增长10.2%。 自比亚迪推出"限时一口价"促销活动后，吉利汽车和奇瑞汽车都选择跟进。在国补和置换补贴的基础 上，吉利帝豪下探至2.99万元起售，瑞虎3 ...

Core Viewpoint - The automotive industry in China is experiencing a resurgence of price wars, prompting industry associations to call for a halt to this "involutionary" competition, which is primarily driven by price reductions [1][3][7]. Group 1: Industry Overview - In recent years, "price wars" have become a hot topic in the domestic automotive market, with the average price of passenger cars dropping to 170,000 yuan in April, a decrease of 21,000 yuan year-on-year [3]. - The automotive industry's profit for the first four months of this year was 132.6 billion yuan, reflecting a year-on-year decline of 5.1%, with a profit margin of only 4.1% [3]. - The industry is undergoing a critical transformation, with rapid development in the new energy vehicle sector, yet the overall profitability is declining due to chaotic price competition [3][7]. Group 2: Price War Dynamics - In May, BYD initiated a significant promotional campaign with discounts of up to 53,000 yuan on 22 models, leading to a ripple effect where other manufacturers, such as Chery, also launched substantial discount programs [5][7]. - The China Association of Automobile Manufacturers (CAAM) expressed concerns that the recent price cuts initiated by one company have led to a panic-driven price war among multiple firms, exacerbating unhealthy competition and squeezing profit margins [7]. Group 3: Impact on Dealers - The price war has severely impacted automotive dealers, with 84.4% of dealers experiencing varying degrees of price inversion, and 60.4% facing price inversions exceeding 15% [8]. - The average transaction price for passenger cars has dropped to 177,000 yuan, a decrease of 6,000 yuan year-on-year, leading to significant pressure on dealer profitability [8]. - The ongoing price competition has resulted in liquidity issues for dealers, with many facing severe cash flow constraints due to negative profit contributions from new car sales [8][9]. Group 4: Market Sentiment - A survey by the China Automotive Circulation Association indicates that dealers are adopting a cautious and pessimistic outlook for June, with 37.6% expecting sales to remain flat and 35% predicting a decline [9]. - The persistent issue of price inversion is seen as detrimental to the health of both individual companies and the overall industry, contributing to the closure of several dealer outlets in recent years [9].

事实上，比亚迪今年前4个月销量依然保持向好态势，但距离全年550万辆的销量目标相去甚远，且 遭遇以吉利为首的自主品牌挑战。反观吉利汽车实现战略收缩后，正以强大的品牌势能带来销量攀升； 奇瑞则凭借海外优势保持两位数增长，这都给比亚迪带来压力。 进入2025年以来，汽车市场"价格战"逐渐开始降温。正当大家以为车企将进入"质价比"竞争时，比 亚迪突如其来的价格"闪击战"在行业内掀起狂风骤雨，也把压力给到了竞争对手。反观吉利和奇瑞汽车 一点不怂，先后以实际行动证明，这把牌我们跟定了！ 上周五(5月23日)，比亚迪突然推出"百亿补贴618"活动，宣布即日起至6月30日实行限时"一口价"策 略，活动涉及旗下王朝网和海洋网的共计22款智驾版车型，最高限时优惠5.3万元。 5月26日，吉利银河推出"百万福利"活动，全系享受限时补贴，其中星愿限时补贴价5.98万元起；5 月27日，奇瑞汽车携旗下四大品牌推出"百亿厂补"活动，其中瑞虎3X卓越版下探至3.49万元起售。尽管 三家以不同的名义实施降价，但"价格战"升级已经成为不争的事实。 比亚迪此番操作可谓"熟悉的配方，熟悉的味道"。过去几年，比亚迪凭借DM-i技术、冠军版和荣 耀 ...