At the beginning of August, the China Automobile Circulation Association released the "Research report on China's Automobile value retention rate in July 2023". The report shows that, contrary to the higher sales of a number of car companies that have announced sales in July, the value preservation rate of many car companies declined month-on-month in July, including a continuous decline in the Japanese system, a rebound in the Korean system and a rebound in independent brands. Xilai Automobile became the car company with the highest decline on the list.
In terms of breakdown, among all levels of preservation rates, the preservation rates of small cars, compact cars, medium-sized cars, small SUV and MPV all declined, and the value of small cars fell 1.8% compared with June. In contrast, medium and large cars, compact SUV, medium-sized SUV and medium-and large-scale SUV have increased to varying degrees. Of this total, compact SUV increased by 1.8 per cent compared with June, while medium and large SUV grew by 1.7 per cent. The China Automobile Circulation Association said that the main reason for this is due to the intensification of price differentiation. The price differentiation shows that the rising and falling trends of different levels of models are opposite, the prices of entry-level models have dropped sharply, and the prices of high-end models have shown an upward trend.
Specific to the performance of the preservation rate of national brands, among the 13 brands on the list in July, the three-year preservation rate generally decreased, while only Mercedes-Benz and Jaguar brands increased. The list shows that there are six brands with a preservation rate of more than 60% in July, namely, Porsche, Lexus, Mercedes-Benz, BMW, Land Rover and Audi, but only Mercedes-Benz grew, up 0.7% to 69.3% from the previous month. In the BBA camp, the preservation rate of BMW was the same as last month, while Audi fell 0.6 per cent month-on-month. The report pointed out that Mercedes-Benz C-Class changes led to a slight rebound in prices; some BMW 5-Series models are expected to stop production, and used cars are sold sparingly.
In addition, Porsche topped the list with a preservation rate of 82.5 per cent, but fell 1.2 per cent from the previous month, while Lexus, which ranked second, also fell 1.7 per cent. a number of brands, such as Land Rover, Lincoln, Cadillac, Tesla, Volvo, Infiniti and Acura, have seen their preservation rates decline.
In terms of joint venture brands, the preservation rate of Japanese brands continued to decline, although Toyota and Honda still ranked first and second on the list, but the preservation rate declined month-on-month, while Nissan and Mazda also slipped. The preservation rate of German and American is relatively stable, and there is no obvious change. On the other hand, the preservation rate of Korean brands has increased, of which Kia and Hyundai are both above 60%, second only to Toyota and Honda. In addition, Volkswagen, Ford, Mitsubishi and Skoda ranked seventh to 10th respectively in the list, with a preservation rate of 58% 49% respectively. The China Automobile Circulation Association pointed out that the joint venture brands are still dominated by fuel vehicles, and after several official reductions, some models have been suspended from production and sale, indicating that there is no room for price reduction on the supply side; the preservation rate of Kia, Hyundai, Ford and Citroen brands has bottomed out and rebounded.
Let's take a look at independent brands. In July, the preservation rate of independent brands showed different trends. In terms of subdivision, Chuanqi is still at the top of the list. Since surpassing Wuling in January this year, its preservation rate has remained first, with a three-year preservation rate of 64.5%, an increase of 0.5% from the previous month. In addition, the preservation rates of Wuling, Changan and LinkedIn have also been improved and have been maintained at more than 60%, surpassing most joint venture brands. However, ideal and Harvard's preservation rate, which ranked fifth and sixth, fell, but by a smaller margin, by 0.4 per cent and 0.2 per cent, respectively, while Ulai, which ranked third from the bottom of the list, had the biggest month-on-month decline, with the preservation rate falling to 51.8 per cent from 56.8 per cent in June, down by 5 per cent. The report points out that the reason for the larger decline is related to the price reduction of new cars and changes in the rights and interests of users.
As for the field of new energy vehicles, with the improvement of the permeability of new energy vehicles, especially plug-in hybrid models show a momentum to replace fuel vehicles, so the preservation rate of used new energy vehicles (three years old) also increased significantly in July. Among them, the value preservation rate of plug-in hybrid models was 55.8%, an increase of 1.1% compared with the previous month, and that of pure electric models was 55.2%, an increase of 0.8% over the previous month.
The list shows that Porsche Taycan, Tesla Model 3 and BYD Dolphin are in the top three on the list of "pure electric models (one year old)", with preservation rates of 80.1%, 79.1% and 77.9%, respectively. In addition, a number of BYD models have entered the list, including Song PLUS EV, Yuan PLUS and Han EV. Euler White Cat, Zero running T03 and Euler Black Cat are in the top three on the list of "pure electric models (three years old)", with a value preservation rate of 69.3%, 69.0% and 68.0%, respectively.
In the plug-in hybrid list, the top three plug-in hybrid models (three years old) are Porsche Panamera E-Hybrid, Porsche Cayenne E-Hybrid and range Rover plug-in hybrid. The BYD brand also has a number of models on the list TOP15, including Song Pro DM-i, Song PLUS DM-i, Tang DM-i, Han DM-i, Destroyer 05, Qin PLUS DM-i and Song MAX DM-i all entered the list of plug-in hybrid models (one year old).
The China Automobile Circulation Association pointed out in its report that due to strong sales promotion and demand overdraft in the first half of the year, the car market was in a "recuperation period" in July, and the supply of second-hand cars decreased month-on-month, but it was still higher than that in the same period last year. In addition, the flood situation in many parts of the country has also hindered the movement of people and vehicles, so the decline in car supply in July is the combined effect of a seasonal correction and demand overdraft.
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