Core Viewpoint - The article discusses the emerging issue of "0-kilometer used cars" in the automotive industry, highlighting the practices of car manufacturers and dealers that manipulate vehicle sales data and market conditions, leading to consumer risks and market distortions [3][5][24]. Group 1: Industry Practices - "0-kilometer used cars" refer to vehicles that have been registered but have less than 50 kilometers on the odometer, often sold at prices significantly lower than new cars [3]. - In 2024, it is estimated that 12.7% of the used car market will consist of these "quasi-new cars," with over 60% being electric vehicles [3]. - Some manufacturers register new cars as used to inflate sales figures, while dealers may pre-register vehicles to meet sales targets, creating a misleading picture of market performance [5][7]. Group 2: Consumer Impact - Consumers may perceive they are getting a good deal, but they face significant risks, particularly regarding warranty and vehicle condition, as they may end up purchasing a legally classified "used car" at new car prices [22]. - The practices surrounding "0-kilometer used cars" disrupt market pricing, making it difficult for legitimate used car dealers to operate profitably [23]. Group 3: Regulatory and Market Response - The article suggests that regulatory bodies need to intervene to address these market irregularities and prevent the exploitation of loopholes that allow for the sale of "0-kilometer used cars" [24]. - There is a call for the automotive industry to innovate, such as creating official used car platforms that provide certified inspections and warranties to protect consumer rights and enhance brand loyalty [25][28].

Core Viewpoint - Zeekr Automotive is facing significant consumer complaints regarding the sale of "0-kilometer used cars," which has raised concerns about the legitimacy of their vehicle sales practices [1][6][9]. Group 1: Company Response - Zeekr Automotive issued a statement claiming that the vehicles in question are legitimate display cars and not "0-kilometer used cars," emphasizing that these vehicles have not been registered or invoiced, thus maintaining their status as new cars [1][7]. - The company explained that display cars are insured for safety during the exhibition period but have never been registered, and consumers purchasing these vehicles retain all rights associated with new car ownership [7][8]. Group 2: Market Impact - The emergence of "0-kilometer used cars" has disrupted the automotive market, with estimates suggesting that these vehicles may account for 5%-8% of total used car transactions [9][10]. - The competitive pressure in the automotive market has led some manufacturers to manipulate sales figures by selling new cars as used cars, which distorts the true state of the market and affects financial performance [12]. Group 3: Regulatory Attention - Regulatory bodies have begun to take notice of the "0-kilometer used car" phenomenon, with discussions among industry stakeholders aimed at establishing guidelines for healthy market development [10][12]. - The Ministry of Commerce has convened meetings to address the issues surrounding "0-kilometer used cars" and to promote better practices in the used car market [10].

有极氪方面的人士透露，为确保展示期间的安全，展车虽已投保交强险，但从未开具零售的发票，也未 在任何车管所进行新车注册登记或上牌，其法律属性始终属于未注册的全新商品车。 由于展车通常存在3-5个月的库龄，因此会根据商品车的展示历史或库龄时间进行折扣明示销售。购买 的消费者，同样享有新车首任车主的全部用车权益。 事实上，"0公里二手车"在中国汽车销售历史上由来已久。 业内人士指出，"0公里"二手车通常指行驶里程极短（如1000公里以内），但已在车管所完成首次注册 登记并上牌，从而在法律上转变为'二手车'身份的车辆。华尔街见闻发现，在懂车帝、瓜子二手车、闲 鱼等线上平台，3000-4000家公司在销售"0公里二手车"，售价普遍低于商品车指导价数万元，车型几乎 涵盖了绝大部分主流品牌。 对于极氪所提及的展车，还有业界广泛应用的试驾车、体验车，在完成使命之后也会流向市场，很多都 是近乎"0公里二手车"。有行业人士指出，目前头部汽车品牌都拥有几百到上千家的门店，旗下车型亦 有数十款，门店购买展车是刚性需求，显然0公里二手车本身就有不小的规模。 事实上，在新能源汽车行业，对具有展示历史或一定库龄的商品车进行折扣销售是普遍做 ...

Core Viewpoint - The article highlights the controversy surrounding "0-kilometer used cars," particularly focusing on the practices of Zeekr and Neta Auto, which allegedly inflate sales figures by insuring vehicles before they are sold, thus allowing manufacturers to record these as sales [1][2][10]. Group 1: Definition and Context - "0-kilometer used cars" refer to vehicles that have been registered but have minimal usage, typically with mileage close to 0 kilometers, and are entering the market [7]. - These vehicles often include older models cleared from inventory, "performance boost cars" from dealers, and display vehicles used for customer test drives [7]. - The rapid growth of the "0-kilometer used car" market is evident, with data showing that in 2024, vehicles registered within three months and with mileage under 50 kilometers accounted for 12.7% of the used car market, with over 60% being electric vehicles [7]. Group 2: Industry Practices - Zeekr has publicly opposed the practice of selling "0-kilometer used cars," emphasizing the need to maintain industry order [2]. - In contrast, Neta Auto reportedly inflated its sales figures by over 60,000 vehicles through unconventional methods, which accounted for more than half of its total reported sales during a specific period [2][12]. - Neta Auto's approach involved insuring vehicles before they were sold, allowing them to count these as sales, which misleads consumers relying on sales data for purchasing decisions [12][14]. Group 3: Implications for Consumers - The practice of selling "0-kilometer used cars" can distort sales data, leading to consumer misjudgment when selecting vehicles based on inflated sales figures [10][15]. - Consumers purchasing these vehicles may lose out on manufacturer warranties and benefits typically associated with new cars, as these rights are often tied to the first owner [17]. - There is a lack of regulatory framework in China specifically addressing "0-kilometer used cars," which raises concerns about consumer rights and potential deception in transactions [17][18].

Group 1 - The core issue in the electric vehicle industry is the emergence of irrational competition methods such as "price wars" and "0-kilometer used cars," which disrupt market order and affect sustainable development [2] - "0-kilometer used cars" refer to vehicles with mileage between 0-1000 kilometers that are registered but sold as used cars, allowing manufacturers to enhance sales data and brand influence [2] - The practice of selling "0-kilometer used cars" is widespread, with reports indicating that thousands of companies are involved in this market, often pricing these vehicles significantly below the manufacturer's suggested retail price [2][9] Group 2 - Zeekr brand recently faced public scrutiny over allegations of selling "0-kilometer used cars," but clarified that the vehicles in question were normal display cars and not classified as "0-kilometer used cars" [3][4] - Zeekr emphasized that their display cars are legally considered new vehicles as they have not been registered or issued retail invoices, and they maintain consumer rights similar to new car buyers [4][7] - The distinction between display cars and "0-kilometer used cars" is legally significant, as registration status is the key factor in defining a used car [7] Group 3 - The phenomenon of "0-kilometer used cars" is seen as a symptom of deeper issues within the automotive industry, reflecting pressures of internal competition and inventory clearance strategies by dealers [10] - The Ministry of Commerce is actively engaging with industry associations and companies to address the "0-kilometer used car" issue and promote healthy development in the used car market [10][11] - Proposed regulations, such as a ban on transferring new cars to used car status within six months of registration, aim to curb the circulation of "0-kilometer used cars" and restore market order [11]

Group 1 - The A-share market has shown a strong upward trend, with the Shanghai Composite Index stabilizing above 3500 points as of July 18, leading to significant redemptions in bond funds as investors shift focus to equity investments for higher returns [1] - Over 1540 A-share companies have disclosed their semi-annual performance forecasts, with approximately 43.77% indicating positive expectations, reflecting a mixed performance among listed companies [1] Group 2 - 52 trust companies have reported their unaudited financial data for the first half of 2025, with Yingda Trust leading in profit at 1.79 billion yuan, while four companies reported losses [2] - AI applications are transitioning from technical exploration to practical implementation, with companies focusing on overcoming technical and data barriers to enhance integration with industry needs [2] Group 3 - The National Security Department has issued a warning about potential "backdoors" in chips and smart devices produced abroad, which could allow remote access to sensitive data [3] Group 4 - Multiple regions have issued warnings about illegal fundraising risks associated with virtual currencies, highlighting common tactics used in new types of online scams [4] Group 5 - The Wahaha Group's property dispute case is set for a hearing on August 1, following the death of its founder 17 months ago [5] Group 6 - JD.com and Meituan are intensifying competition in the embodied intelligence sector, with JD.com making significant investments in multiple companies [5] Group 7 - The home furnishing company Liangjiaju has announced its closure due to long-term losses attributed to the real estate sector, with reports of the founder's death [6] Group 8 - Louis Vuitton has reported a data breach affecting approximately 420,000 customers in Hong Kong, prompting an investigation by the local privacy authority [7] Group 9 - Over ten regional restaurant associations have called for an end to irrational competition among food delivery platforms, urging a shift towards sustainable development [8] Group 10 - A fire incident occurred at Dongyue Silicon Material's facility, causing damage but no injuries, with an assessment of the financial impact ongoing [10] Group 11 - Jinzhikeji has announced a temporary suspension of its stock due to a planned change in control [11] Group 12 - The U.S. stock market showed mixed results, with the S&P 500 and Dow Jones experiencing slight declines while the Nasdaq saw a minor increase [12] Group 13 - Reports indicate that Trump is advocating for higher tariffs on the EU, which may influence consumer inflation expectations in the U.S. [13] Group 14 - Federal Reserve Governor Waller supports a rate cut in July, while the yield on 2-year U.S. Treasury bonds has seen a slight decline [14] Group 15 - Gold prices increased by 0.22%, while oil prices experienced volatility, initially rising before losing gains [15]

Core Viewpoint - The article discusses the emergence and implications of "0-kilometer used cars" in the automotive market, highlighting how this phenomenon disrupts traditional sales practices and affects both consumers and manufacturers [3][5][50]. Group 1: Market Dynamics - The concept of "0-kilometer used cars" refers to vehicles that have been registered but are sold as used cars, often with minimal mileage, creating confusion in the market [3][10]. - The number of used car transactions has surpassed new car registrations for four consecutive years, indicating a shift in consumer preferences towards used vehicles [14][15]. - The rise of "0-kilometer used cars" is attributed to changes in supply, with a significant influx of both traditional and new energy vehicles into the used car market [14][15]. Group 2: Consumer Behavior - Consumers are increasingly opting for "0-kilometer used cars" as a cost-effective alternative, especially among young graduates and middle-aged workers who seek both affordability and status [20][21]. - The perception of buying used cars has shifted from "buy new, not old" to "having a car is sufficient," reflecting changing attitudes towards vehicle ownership [15][20]. Group 3: Industry Practices - Some manufacturers engage in practices that inflate sales figures by registering vehicles under their names before selling them to used car dealers, contributing to the "0-kilometer" phenomenon [35][46]. - The article highlights that "0-kilometer used cars" serve as a financial tool for manufacturers and dealers, allowing them to meet sales targets and clear inventory while benefiting from government subsidies [46][47]. Group 4: Challenges and Risks - The proliferation of "0-kilometer used cars" has led to price wars, impacting the profitability of traditional car manufacturers and dealers [49][50]. - The reliance on inflated sales data and the neglect of product experience have drawn criticism from industry observers, indicating potential long-term risks for the automotive sector [50][51].

Core Viewpoint - The article discusses the phenomenon of "0-kilometer used cars" in the Chinese automotive market, highlighting the implications of this trend for the industry, including price wars and inventory management [6][19][48]. Group 1: Market Dynamics - "0-kilometer used cars" are vehicles that have been registered but not driven, often sold at a discount of 20%-30% compared to new car prices, with some models seeing price cuts of up to 30% [6][17]. - The emergence of this market segment is linked to the ongoing price wars in the automotive industry, where manufacturers and dealers are under pressure to reduce inventory and stimulate sales [19][44]. - The phenomenon has led to a complex export chain, particularly to markets like Russia, where these vehicles are sold under the guise of used cars to avoid tariffs [8][15]. Group 2: Regulatory and Industry Response - The Chinese Ministry of Commerce has initiated discussions to regulate the "0-kilometer used car" market, indicating a growing concern over the chaotic nature of this segment [14][43]. - Industry leaders, including Great Wall Motors' chairman, have criticized the practice, calling it a distortion of the market that could lead to long-term negative consequences for the automotive sector [11][48]. - The article notes that the practice of selling "0-kilometer used cars" is often a response to sales pressure from manufacturers to dealers, creating a cycle of inventory management issues [41][43]. Group 3: Consumer Implications - Consumers may face risks when purchasing "0-kilometer used cars," particularly regarding warranty coverage, as many manufacturers limit warranties to the first owner [32][36]. - The article highlights that the penetration rate of new energy vehicles in the used car market remains low, at around 7.9%, indicating consumer hesitance towards these vehicles [33]. - Concerns about the condition of these vehicles, including potential issues from prolonged storage, may affect consumer confidence and safety [39][41]. Group 4: Future Outlook - The article suggests that the current trend of "0-kilometer used cars" may evolve as regulatory frameworks are established and market dynamics shift, particularly in response to changing consumer preferences and international trade policies [29][30]. - The automotive industry is urged to focus on quality over price competition to foster a healthier market environment, as the ongoing price wars could lead to long-term detrimental effects on product quality and brand reputation [50][51].

Core Viewpoint - The emergence of "0-kilometer used cars" is disrupting the automotive sales market, leading to distorted sales data for car manufacturers and creating challenges for traditional car sales practices [4][5][36]. Group 1: Market Dynamics - "0-kilometer used cars" are defined as vehicles with mileage between 0 and 1000 kilometers that are sold as used cars despite being nearly new [7][11]. - The second-hand car market has seen a significant shift, with the volume of second-hand car transactions surpassing new car registrations for four consecutive years since 2020, indicating a change in consumer preferences [11][12]. - The appeal of "0-kilometer used cars" lies in their cost savings, as they can save buyers on purchase tax and insurance premiums, making them attractive to various consumer groups, including young graduates and middle-aged workers [16][17]. Group 2: Industry Practices - The rise of "0-kilometer used cars" is partly driven by car manufacturers and dealers engaging in practices to meet sales targets, such as registering vehicles under company names to inflate sales figures [25][28]. - Some manufacturers tie warranties and services to the first owner, creating a situation where second-hand buyers, especially those purchasing for ride-hailing services, do not benefit from these protections [23][24]. - The market for "0-kilometer used cars" has also attracted international buyers, particularly from Central Asia and Africa, who are less concerned about the vehicle's registration status [19][35]. Group 3: Market Impact - The proliferation of "0-kilometer used cars" is leading to price wars, affecting the profitability of traditional car manufacturers and dealers, as these vehicles can be sold at significantly lower prices than new cars [36][37]. - The reliance on "0-kilometer used cars" as a financial tool for manufacturers and dealers is creating a cycle of pressure that ultimately harms the market, as it shifts focus from genuine sales to speculative practices [36][37]. - The market is witnessing a decline in the number of young buyers opting for "0-kilometer used cars," as many are becoming more rational in their purchasing decisions due to price adjustments by manufacturers [17][18].

Core Viewpoint - The emergence of the "0-kilometer used car" market in China reflects a significant issue within the automotive industry, where new cars are being sold as used cars to manage inventory and sales targets, leading to a complex interplay of market behaviors and pricing strategies [3][5][9]. Group 1: Market Dynamics - The "0-kilometer used car" phenomenon is characterized by vehicles that are essentially new but are sold as used, often with very low mileage, to meet sales quotas and manage inventory [3][5]. - Major automotive brands and dealerships are involved in this practice, with estimates suggesting that "0-kilometer used cars" may account for 5% to 8% of the total used car market [7][9]. - The pricing of these vehicles can be significantly lower than new cars, often by 20% to 30%, making them attractive to consumers seeking new car quality at reduced prices [5][8]. Group 2: Sources of "0-Kilometer Used Cars" - The primary sources of "0-kilometer used cars" include manufacturer resource vehicles sold to large clients, dealer "volume cars" that are registered but not driven, and "cancellation cars" from direct sales models of new energy vehicle companies [7][8][9]. - Many of these vehicles are sold at prices 15% to 25% lower than those from official channels, indicating a substantial discount for consumers [7][8]. - The practice of registering vehicles as sold without actual consumer use is a strategy employed by dealerships to meet sales targets and avoid financial losses [11][12]. Group 3: Legal and Compliance Issues - The legality of "0-kilometer used car" transactions is under scrutiny, particularly regarding compliance with regulations related to subsidies for new energy vehicles [18][19]. - There are concerns about misleading advertising practices, where sellers may misrepresent the condition and history of these vehicles to consumers [19]. - The phenomenon raises questions about market competition and the potential for regulatory intervention to ensure fair practices within the automotive industry [18][21]. Group 4: Industry Implications - The rise of "0-kilometer used cars" highlights a structural imbalance in the new car market, where oversupply leads to aggressive pricing strategies and inventory management tactics [9][21]. - Experts suggest that manufacturers need to optimize production strategies to align supply with actual market demand, rather than relying on price wars and inventory dumping [21]. - The export of "0-kilometer used cars" to international markets, particularly in Central Asia, has created a new revenue stream but also poses risks to brand reputation and market positioning for domestic manufacturers [14][17].