·Automobile "official" mode: imbalance between supply and demand leads to price war escalation

Different from previous price reduction promotions on their respective channels, some auto companies started a new competition model in 2015 with the means of lowering the official guidance price.
In April, the car-led price war seemed to have entered an outbreak: Shanghai Volkswagen, Changan Ford, Beijing Hyundai, FAW-Volkswagen, Shanghai GM, etc. have successively reduced the official price of their models in different forms. FAW Toyota, GAC Toyota, etc. also used the model to change the opportunity, and lowered the manufacturer's guidance price.
“It is rare for car companies to reduce official selling prices. This year, several major companies have made such adjustments for various reasons, including the impact of economic trends, changes in industry patterns, overcapacity, and overstocking. Cheng Xiaodong, chief automobile analyst of the National Development and Reform Commission's Price Monitoring Center, said in an interview with the China Business News: "With the actions of these companies, the 'Official' and the new car will be listed at a low price. trend."
Concentrated price cuts Since 2015, the situation in the Chinese auto market has become increasingly tense, and various types of promotional activities in the market terminals are endless, but they are still ineffective. According to the data released by the China Automobile Association, the sales volume of passenger cars in the first quarter was 5,530,100 units, an increase of 8.95% year-on-year, and the growth rate dropped by 1.14 percentage points compared with the same period of last year. Seeing that the auto market has not ushered in a “open door” as in previous years, the growth has continued to slow down. Some mainstream auto companies began to cut prices to “save the market” in April.
On April 6th, Shanghai Volkswagen VW brand took the lead in launching the “Non-Affordable, Moment-Winning” campaign, announcing the price of its A0-class hatchback New Polo fashion version down 10,000 yuan, New Polo Comfort Edition and Deluxe Edition, Cross Polo The retail price was also lowered by 8,000 yuan; the retail price of the MPV model safety system was lowered by 100 million yuan. In addition, Tiguan, Passat, Lingdu, Lavida family and other models also have different levels of "price reduction" concessions, including zero interest rate credit, replacement subsidies and so on.
As the passenger car sales champion in the first quarter of this year, Shanghai Volkswagen's initiative to reduce prices this time is quite obvious.
Changan Ford immediately announced that in addition to the new Mondeo and Sharp, the models under sale are all exempt from full purchase tax.
Subsequently, Beijing Hyundai followed up this "official" price war and made new moves, launching the "lending out of wealth new life" campaign. On the next day, FAW-Volkswagen launched the "Quality and Benefits Double Ceremony" campaign and high-profile "joining the war." It has a one-year insurance of up to 7800 yuan for all models, a replacement subsidy of 4,000 yuan to 5,000 yuan, and a loan discount of up to zero interest rate. On April 14th, the Shanghai GM Chevrolet brand also released the “Official Drop” program.
In addition to the above-mentioned top ten car companies in the passenger car sales rankings in 2014, other car companies are also implementing or mulling “official drop” in different ways, and a price war dominated by car companies has been arrogant. Calling for it.
The dark tide survived "Since 2010, there has been no such relatively concentrated car companies in the Chinese auto market to reduce the official guidance price, including the period of micro-growth in the past few years." Cheng Xiaodong told reporters: "This year, such a The situation is actually the result of multiple factors working together. But the most important and fundamental, the price is most affected by the relationship between supply and demand. After 2015, the Chinese auto market is obviously oversupply."
According to relevant data, China's automobile production capacity will exceed 32 million in 2015. According to the forecast of the China Automobile Association, this year's growth is expected to be 7%, and the overall scale is around 25 million. The situation of overcapacity has been quite severe. Moreover, Dong Yang, executive vice president and secretary general of the China Automobile Association, said publicly that according to the economic operation in the first quarter and the production and sales data of the Chinese automobile industry, the actual sales volume should be lower than the predicted 7%.
In addition, although sales in the first quarter increased by 8.95% year-on-year, this part of the growth was not mainly due to the end market, but a considerable part remained at the dealer level. According to the data released by the China Automobile Association on April 20, in March of this year, the comprehensive inventory factor of automobile dealers was 1.77 (the inventory coefficient was within the reasonable range of 0.8~1.2, and the warning level was 1.5), up 28% year-on-year. The China Automobile Dealers Association pointed out that as the output of the manufacturers increased, and some of them still had the pressure of the warehouse, the forced tying of slow-moving models and other behaviors, causing the dealer inventory pressure to exceed the warning line.
“Because of the rapid growth of China's auto market in the past few years, most auto companies are too optimistic about capacity expansion. As the previously planned production capacity gradually falls, the situation on the market becomes more and more tense. Together with the overall slowdown The impact of the car, the competition between car companies has once again escalated, the price war has also risen from the original dealer level to the car company level." Luo Lei, deputy secretary-general of China Automobile Dealers Association said.
There is an industry trend of oversupply, and there are dealers who are difficult to survive and difficult to bear heavy pressure. Car companies are inevitably facing the threat of “nowhere to put” capacity. In this way, the narrow road meets the brave, and the "official drop" may be the most direct way that car companies can compete for market share.
The war will come to the fact that as early as the end of 2014, this "official" price war has already emerged.
On the one hand, whether the dealers frequently ask the auto manufacturers for "subsidy subsidies" or the high inventory coefficient, it fully shows that the dealer's survival dilemma has deteriorated to a certain extent, and can no longer rely on its own price reduction promotion to maintain; On the one hand, with the continuous growth of China's auto market in recent years, sales growth has gradually returned to rationality, making car companies have to adjust from more intuitive official guidance prices.
"In addition to the impact of the economic environment and overcapacity, the concentration of car prices in April is also due to the timing. The situation in the first quarter has made car companies realize that this year's situation is not optimistic at the beginning of the year. The dealers have been in a predicament for survival last year and can no longer use the inventory to 'digest' sales for the car companies. In addition, the second quarter is the off-season of the auto market. If there is no 'hard trick', it will not only be difficult to maintain sales growth, but also may make channels. Into a crisis," Cheng Xiaodong said.
As a result, a vigorous "official" price war broke out. Although most of them are based on joint venture brands, under the cross-competition, whether it is a luxury brand or a self-owned brand, it will be difficult to avoid being involved in this price cut "storm."

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