China News Service, Beijing, April 1 (Reporter Ruan Yulin Yan Xiaohong) The latest "Automobile Consumption Index" released by the China Automobile Dealers Association on the 1st showed that the automobile consumption index in March 2024 was 74.7, slightly lower than last month.
The association said that the automobile market was affected by the "wave of price cuts" in March, and consumers were increasingly waiting and watching. In April, major auto shows opened in various places, and Xiaomi’s first new car, Mi SU7, was released, which will have a certain stimulating effect on the auto market in the second quarter. The "May Day" holiday travel has brought forward the demand for car purchases, which will also play a positive role in promoting the automobile market in April. However, there are still certain price fluctuations in the terminal market. In addition, the specific implementation plans related to trade-in and scrap renewal in various places are still unclear. Therefore, consumers have a certain wait-and-see attitude. The above factors will have a certain impact on the automobile market in April. It is expected that Car sales in April were basically flat month-on-month.
Looking at the sub-indexes that make up the automobile consumption index, the demand sub-index in March was 71.4, a slight increase from the previous month. The introduction of the trade-in policy will stimulate consumer demand for trade-in purchases. In addition, the successive launch of new models and travel vehicles during the May Day holiday will also drive increased demand for car purchases.
The association analyzed that in March, the "Action Plan for Promoting Large-Scale Equipment Updates and Trade-in of Consumer Goods" issued by the State Council was released to the public, which clearly mentioned "carrying out trade-in of old vehicles." In the long term, the introduction of policies will help stimulate the replacement demand in the automobile market and promote the sustainable and healthy development of the automobile industry. Shanghai, Chongqing, Jinan and other places have successively introduced "old-for-new" policy programs, and many car companies have launched "old-for-new" promotions, which will effectively stimulate trade-in demand and drive sales growth. (over)