On July 9, 2018, the Association announced the sales of passenger cars in June 2018.
Event review
Tariff disturbances led to a decline in terminal sales in June, and overall solid growth in the first half of the year. 1) Retail: Retail sales of narrow-seat passenger cars in June were 1.687 million, down 3.1% year-on-year and 6.4% quarter-on-quarter. The main reason for the decline was released in late May. The tariff reduction policy, consumer wait-and-see mood affects the turnover rate, and the terminal retail growth rate slows down. The cumulative retail sales of the 2018H narrow-seat passenger car increased by 4.0% year-on-year, significantly better than the same period last year (+0.8%). 2) Wholesale: June The sales volume of narrow passenger cars was 1.835 million units, an increase of 2.9% year-on-year. The manufacturers actively controlled the sales pace and did not carry out the mid-year impulse. The wholesale sales volume of the 2018H narrow passenger car increased by 5.7% year-on-year, achieving steady growth. 3) Model: SUV The first negative growth, the high growth era is nearing completion. June SUV retail sales of 688,000, down 4.4% year-on-year, is the first negative growth since its inception.
Stocks are still healthy, and will grow at a low rate in the second half of the year. In June, dealers' inventory increased by about 150,000 units, and the replenishment is normal. The current dealer inventory is still at a low level. Looking forward to July, after the tariffs are released, it is expected to release some waiters. The purchase demand, the current reasonable inventory is also expected to ensure the healthy growth of wholesale sales in the industry. Due to the high base in the same period last year, we expect the industry sales in the second half of the year to grow at a low rate. In terms of price, the average market price in April was 143,700 yuan, up 6.2% year-on-year. On the one hand, the consumption of passenger cars is gradually becoming higher-end, on the other hand, the terminal concessions are still reasonable. After the tariff reduction, the sales volume of imported cars is expected to increase rapidly, and the average price of the industry will further increase.
In the mid-to-late period of the automobile popularization period, the industry will continue to differentiate. The sales of high-quality joint ventures and independent brands will grow steadily or at a high speed, and the leading market share will continue to increase. From the previous June sales, the joint venture brands of SAIC-GM and GAC Toyota increased by 10.4% and 16.4% respectively. Among the self-owned brands, Geely Automobile and SAIC Passenger Vehicles performed outstandingly, up 44% year-on-year, 53.7%, much higher than the industry average.
