撰稿人 / 桑之未
轿车流转职业分析师 | 中国轿车流转协会专家委员会成员
（This article is attached with English translation）
上半年保时捷累计销量42,608辆，同比添加28%；经销商零售数量为4.4万辆，同比添加48%。从4月开端，满意国六排放规范的 Panamera 和 Cayenne 车型连续投进商场，对保时捷的出售起到活跃的效果；8 月到店交给全新 Cayenne Coup；11 月全新 911开端在国内出售风流僵尸的都市生活，718 Boxster 和 718 Cayman，估计将在下一年年头供给契合国六规范的车型；首款电动车Taycan下一年头投进中国商场。
版权声明：本文系@桑之未 #原创首发# 转载或改编请与自己交流，如有任何侵权行为，侵权者将承当相应的法律职责。2019-07-25
Sang Zhiwei: The luxury car market resumed double-digit growth in 2019H1. Dealers’ profit increased under the support of subsidy from OEMs.
Written by / Sang Zhiwei
Insight into the Chinese Luxury Car Market
Report | Data | Consulting
Keywords:Luxury car market, Sales volume of dealer, Market share,Average selling price，Discountrate
This is the 6th luxury car market analysis report in 2019. The previous report can be obtained through the bottom menu "Monthly Report", thank you for your support!
From January to June, the domestic dealer retail sales of passenger car reached 11.31 million with an increase of 4.8% YoY. Among them, the retail sales in June was 2.39 million with an increase of 44.9% YoY and an increase of 23.7% MoM. The retail sales of passenger cars are recovering. From January to June, the dealer retail sales of 20 luxury brand reached 1.542 million, up 16.9% YoY. The luxury car market resumed double-digit growth. In June, the dealer retail sales of 20 luxury brand reached 325,000. The growth rate was 48.8%, up 23.8% MoM. The high-speed growth of sales in June was caused by clearing inventory with national V emission standard. The sales volume will fall in July. From the customer flow in the first two weeks of July, the customer flow decreased by 15% MoM. Sales pressure is high.
In 2019, the total retail sales of automobile category in 1H increased by 1.2% to 1911.3 billion, of which 366.9 billion in June increased by 17.2%. Among them, the total retail sales of luxury cars in 1H was 660 billion, accounting for 31.7%; the clearing inventory with national V emission standard boosted rapid growth in car consumption but this will not last. And it is expected to fall sharply in July. In 2019Q2, GDP growth rate was 6.2%, down 0.2% from Q1, and quarterly growth hit a new low since 1992. GDP growth in 1H was 6.3%, down 0.5% YoY. The slowdown in economic growth increased the possibility of government launching stimulus policies.
It has laid a good foundation for the development of the luxury car market in 2019H2 to c达利芙罗塔lear inventory with national V emission standard
In June, the inventory of luxury car dealers was released, with a decrease of 0.41 to 1.4 mont邹正断腿hs, which is the lowest month of inventory in the whole year. Clear inventory in June is also a good PR event. And many customers walk on site to drive the growth of customer flow. Customer flow increased by 18% in June. It caused the overall discount rate of the luxury car market to fall by 0.73% to 17.3% by clear inventory with national V emission standard, a record low in 2019H1. In June, OMEs increased their support for dealer subsidy with an increase of 1% MoM. The overall new car sales profit of luxury car dealers increased to 0.8% MoM. The profit was positive for two consecutive months. Many imported high-value vehicles got cleared smoothly. The average price of new car sales in June increased by RMB12,500. Sales volume of imported cars in the first four mon工资条,淮安气候,古剑奇谭2-主动植物照顾，家庭植物照顾ths fell by 3% YoY. The cumulative sales of imported cars reached 452,000 in 2019H1 with an increase of 8.8% YoY. Ans sales increased by 47.6% in June.
In June, dealer profit rebounded by the support of OEMs’ subsidy. However, OEMs suffered a large loss in clearing inventory with national V emission standard. Although in June most brands had a high growth, there will be a relatively large challenge in July. In addition, in the half-year node to clear inventory with national V emission standard , the entire industry will completely clean up the inventory. OEMs and dealers can lightly prepare for the second half of market, which is conducive to stability of new car price. There are many vital meetings will be held in 2019H2.. The China-US trade talks are expected to have a phased result. It is expected that domestic economic situation will be better than that of 2019H1. And the positive effect of VAT reduction in 2019H1 will gradually emerge. The luxury market will have a more relaxed development space in 2019H2.
Compact luxury market in rapid growth
The fastest-growing segment in 2019H1 was compact SUV market. Sales of new products such as BMW X1, Q3, XT4 and XC40 exceeded 158,000, up 32% YoY. It followed by mid-sized SUV market growth of 24% to 348,000. The growth of this market is brought by the BMW X3. The mid-sized car market was driven by Audi A4L and Mercedes-Benz C-class sales of 378,000, up 16% YoY. The compact car market grew by 19% in 2019H1, mainly contributed by Mercedes-Benz A-class.
Mercedes-Benz leads luxury car market
In 2019H1, Mercedes-Benz (includi工资条,淮安气候,古剑奇谭2-主动植物照顾，家庭植物照顾ng smart) sales increased by 2.4% YoY to 368,000 with a market share of 24%. It continued to lead the domestic luxury car market. BMW (including mini) sales increased by 31.2% to 367,000 with 23% market share ranked second. Audi sales increased by 12.6% YoY to 286,000 with 21% market share ranked third. From the perspective of market segmentation, Mercedes-Benz ranks first in the large and mid-sized car segment market. Mercedes-Benz E-class ranks first with 78,000 exceeded BMW 5 Series by 15,000. In mid-sized SUV market segment, Mercedes-Benz GLC has 68,000 exceeded Audi Q5L by 10,000 ranked first. This year's Mercedes-Benz A-class sedan, which entered the compact car market for the first time, ranked first with 30,000 exceeded Audi A3 by nearly 20,000. Audi A4L in the mid-sized car market is ahead of Mercedes-Benz C-class 650. In compact SUV segment, BMW X1 ranked first with 49,000 ahead of Audi Q3 with nearly 12,000.
Luxury car sales have maintained a positive growth in TOP10 cities of automobile sales
In June, there were 66 cities with more than 1 million car ownership with an increase of 8 compared with the same period last year. Among them, there are 29 cities with more than 2 million car ownership and 11 cities with more than 3 million car ownership. They are Beijing, Chengdu, Chongqing, Suzhou, Shanghai, Zhengzhou, Shenzhen, Xi'an, Wuhan, Dongguan and Tianjin. Among them, Beijing and Chengdu have more than 5 million car ownership .The top 10 cities in luxury car sales in 2019H1 are Beijing, S郑竹翎hanghai, Guangzhou, Chengdu, Chongqing, Zhengzhou, Suzhou, Hangzhou, Xi'an and Shenzhen. Among them Guangzhou, Suzhou Hangzhou and Xi'an luxury car sales maintained double-digit growth.
Link: US luxury car market maintains negative growth in 2019H1
In 2019H1, 10 luxury car OEMs sold a total of 830,000, down 2.35% YoY. Mercedes-Benz continued to maintain a leading position in the US market in 2019H1, with cumulative sales of 159,000 down 8%. And with new cars such as GLE and GLS will enter market in 2019而现在就算时针都停摆H2, Mercedes-Benz sales are expected to further increase. BMW sold 156,000 in the US for half a year, up 2% YoY, thanks to the sales of new 3 Series and X3. Audi sold 100,000 in the US in 2019H1, down 5.8% YoY.
▼ Mercedes(including smart)
In 2019H1, Mercedes-Benz (including smart) accumulated sales of 350,00工资条,淮安气候,古剑奇谭2-主动植物照顾，家庭植物照顾4 in China, up 1% Y黄耀主oY. Dealer retail sales were 368,000, up 2.4% YoY. And dealer retail sales were higher than official sales volume of 18,000, which can be regarded as the clearance of inventory. It will help increase sales and price stability in 2019H2. The average price of new cars in 2019H1 remained at around RMB 465,000. And the discount rate for new cars was around 10%. As of June, the inventory depth of dealers was around 1.2.
In 2019H1, three things were very important for Mercedes-Benz. First, the工资条,淮安气候,古剑奇谭2-主动植物照顾，家庭植物照顾 successful launch of domestic produced Mercedes-Benz A-class sedan. This model was design for Chinese market and expanded new customer market for Mercedes-Benz. The cumulative sales of nearly 30,000 in January-June. The discount rate is maintained at around 11%, making it the best-selling model in t成人游戏his segment. Second, the ‘Xi'an car owner incident’ in April had a certain impact on customer flow, orders and sales of Mercedes-Benz in April-June. Mercedes-Benz adjusted the sales target to keep the price stable. Third, the Service Convention was launched in May. Promote the transparency of dealer service charges. The essence of the Service Convention is to change the profit model of dealers. From late May to mid-July, after the launch of Services Convention, brand discount rate rose by 0.67%. The overall discount rate of luxury car market fell by 0.73% at the same time. The launch of the Service Convention also made luxury market return to the competition of products and services from price competition.
In 2019H1, BMW (including mini) sold 350,070 in China, up 16.8% YoY. The number of retailers in dealers was 367,000, up 31.2% YoY. And the reta孙道临为何不爱王文娟il sales volume of dealers was 10,000 higher than the official sales volume. The average price of new cars in 2019H1 is maintained at around RMB378,000. The discount rate for new cars is around 17%. As of June, the inventory depth of dealers is around 1.2.
BMW’s sales in 2019H1 are generally well. By adjusting the sales strategy, the sales volume of low-value vehicles such as BMW X1, 3 Series and 1 Series will be increased. By adjusting the sales of BMW 5 Series and 乡野春X3, the profit of dealers will be improved. The subsidies for the fourth quarter last year and the first quarter this year were released to dealers. With the BMW X5 2.0 engine model, the 7-series model, and the new 3 Series, these new models will enter the sales period in 2019H2. The profit of BMW dealers is expected to turn positive.
In 2019H1, Audi sold 311,871 in China with an increase of 2.1% YoY. The number of dealers retailed was 322,000, up 12.6% YoY. And the retail sales volume of dealers was 10,000 higher than the official sales volume. The average price of new cars in Audi in 2019H1 was maintained at around RMB308,000. The discount rate for new cars was around 22%. As of June, the depth of dealers' inventory was around 1.5.
In 2019H1, Audi's two important models, Audi A6L and Audi Q3, were replaced and faced clearance inventory with national V emission standard, which had a greater impact on dealers' profits. In 2019H2, with the completion of national V&VI emission standard switch and the sales of new cars, the sales of dealers and new car discounts are expected to be better than the first half.
In 2019H1, Cadillac sold 114,592 with an increase of 1.98% YoY. Dealers retailed 126,000=, up 23.1% YoY. Cadillac was failed in clearance inventory with national V emission standard, due to the replacement of multiple products. Only the productions with national V emission standard sold in June. The re叶万焕tail sales were 38,000 with an increase of 186% YoY. Many models were sold at a discount of 50%, resulting in a lower average brand price of RMB 269,000雷现平. In June, the brand discount increased by 0.5% to 25.5%, continuing to lead the luxury brand. The discount rate is at new low point.
In 2019H1, Lexus sold 93,823 with a YoY increase of 36.5%. Dealers retailed 97,000足球宝贝彩绘, up 38% YoY. Lexus's average price of new cars in 2019H1 remained at around RMB444,000, mainly due to the increase in LX sa工资条,淮安气候,古剑奇谭2-主动植物照顾，家庭植物照顾les, which led to an overall price increase. As of June, the inventory depth of dealers was around 1.0.
In 2019H1, dealer retail sales of Lexus ES, RX and LX increased significantly, with ES sales up 48% YoY to 44,000. ES delivery has been subject to production capacity in Japan, and the best-selling ES hybrid delivery period is more than three months. RX Sales volume increased by 68% and LX sales increased by 52%. In January this year, the cumulative sales of compact SUVs reached 4,200. In 2019H2, the extended version of RX entered sales period. It is expected that the annual sales volume will hit 190,000.
▼Jaguar Land Rover
In 2019H1, Jaguar Land Rover sold 56,000, of which sales in the second quarter increased by 38.6%. Jaguar Land Rover achieved wholesale and retail sales targets in China. Among them, domestic models Discovery Sport sales reached 13,000. The sales volume of XEL exceeded 7,000. Imported models of Range Rover and Range Rover Sport were among the top sellers. As of June, the dealer inventory was 1.57. In 2019H1, Land Rover brand discount was around 15%, and Jaguar brand discount was around 21%. The average transaction price of Land Rover brand increased to RMB773,000 with the increase sales of the Range Rover and Range Rover. And with an increase RMB16,000 yuan compared with May. Since the beginning of the year, Jaguar Land Rover has made a series of active adjustments, including actively adjusting sales targets and simplifying business policies. The profitability of Jaguar Land Rover dealers has been rising. And the inventory level has been greatly optimized, which is more than 30% less than half a year ago. With reasonable range of dealer inventory, and the launch of important models such as the new generation Land Rover Range Rover Evoque, will help retail prices remain stable and dealer sales increase.
In 2019H1, Volvo's cumulative sales volume was 67,741, up 10.2% YoY. Dealer retail sales were 71,000, up 26.2% YoY. As of June, the depth of dealer inventory is around 1.8, which is higher than the average of luxury car inventory of 1.4, requiring dealers to properly adjust inventory. In 2019H1, the Volvo brand market share was 4.2, and the discount was maintained at around 21%. However, the Volvo discount rate fell to around 23% in the second quarter. In June, the three main sales models, XC60 discount remained at 22%, S90 remained at 25.6% and XC90 maintained at around 23.5%. Volvo subsidized dealers according to market conditions every quarter, subsidized 2.5% in the first quarter. the subsidy level in the first half remained at around 20.5%. Volvo adjusts sales according to market share. It also adjusts rebates and subsidizes according to market discounts, which is the reason for maintaining high growth this year.
In 2019H1, Porsche sold a total of 42,608, a YoY increase of 28%. Dealers retailed 44,000, a YoY increase of 48%. Since April, Panamera and Cayenne models that meet the national VI emission standard have been launched into market, which played a positive role in Porsche sales. In August, the new Cayenne Coup will be delivered. In November, the new 911 will begin to be sold in China. 718 Boxster and 718 Cayman are expected to provid唐树龙e models that meet national VI emission standard early next year. The first electric vehicle, Taycan, will be launched in Chinese market early next year.
In 2019H1, Lincoln sold 22,074 in China, of which 12,404 were sold in the second quarter, up 7% from the same period last year, and increase 28% compared with the first quarter of 2019. Among them, Lincoln Navigator continued to maintain strong sales growth, with sales growth of up to 68% in 2019H1. The new Lincoln Nautilus, a new product launched in 2019H1, grew 29% YoY. In addition, the sales of Lincoln MKZ also achieved a YoY increase of 6%. In 2019H2, with the launch of new SUV, the sales are expected to be better than the first half.
In 2019H1, Infiniti's official sales volume was 18,625, down 8% YoY. Dealer retail sales were 21,000, up 15.7% YoY. The average price of new cars was around RMB31工资条,淮安气候,古剑奇谭2-主动植物照顾，家庭植物照顾0,000, and the brand discount was around 18%. As of June, the dealer inventory is 1.2. QX50 is its main sales model. In 2019H1, retail sales were close to 9,300. The sales volume of another domestically produced Q50L decreased by 27.6% YoY to nearly 6,300.
In 2019H1, Maserati dealers retailed 5,140, down 0.6% YoY. The brand discount was around 9%. 3,270 main sales SUV model Levante were sold, down 1.2% YoY. 1,030 Ghibli were sold down YoY. 12%, 845 Quattroporte were sold.
In 2019H1, the sales of retailers was 7,932 with an increas南旭东博客e of 92.8% YoY. The brand discount was around 11%. And the average price of new cars was around RMB330,000. The sales of two domestically produced SUVs RDX and CDX exceeded 3,100. And the sales volume of domestically produced car TLX-L exceeded 1,000, driving the growth of Acura brand.
copyright statement: This article is anoriginal article published by Sang Zhiwei for the first time. For reproduction or adapting, please communicate with the author. In case of any infringement, the infringer will bear the corresponding legal responsibilities. Jul. 25th, 2019, Beijing.
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◈ Luxury car market returned to double-digit growth in May. OEMs increased subsidy to clear inventory with national V emission standard. Customer flow recovered to positive growth.