AutoBeta(AutoBeta.net)04/11 Report--

In March, in response to the VAT rate reduction policy, many car companies have implemented price cuts ahead of schedule, and some manufacturers have paid close attention to the hot spots to promote car sales in the countryside, but the overall increase is still not obvious. China's passenger car sales in March were 1.74 million, down 12.1% from a year earlier and the 10th consecutive month of year-on-year decline, according to sales data from the Federation of passengers.

The China Automobile Circulation Association released the results of the "Automobile Dealer inventory" survey in March 2019, showing that the comprehensive inventory coefficient of automobile dealers in March was 1.8, up 16% from a year earlier and down 14% from the previous month, with inventory levels above the warning line. Specifically, independent brands, joint venture brands, high-end luxury-import brand inventory coefficient showed a downward trend. The inventory coefficient of independent brands was 2.11, down 2% from the previous month; the inventory coefficient of joint venture brands was 1.78, down 20% from the previous month; and that of high-end luxury & imported brands was 1.51, down 20% from the previous month.

In March, although many car companies had cut prices ahead of time under the stimulation of the VAT rate reduction policy, the news of the switch of national five / six models in some areas led consumers to wait and see, and the overall dealer pick-up task increased inventory pressure, but the market demand for cars still did not improve significantly.

In terms of specific brands, there are 18 brands with inventory depth of more than 2 months in March. They are Dongfeng Peugeot, Roewe, Changan Ford, Changan car, GAC MOTOR, Guangzhou Auto Fick, General Buick, Cheetah, Guangzhou Automobile Mitsubishi, Jianghuai, Geely, BYD, Jaguar-Land Rover, Chery, Cadillac, Skoda, Dongfeng God, SAIC Volkswagen.

The specific view of the inventory coefficient: the inventory coefficient is between 0.8 and 1.2, which reflects that the inventory is in a reasonable range; the inventory coefficient is more than 1.5, which reflects that the inventory reaches the alert level; the inventory coefficient is more than 2.5, which reflects that the inventory is too high, and the operating pressure and risk are very high. The higher the inventory, the more natural months it takes to digest new cars.

Since 2018, the dealer inventory index has been high and has exceeded the warning line for 15 consecutive months.

China's car market began to experience a cold wave in the second half of 2018, and the situation remained unchanged in 2019. According to the data released by the Federation of passengers, retail sales of broad-sense passenger cars in China fell 12% in March, the 10th consecutive month of year-on-year decline. With the decline in car sales and the increasing pressure on manufacturers and dealers, the China Automobile Circulation Association recently conducted a major survey on the survival of dealers across the country, and pointed out the current difficult times in the automobile industry.

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