Are Japanese cars in trouble? Dongfeng Honda's July sales plummeted 74%!

【ITBEAR】According to news on August 13, Dongfeng Motor Group recently released its production and sales data for July 2024, revealing its recent market performance. Data show that the sales of Dongfeng Honda, a brand of the group, suffered a significant decline in July. Specifically, Dongfeng Honda's sales in July were only 14,229 vehicles, a 74% decrease compared with the same period last year. In terms of cumulative sales from January to July, it was only 252,112 vehicles, a decrease of 10.54% compared with the same period last year. This data undoubtedly shows that Dongfeng Honda's performance in the market is facing severe challenges. According to ITBEAR, judging from the car sales list of Dongfeng Honda, none of Dongfeng Honda's models exceeded the 10,000-unit sales mark in July. Among them, the sales volume of the star model CR-V was 9,673 units, followed closely by the Honda Civic, which sold only 3,186 units; and the sales volume of the Yingshi Pai was 2,548 units. These data further confirm Dongfeng Honda’s current market difficulties. In fact, Dongfeng Honda's sales have continued to be sluggish since the beginning of this year. Especially in the context of the increasingly fierce price war in the domestic automobile market, the market competitiveness of Dongfeng Honda models has been further weakened. This trend undoubtedly poses a severe challenge to Dongfeng Honda's future development. It is worth noting that although Guangqi Honda's Civic model can still maintain a sales volume of more than 10,000 units, its discount range in the end market has been repeatedly reduced, resulting in a significant decline in single-vehicle profitability. This situation also reflects the fierce competition in the current automobile market and the pressure faced by the Honda brand. In addition, Honda China also announced in July its decision to optimize production capacity in China to accelerate its electrification transformation. According to this plan, Honda's total automobile production capacity in China will be adjusted from 1.49 million units to 1.2 million units. This is also the first time Honda China has cut production in more than 20 years. With the implementation of the production reduction plan, Honda, as a representative brand of Japanese cars, has also temporarily suppressed its rapid growth momentum in the Chinese market.

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