China Automobile Dealers Association: China's imported automobile market situation in April 2022

China Automobile Dealers Association: China's imported automobile market situation in April 2022

1. Supply

After three years of decline, automobile imports grew slightly in 2021. From January to April 2022, 319,000 vehicles were imported, a slight decline of 4.9%. In April, 94,000 vehicles were imported, a year-on-year decline of 5.8%. The import value reached 127.99 billion yuan, a year-on-year increase of 9.4%.

2. Demand

From 2015 to 2019, terminal demand for imported vehicles remained relatively stable. Affected by the epidemic and short-term impact of chips, the imported automobile market began to decline in 2020. From January to April 2022, sales were 241,000 vehicles, a year-on-year decrease of 26.2%, of which a decrease of 46.8% occurred in April.

3. Inventory

As supply was less than demand in 2019-20, the inventory depth of the entire imported automobile industry showed a significant decline. In 2021, supply and demand were basically balanced, but sales declined. In April 2022, the inventory depth rose sharply to 4.8 months, a record high.

4. Price

The unit price of imported automobiles has increased year by year. From 2015 to 2022, the unit price of imported automobiles has increased from 252,100 yuan to 401,200 yuan, breaking the 400,000 yuan mark for the first time. One is the trend of consumption upgrading, and the other is the trend of localization of low-priced products. The 30% exchange rate has depreciated recently.

5. Brand Structure

Affected by the epidemic, the overall imported car market has declined sharply, with super luxury cars, luxury cars and non-luxury cars all falling by about 50% year-on-year, reflecting the overall impact of the epidemic prevention and lockdown on the car market. From January to April, luxury cars accounted for more than 90%.

VI. Vehicle Structure

From January to April 2022, all vehicle models experienced declines to varying degrees, among which MPVs turned from a 13% increase in the previous month to a decline of 2.4%, and the year-on-year declines of sedans and SUVs accelerated, reaching 28.2% respectively; the year-on-year decline of sedan models was smaller than the overall market, while the decline of Sportabck models reached more than 50%.

7. Displacement down

The 1.5-2.0L displacement range accounted for 47.3%, a decline compared to 2021, but still maintained the largest displacement range; the 2.5-3.0 displacement range increased by nearly 3 percentage points compared to 2021; parallel imported models gradually resumed supply, and the share of displacement above 3.0L rebounded to 5.6%, an increase of 1.7 percentage points from 2021.

8. Sales of imported new energy vehicles fluctuate

From 2016 to 2018, the sales of imported new energy vehicles were between 15,000 and 20,000 units. Driven by Model 3, the sales of imported new energy vehicles soared to 60,000 units in 2019, a year-on-year increase of 191%, accounting for 5.4% of the total imported vehicles. With the domestic production of models, the sales scale fell back to 27,500 units in 2020. With the contribution of PHEV, sales increased by 26.2% year-on-year in 2021. In 2022, NEV sales were 7,430 units, a year-on-year decrease of 10.7%, mainly due to the 20.2% decrease in pure electric sales.

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