Imports of automobiles in the first half of China soared

According to the "China's Imported Automobile Market Report for the Second Quarter of 2014" (hereinafter referred to as the “Report”) released by China Imported Automobile Trading Co., Ltd., it shows that during the first half of 2014, the number of cars imported by the customs was 681,000, an increase of 29.5% year-on-year; It sold 563,000 vehicles on the market, an increase of 25.9% year-on-year.

From the supply side, after the destocking process of the imported car industry in 2012 and 2013, the cumulative import volume in the first half of 2014 reached 681,000, an increase of 29.5% year-on-year. The main reason is that the base period in 2013 was low, and the structural cover of the industry's destocking system formed an average monthly import volume of more than 100,000 vehicles in the first half of 2014.

In terms of demand, in the first half of 2014, affected by many factors such as the adjustment of China's economy, policy orientation, the introduction of multi-land purchase restriction policies, and the acceleration of the consumption upgrade trend in the Chinese auto market, combined with the lower base of 2013, cumulative AAK sales The growth rate was 23.5%, with 56.3 million units sold in January-May, an increase of 25.9%, exceeding the expected growth. From the quarterly trend, sales in the first quarter of 2014 increased by 30.8% year-on-year, which was mainly due to the low base in 2013. However, the growth rate in the second quarter decreased to 17.2% year-on-year. At the same time, the report believes that as many cities across the country are affected by the implementation of "restricted purchase restrictions" policies or rumours, pre-consumption has become one of the main reasons for sales exceeding expectations.

It is understood that 38 new imported vehicles will be launched into the Chinese market in July-December 2014, and new products will stimulate demand for consumption upgrades, but at the same time, the domestic production of models will have a certain impact on the sales growth of imported vehicles.

According to incomplete statistics, 38 imported new cars launched in the Chinese market, including 23 new products, 9 new products, and 6 new versions. From the model point of view, the SUV is still the protagonist, accounting for 62.5%, sedan ratio 33.1%, MPV models accounted for 4.4%; and SUV, cars, MPV imports of three major models are showing growth, the main reason The import base in 2013 was low. From the perspective of the displacement of imported cars, the displacement structure has a clear downward adjustment trend. In the first half of 2014, imported vehicles with displacements below 3.0L reached 90.7%. 2.5L-3.0L and 1.5L-2.0L are the first two large displacement intervals, accounting for 34.8% and 34.4%, respectively.

Although some volume-level imported products such as the Volvo S60, XC60, Audi A3, and Land Rover Aurora are about to be made domestically, new products are expected to be included in the new models, including Porsche Macan and BMW's new generation X5. It will further stimulate the consumption upgrade demand of China's imported auto market in 2014.