Core Viewpoint - The adjustment of the consumption tax policy for ultra-luxury vehicles in China is a significant change aimed at promoting reasonable consumption and environmental sustainability, with a limited impact on overall luxury car sales [1][2][5]. Group 1: Policy Changes - The new consumption tax policy for ultra-luxury vehicles, effective from July 20, 2025, lowers the taxable threshold to vehicles priced at 900,000 yuan (excluding VAT) and above [1][2]. - The policy exempts the sale of second-hand ultra-luxury vehicles from consumption tax, marking a major shift since the establishment of the tax system in 2016 [2][5]. - The previous threshold for taxation was set at 1.3 million yuan (including tax), which has now been adjusted to reflect market changes [4][5]. Group 2: Market Impact - In the first half of 2025, approximately 20,000 new vehicles fell within the taxable range, representing a small fraction of the total luxury car sales of 1.45 million units during the same period [1][5]. - The luxury car market is experiencing a decline, with sales of new vehicles priced above 900,000 yuan dropping significantly, particularly in fuel and plug-in hybrid models [3][4]. - The market share of imported luxury vehicles has been decreasing, with a notable drop in imports from a peak of 1.43 million units in 2014 to an estimated 700,000 units in 2024 [3][4]. Group 3: Consumer Behavior - The adjustment in tax policy is expected to have a limited effect on the purchasing behavior of ultra-luxury vehicle consumers, who are characterized by strong purchasing power [6]. - There has been an increase in promotional activities among luxury car brands, with discounts reaching up to 30% on certain models, indicating a competitive market environment [4][5]. - The urgency to complete transactions before the new tax implementation has led to a noticeable increase in sales activity in the days leading up to the policy change [5]. Group 4: Tax Revenue and Regulation - The consumption tax is a significant revenue source for the government, with a reported collection of 772.9 billion yuan in the first five months of the year, reflecting a 1.6% year-on-year growth [5]. - The new policy aims to enhance tax regulation by closing loopholes that allowed for tax evasion through price manipulation and multiple invoicing [6].

Core Viewpoint - Maserati is experiencing significant sales decline in China, leading to drastic price cuts on its Grecale SUV model, with discounts reaching nearly 43% from the original price [1][5][6]. Group 1: Sales Performance - Maserati's sales in China have plummeted, with only 384 units sold in the first five months of this year, representing a 44% year-on-year decline [4][6]. - The brand's peak sales in China occurred in 2017, with 14,400 units sold, but projections for 2024 indicate only 1,228 units, a staggering 71% drop [6][7]. - Global sales for Maserati are also down, with only 11,300 units expected in 2024, a 57% decrease compared to the previous year [7]. Group 2: Market Response - The drastic price reduction for the Grecale SUV has sparked significant interest, with over 10 units sold within two days of the promotion [1]. - The sales strategy is reportedly a dealer-exclusive initiative, not directly tied to Maserati's brand strategy [1]. Group 3: Competitive Landscape - Other luxury car brands are also facing challenges, with notable declines in sales for Bentley, Rolls-Royce, Ferrari, Lamborghini, and Aston Martin, with decreases ranging from 2% to 39% in the first five months of the year [9]. - In contrast, domestic brands like BYD and the collaboration between Jianghuai and Huawei are gaining traction, with new models achieving significant pre-order numbers [11][12].

Core Viewpoint - Maserati is experiencing significant sales decline in China, leading to drastic price cuts on models like the Grecale SUV, which has seen discounts of nearly 43% from its original price [1][4][5]. Sales Performance - Maserati's sales in China for the first five months of this year totaled only 384 units, representing a 44% year-on-year decline, which is much steeper than other luxury brands [5]. - The brand's peak sales in China occurred in 2017, with 14,400 units sold, making it the largest market for Maserati globally at that time [4]. - By 2024, Maserati's projected sales in China are expected to drop to 1,228 units, a staggering 71% decrease compared to previous figures [5]. Financial Performance - Maserati's global sales for 2024 are anticipated to be only 11,300 units, reflecting a 57% year-on-year decline [5]. - The brand reported an operational loss of €260 million (approximately 2.18 billion RMB) last year [5]. - Stellantis Group, Maserati's parent company, has faced stock price declines of nearly 60% since March of last year [5]. Market Trends - The luxury car market is facing a collective downturn, with other high-end brands like Bentley, Rolls-Royce, and Ferrari also reporting declines in sales [9]. - In contrast, domestic brands such as BYD and the newly launched Jianghuai-Huawei collaboration are gaining traction in the luxury segment, with significant sales figures reported [9].