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Price competition in China auto industry poised to ease in May, analysts say
Discounts on passenger cars in China continued to expand in April, but the industry is seeing some positive changes heading into May.
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The price wars that erupted in the Chinese auto industry in March carried over into April. However, analysts see fewer car discounts heading into May.
Discounts on passenger cars in China continued to expand in April, but the industry saw some positive changes heading into May, with price competition, especially for fuel vehicles, expected to ease, said CITIC Securities analyst Zhang Ruohai's team in a research note today.
These changes include the fact that some automakers are no longer offering increased discounts to dealers, and have even scaled back compared to the first quarter, according to the team.
With China allowing some fuel models based on existing emission standards to extend their sales period by six months until the end of this year, there is much less urgency for these models to clear inventory in the short term, the team noted.
In addition, inventory levels in the Chinese auto industry fell in April, with dealer inventory levels returning to a relatively balanced position, the team said.
From January to April, discounts offered by the Chinese auto industry were generally increasing, with actual selling price to manufacturer guide price ratios of 91.3 percent, 92.4 percent, 90.8 percent and 90.2 percent, respectively, according to an indicator compiled by the team.
This means that in addition to the price pickup in February, discounts expanded in March and April, the team said, adding that the indicator was 88.1 percent and 87.3 percent for fuel cars and 96.84 percent and 96.78 percent for new energy vehicles (NEVs) in the past two months, respectively.
Against the backdrop of overall weak consumer demand for cars, the price wars had a boost to sales of some models, but depressed total sales as consumer wait-and-see sentiment increased, according to the team.
In March, when the price war was at its most intense, Chinese passenger car retail sales were 1.587 million units, up 0.3 percent year-on-year and up 14.3 percent from February, according to the China Passenger Car Association (CPCA).
In April, China's passenger car retail sales were 1.63 million units, up 55.5 percent year-on-year and up 2.5 percent from March.
From May 1 to 14, China's passenger car retail sales were 706,000 units, up 55 percent year-on-year and up 24 percent from the same period last month, according to data released yesterday by the CPCA.
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Next-gen Jeep Wrangler aiming for more hardcore Trail Rated badge
Filed under: Jeep,SUV,Electric,Future Vehicles,Off-Road Vehicles,Performance
Continue reading Next-gen Jeep Wrangler aiming for more hardcore Trail Rated badge
Next-gen Jeep Wrangler aiming for more hardcore Trail Rated badge originally appeared on Autoblog on Thu, 18 May 2023 08:30:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsBYD launched new Han DM-i and DM-p PHEV sedans. Price starts at 27,000 USD
BYD Han DM-i and DM-p launched in China with a lowered price and some new tech on board.
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These Are The Top US States In Q1 2023 For Plug-In Electric Car Market Share
California approaches 25%, while Oregon and Washington exceeded 15%.
Apple Maps tracks Porsche Taycan energy use, shows charging stations
Drivers of the Porsche Taycan no longer have to use the EV’s Charging Planner that’s part of its built-in navigation system. They can also now use Apple Maps, via their iPhone. With the CarPlay-based option, Apple Maps gains access to the Taycan’s real-time battery performance and state of charge, so that it can plot out your... Geely Holding becomes 3rd largest shareholder of Aston Martin, increases stake to 17%
In September 2022, Geely Holding spent about £66 million to acquire a 7.60 percent stake in Aston Martin.
(Image credit: Aston Martin)
Zhejiang Geely Holding Group (Geely Holding), China's largest private automaker, has increased its stake in Aston Martin, becoming the third largest shareholder in the ultra-luxury car brand.
Geely Holding has committed to contribute about £234 million to acquire about 42 million existing ordinary shares in Aston Martin from Yew Tree Consortium at a price of 335 pence per share and to subscribe for about 28 million new shares at the same price, according to an announcement made by the ultra-luxury British performance brand on the London Stock Exchange today.
The transaction price represents a 45 percent premium to Aston Martin's closing price per ordinary share on May 17.
Upon completion of the transaction, Geely Holding's stake in Aston Martin will increase to about 17 percent, making it the third largest shareholder behind Yew Tree Consortium's 21 percent and Saudi Arabia's Public Investment Fund's 18 percent.
Geely Holding has agreed to cease acquiring any ordinary shares that would result in its total holding in Aston Martin exceeding 22 percent by August 1, 2024, according to the announcement.
"Geely Holding, who initially became a shareholder last year, sees tremendous potential for Aston Martin's long-term growth and success. They offer us a deep understanding of the key strategic growth market that China represents, as well as the opportunity to access their range of technologies and components," said Lawrence Stroll, Aston Martin's executive chairman of the board.
In September 2022, Geely Holding spent about £66 million to acquire a 7.60 percent stake in Aston Martin.
Geely has completed a number of acquisitions of foreign automakers in recent years.
In 2006, Geely acquired a 19.97 percent stake in Manganese Bronze, the maker and owner of classic black cabs in London, and in 2013, Geely acquired the business and core assets of the company.
In 2010, Geely acquired Volvo, and in 2017, Geely acquired a 51 percent stake in Lotus Cars, a British luxury sports and racing car brand.
"Our decision to increase our shareholding in Aston Martin reflects our confidence in the company's growth prospects, its technologies and its management team," said Eric Li, Geely Holding Group chairman, according to Aston Martin's announcement.
Aston Martin sold 6,412 vehicles globally in 2022, up about 4 percent from a year earlier, with about 50 percent of those being the four-door crossover DBX line.
It currently has four models on sale in China, including the coupe Vantage, DB11 and DBS, as well as the DBX.
Chinese auto giants Geely and Changan sign strategic cooperation deal
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Geely increased its stake in Aston Martin to 17%, becoming the third-largest shareholder
This increase cost about 290 million USD. After the increase, Geely's stake in Aston Martin more than doubled.
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Tesla Submits New Factory Proposal To Indian Government: Report
Tesla executives proposed setting up a new factory in India in a May 17 meeting with local government officials, according to Reuters.
