The cars are not selling well! None of the 11 listed car companies have achieved their annual sales target of 50%

None of the 11 listed car companies have reached their annual sales target of 50% The cars are not selling well

【phoneauto News】In 2023, price wars have always been an unavoidable topic in the entire domestic automobile market. After the grand price war in March, the second half of the automobile market has once again welcomed the voices of many car companies lowering prices. The main reason for the frequent price wars is that this year’s automobile market sales have fallen short of expectations. Recently, some media have sorted out the sales performance of many listed car companies in the first half of the year, which further confirms the poor performance of the automobile market.

BYD

The Securities Daily reporter sorted out the announcements of 16 A-share and H-share listed car companies mainly engaged in passenger car business. The data shows that in the first half of 2023, 10 out of these 16 listed car companies achieved year-on-year sales growth, accounting for 62.5%. Among them, BYD sold 1.2556 million vehicles in the first half of the year, accounting for nearly 70% of the annual sales in 2022 (1.8685 million vehicles). However, due to the influence of the high annual sales target of 3 million vehicles in 2023, the sales target completion rate has not yet reached half. In terms of sales growth, the largest increase was seen in Li Auto, with a year-on-year growth of 130%, reaching 139,100 vehicles in the first half of the year. On the other hand, SAIC Group, Dongfeng Group, Siles and other 6 car companies experienced a decline in sales, with the largest decline reaching 39.93%.

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The media further sorted out the sales performance of these 16 car companies in the first half of the year. The results showed that among the 11 car companies that have announced annual sales targets, including SAIC Group, BYD, GAC Group, and Changan Automobile, none of them achieved half of the annual sales target in the first half of the year. The average completion rate was only 35.05%. Among them, Li Auto achieved the highest completion rate at 46.37%, and GAC Group, Geely Auto, and BYD exceeded 40% completion rate. On the other hand, among the new forces, NIO, Leap Motor, and Xiaopeng Motors had a completion rate of only 22.27%, 22.25%, and 20.72% respectively, which is far from the annual plan.

Ideal Car

In the eyes of Cui Dongshu, Secretary General of the China Passenger Car Association, the significant promotion and disruption of the normal price trend in the first half of the year will take some time to repair the terminal prices. In addition, the excessive promotion efforts in the second quarter may weaken the consumption overdraft effect on the car-buying population in the second half of the year, potentially reducing the effect of trading price for volume in the third quarter. After experiencing a price war in the first half of the year, it is expected that car companies will optimize and adjust market expectations, product structure, and listing pace. The market may enter a period of accumulation in the next one or two months. However, this also means that in order to truly achieve the annual sales target set earlier, the sales pressure on car companies in the second half of the year will further increase compared to the first half of the year.

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