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It is very serious that automobile production and sales maintain high growth and diversion from January to August.
From January to August, the automotive industry saw a year-on-year increase of 21.18% in production and 19.20% in sales. According to data from the China Industry Association Information Center, the auto market began to show signs of recovery in August. Cumulative production and sales for the first eight months reached 3.4057 million and 3.28 million units respectively, maintaining steady growth. In August alone, the country produced 375,200 vehicles and sold 382,300 units, with a sales-to-production ratio of 101.89%, the highest in eight months, up 3.66% and 8.37% compared to the same period last year.
However, the growth rate for passenger cars slowed significantly. In August, passenger car production and sales stood at 171,900 and 171,300 units, respectively, with a ratio of 99.07%, an increase of only 0.36% and 2.22%. Despite this, from January to August, passenger car production and sales still maintained strong growth, reaching 1.6028 million and 1.5059 million units, with a ratio of 92.91%, up 26.23% and 23.68% year-on-year. Sedans, in particular, continued to show strong momentum.
The auto market, while growing overall, has seen significant disparities among manufacturers and dealers. While total production and sales increased by double digits, many individual players are struggling. The issue stems from severe customer diversion. At the start of the year, some manufacturers were overly optimistic, leading to an oversupply of brands and a fragmented market. This caused many dealers to feel they weren't getting their fair share of sales, even though the industry as a whole was performing well.
In Beijing alone, there are over 2,500 companies registered with auto-related business scopes, but nearly 70% of them sell 100 or fewer vehicles annually. This oversupply of dealers leads to competition and further customer fragmentation. In Japan, there are over 2,000 dealers, yet Beijing already has more than that, highlighting the saturation of the market.
Price reductions have also become less effective in boosting sales. In August, 217 models saw an average price drop of 1.9%, while 150 models had reductions of 2.76% on average. Although price cuts initially helped boost sales in the first quarter, the effect has weakened since April. Consumers are now holding back, expecting further price drops, which has reduced their willingness to buy immediately.
According to Su Hui, general manager of the Asian Games Village Automotive Trading Market, manufacturers and dealers are pushing hard to meet annual targets. Promotions before National Day (October 1st) are expected, with more strategies beyond just price cuts. However, despite these efforts, the market remains challenging, and many dealers are focused on survival rather than growth.