A few days ago, China Automobile Circulation Association released "October 2023 China Automobile Maintenance Rate Research Report."
The report shows that the overall maintenance rate of all classes of models rose basically in October, among which the maintenance rate of MPV models rose greatly, from 61.7% in September to 65.2%, an increase of 3.5%. Other models, compact cars, medium and large cars, small SUV, compact SUV and medium and large SUV also have different degrees of increase. On the other hand, small cars and medium-sized cars showed a slight decline, down 0.3% and 0.2% respectively from September.
Specific to the country brand hedge rate performance to see, In luxury brands, In October on the list of 13 brands, Only Land Rover and Tesla hedge rate month-on-month decline slightly, Other brands have increased. According to the list, there are 5 brands with a three-year hedge ratio of more than 60% in October, among which Porsche's hedge ratio increased from 81.4% in September to 82.5% and Lexus increased from 75.3% to 75.7%. In the BBA camp, Mercedes-Benz, BMW and Audi ranked 3rd, 4th and 5th respectively, with month-on-month increases of 2.0%, 0.4% and 0.9% respectively. Acura, jaguar and infiniti also improved. However, the report pointed out: "Although Infiniti's hedging rate has increased slightly, it is still at the bottom, and product strength and brand strength are short boards that are difficult to reverse."
In terms of joint venture brands, the top two brands are still Japanese brands Toyota and Honda, among which Toyota's three-year hedging rate increased by 0.5% month-on-month, while Honda remained unchanged at 66.3%. In addition, Mazda's October three-year hedge ratio rose 0.7% to 59.7% from September's 59.0%. However, Mitsubishi and Nissan, ranked 11th and 12th, fell 0.2% and 2.2% month-on-month respectively. In addition, including Jeep, Hyundai, Peugeot, Chevrolet and Citroen three-year hedge ratio also showed a downward trend, Hyundai fell 2.7% month-on-month to 58.9%, Chevrolet fell 1.3%.
Let's look at the independent brands again. In October, the three-year maintenance rate of the head independent brands showed a slight downward trend, and the top five brands in the list all showed a month-on-month decline. In terms of breakdown, Chuanqi is still at the top of the list. Since surpassing Wuling in January this year, its hedging rate has remained the first place, but it fell 0.3% to 64.3% month-on-month in October. Wuling, ranked second, fell 0.5 per cent to 61.5 per cent month-on-month; Chang 'an, Linke and Ideal ranked third to fifth in the list respectively, with three-year hedging rates falling 0.1 per cent, 0.3 per cent and 0.1 per cent month-on-month respectively.
On the contrary, among the 15 brands on the list, Haval, Roewe, BYD, Hongqi, Weipai and Auchan all increased month-on-month in September, among which Hongqi increased by 1.1% month-on-month. The report pointed out: "Independent brands in the market by the joint venture brand price war impact, the follow-up may also usher in a wave of price cuts." The industry believes that independent brands have obvious advantages in the new energy market, but there is no advantage relative to joint venture brands in the fuel vehicle market, so independent brands do not have much advantage in the used car market.
Finally, look at the field of new energy vehicles. Although the overall penetration rate of new energy vehicles has improved, the maintenance rate of electric vehicles continues to decline. Divided by power type, the three-year maintenance rate of plug-in hybrid models was 54.3%, up 0.7% from 53.6% in September; the maintenance rate of pure electric vehicles was 50.5%, down 3.0% from 53.5% in September. The report pointed out: "The market acceptance of plug-in hybrid models has been gradually improved, which has a stabilizing effect on the maintenance rate; the release of new products at the market end of pure electric vehicles, the improvement of product power and the decline of model prices have certain influence on the maintenance rate of used cars, and consumers are more inclined to new products."
In the plug-in hybrid list, Porsche Panamera E-Hybrid, Ideal L9 and Porsche Cayenne E-Hybrid ranked in the top three models in terms of maintenance rate (one-year age); BYD brand models were included in TOP 15, including Song Pro DM-i, Song PLUS DM-i, Tang DM-i, Han DM-i, Song MAX DM-i and Destroyer 05. The Panamera E-Hybrid, Porsche Cayenne E-Hybrid and Range Rover plug-in hybrid are the top three models in the list of plug-in hybrid maintenance rates (three years old).
In the list of pure electric models, the top three models in terms of hedging rate (one-year age) are Tengshi D9, smart spirit #1 and Porsche Taycan respectively, with hedging rates of 79.0%, 78.7% and 78.6% respectively. Among them, Tengshi D9 entered the list for the first time this month, with excellent hedging rate. Model 3 ranked fourth on the list with a 78.0% preservation rate (one year old). BYD also has a number of models on the TOP 15 list, including Dolphin, Yuan PLUS, Han EV and Song PLUS EV.
Zero-run T03, Hongguang MINIEV, Euler Black Cat, Porsche Taycan and Euler White Cat ranked in the top five in the list of "pure electric vehicle type preservation rate (three-year vehicle age)" respectively, among which Zero-run T03, Hongguang MINIEV and Euler Black Cat had three-year preservation rates of 67.7%, 66.4% and 65.7% respectively.
China Automobile Circulation Association pointed out in the report, October online vehicle source volume compared with last month has risen, Recently the state proposed stable fuel vehicle consumption policy conducive to the recovery of the market, But consumers buy used cars action tends to rational consumption, Overall, Since the peak season, Trading volume has not appeared obvious increase.
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