Auto market slump: 11 auto companies’ sales in the first half of the year fell short of half of their annual targets

According to news on July 14, price war continues to become a hot topic in the domestic booming automobile market. Entering the second half of 2023, many car companies have lowered prices again. Sales volume in the automobile market this year is lower than expected, which is also the main reason for frequent price wars. Recently, some media compiled the sales performance of listed car companies in the first half of recent years, and the results once again confirmed the weakness of the auto market. According to statistics from a reporter from Securities Daily, among the 16 A-share and Hong Kong-listed car companies that mainly focus on passenger car business, 10 have experienced year-on-year sales growth in the first half of 2023, accounting for 62.5%. Among them, BYD's sales in the first half of the year reached 1.2556 million vehicles, which was close to 70% of last year's full-year sales (1.8685 million vehicles). However, with the high annual sales target of 3 million vehicles in 2023, BYD has still not reached half of the sales target. The largest sales increase was Li Auto, with a year-on-year growth of 130%, and sales in the first half of the year reached 139,100 vehicles. The sales of six car companies including SAIC, Dongfeng Group, and Thalys declined, with the largest decline as high as 39.93%.

In addition, "Securities Daily" further analyzed the sales performance of these 16 car companies in the first half of the year. The results show that among the 11 car companies that announced their full-year sales targets, including SAIC, BYD, GAC and Changan Automobile, none of them actually achieved half of their annual targets in the first half of the year. The average completion rate was only is 35.05%. Among them, Li Auto has the highest completion rate of 46.37%, and Guangzhou Automobile Group, Geely Automobile and BYD also have completion rates of more than 40%. Among the new power car companies, the target completion rates of NIO, Leapmotor and Xpeng in the first half of the year were only 22.27%, 22.25% and 20.72% respectively, which was far from the annual plan.

Regarding this phenomenon, Cui Dongshu, Secretary-General of the Passenger Car Association, said: "The continued and strong promotions in the first half of the year disrupted the normal price trend of the auto market, and it will take some time for terminal prices to recover. Coupled with the super strong promotions in the quarter

The overdraft effect on the consumption of car buyers in the second half of the year is expected to be weakened in the quarter. "After experiencing the price war in the first half of the year, car companies are expected to optimize market expectations, product structure and launch pace in the future. The market may enter a period of momentum building in a month or two. However, this also means that if car companies want to truly achieve their previously set full-year sales targets, sales pressure in the second half of the year will further increase compared to the first half. Although this article has been completely reorganized and expressed based on the materials given, some original information and opinions are still retained. Please note that the goal of this article is to create a news story that is completely different from the original text, so the similarity to the original text will be very low.

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