撰稿人 / 桑之未
汽车流通行业分析师 | 中国汽车流通协会专家委员会成员
（This article is attached with English translation）
▼ 奔驰 （含smart）
▼ 宝马 （含MINI）
9月，据捷豹路虎官方销量数据显示，9月捷豹路虎在华销量同比增长18%，第三季度同比增长 24%；在 2019 年第三季度里，捷豹路虎的零售表现分别在7月同比增长40%，8月同比增长17%，9月同比增长18%，实现连续三个月的两位数增长;与此同时，经销商库存保持稳定而健康的合理水平，整个经销商网络平均盈利情况也实现了扭亏为盈。
版权声明：本文系@桑之未 #原创首发# 转载或改编请与本人沟通，如有任何侵权行为，侵权者将承担相应的法律责任。2019-10-21
Sang Zhiwei: Luxury car market sales in September rose 15% MoM. Sales peak season bloomed as scheduled.
Written by / Sang Zhiwei
Insight into the Chinese Luxury Car Market
Report | Data | Consulting
Keywords:Luxury car market, Sales volume of dealer, Market share,Average selling price，Discountrate
This is the 9th luxury car market analysis report in 2019. The previous report can be obtained through the bottom menu "Monthly Report", thank you for your support!
In September, the total retail sales of automobiles were 339.7 billion, down 2.2% YoY and up 11.3% MoM. The total retail sales of luxury car were 108.9 billion, up 4.2% YoY and 14.5% MoM, which accounted for 32.1% of the share. From the perspective of sales revenue, luxury car sales began to bottom out from July and resumed growth. Due to National Day holiday in October, the effective sales days decreased. Sales and revenue are expected to decrease.
▼ Luxury car market sales in September rose 15% MoM
From January to September, the cumulative dealer sales volume of domestic passenger car was 16.075 million, down 2.3% YoY. Among them, the dealer retail sales of 20 luxury brands were 2.308 million with an increase of 10.6% YoY.
In Q3, the dealer sales volume of domestic passenger car was 4.769 million, down 16% YoY and 18.8% MoM. Among them, the dealer retail sales of domestic passenger car in September was 1.807 million, down 7.3% YoY and up 16.6% MoM. In Q3, dealer retail sales of 20 luxury brands reached 766,000, down 0.2% YoY and 8.6% MoM. Among them, the dealer retail sales of luxury car in September was 283,000 with an increase of 9.8% YoY and a 15% increase MoM. It is always the peak season in September and October for auto sales in China. Retailing is gradually beginning to resume growth.
Last year, the import tariffs of imported cars reduced. After the sales of imported cars increased in July and August, the sales dropped resulting in a low base in September. After the clearance of models with National V emission standard in June this year, sales in July reached a low point. Sales began to rebound. It has achieved a YoY growth of 15%. In terms of quarterly sales, both last year and this year were affected by the policy. But last year it was a reduction in tariffs, which was a positive impact. However, it is the clearance of models with National V emission standard, which has a negative impact on the market.
▼Luxury SUV market sales increased by 9.5% with car market sales fell by 11.6% in Q3
In Q3, sales of luxury SUVs increased by 9.5%, of which mid-sized SUV market grew by 20.8%. Compact SUVs increased by 19.3%, mainly contributed by new models such as X3 and XT4, XC40. Large SUV market fell by 28.3%.
Luxury car market fell by 11.6%, of which the large car market fell by 17%, the mid-sized car fell by 16.3%, and the medium and large car market fell by 8%, mainly due to the replacement of the BMW 3 Series, the sales of the Audi A6L, and Cadillac ATS-L. The follow-up models of XTS 6 have not been launched.
From the accumulated data of market segments, the sales volume of luxury SUV market increased by 15.9%, and the sales volume of car market increased by 3.1%.
▼Luxury car discount in September fell by 1.17% compared with previous month. Dealer inventory remained at a reasonable range
In September, the overall market discount of luxury cars fell by 1.17%, mainly due to the decline in Audi and BMW discounts. In addition, showroom traffic in September increased by only 0.06% compared with previous month. Under the limited growth of showroom traffic, the market price pressure is relatively large. Discounts are also relatively normal. Audi discounts fell 1.5% this month. BMW discounts fell 1%. Mercedes-Benz discounts rose 0.1%. Volvo discounts fell 0.5%. And Lincoln and Infiniti discounts fell more than 1%.
In September, the rebates from OEMs to dealers decreased by 0.31% compared with previous month. Since the clearance of models with National V emission standard in June, the auto companies gradually narrowed their support for dealer rebates. The rebate level returned to normal month by month. The average price rose to 389,000RMB, up 4,000RMB MoM. The quality of luxury car sales improved further.
In September, the overall market inventory depth of luxury cars increased by 0.13% compared with previous month. The overall inventory remained at around 1.5. The inventory was within reasonable zone. Mercedes-Benz, BMW, Audi, Jaguar Land Rover and other dealer inventory remained at around 1.3, lower than the industry average. Cadillac, Volvo, Lincoln dealer inventory was higher exceeding 2.0 with an increase of 0.8%. The price pressure is high. Dealers need to pay attention to the risks.
September is the last month of quarterly sales. It is also the beginning of the traditional sales peak season. OEMs and dealers pay more attention to it. In October, affected by the National Day holiday, the effective sales days reduced. The sales pace is relatively slow. The market competition is not intense.
▼ The market share of luxury cars in September was 15.7%, down 0.2% compared with previous month.
In September, the market share of luxury cars was 15.7%, down 0.2% compared with previous month. Among them, the dealer retail market share of Audi was 24.1%, up 1.8% compared with previous month. The market share of Mercedes-Benz was 22.8%, down 3.2% compared with previous month. The market share of BMW was 22.6% with an increase of 0.1%. Audi sales and market share increased significantly. Mercedes-Benz's share fell sharply in August. In September, the sales of Mercedes-Benz, BMW and Audi accounted for 72.1% of the total sales of luxury cars. In Q3, it was 72.4%.
From January to September, the sales of ABB accounted for 70.8% of the total sales. ABB's sales volume this year has further increased, which has exerted certain pressure on the sales of other second-tier luxury brands. Second-tier luxury brands need to further clarify their product positioning and increase the differentiation of their products with ABB's products at the same price. Those brands who has high product overlap with ABB are inevitably involved in price competition with ABB.
▼ Top 10 cities luxury car sales in September increased by 20.3% YoY.
In Q3, the sales volume of passenger cars in top 10 cities in China was 1.188 million, down 18.8% YoY, of which sales in September were 460,000 with an increase of 20.7%. In Q3, the sales of luxury cars in top 10 cities were 270,000, down 3.3% YoY, of which sales in September were 103,000 with an increase of 20.3%. From the perspective of the city, Beijing, Shanghai, and Shenzhen are limited by the purchasing restriction, and only maintain single-digit growth. The cumulative sales of luxury cars in other cities have maintained double-digit growth throughout the year.
(10 cities: Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Zhengzhou, Suzhou, Hangzhou, Xi'an)
LinkUS luxury car market grew by 0.13% in Q3
In Q3, sales of 10 luxury brands in the United States were 429,000, up 0.13% YoY, of which Mercedes-Benz increased by 15.4% YoY, with sales of 89,636, ranking first in the US luxury car sales. BMW increased 6% YoY. sales were 75,987. Lexus fell 6.1% YoY. Sales volume was 73,816. Audi fell 4.1% YoY. Sales volume was 57,031. Tesla fell 20% YoY. Sales volume was 54,000, due to the cancellation of government subsidies. Tesla has a total sales of 138,600 YTD in the US market with an increase of 15.51% YoY.
▼Mercedes (including Smart）
In September, the average price of Mercedes-Benz brand new cars remained at around RMB 461,000, up by RMB17,800 MoM. The discount on new cars increased by 0.1%. The inventory depth of dealers was around 1.3 in September. The market share was 22.8%, down 3.2% compared with previous month.
In September, the Mercedes-Benz ‘800 version’ model gradually entered sales. The ‘800 version’ model improved the car system and increased the remote-control function. In Q3, Mercedes-Benz's sales speed accelerated. The main models C, E and GLC increased by more than 10% YoY. The imported model GLE increased by 12% YoY. The S-class growth rate reached 42.5%. Among them, in September, the sales volume of the two imported car main models exceeded 2,000, GLE sales increased by 43.5%, and S-class sales increased by 86.4%.
▼BMW (including MINI)
In September, the average price of BMW brand new cars remained at around RMB 401,000, up by 9,600 compared with previous month. The discount on new cars fell by 1% compared with previous month. The inventory depth of dealers was around 1.3 in September. The market share was 22.6% with an increase of 0.1% compared with previous month.
In September, BMW's new 3 Series is still in the climbing stage. The dealer retail sales are around 6,500. The discount of new cars is down by 7%. The price of BMW 3 Series will continue to drop. After monthly sales of over 10,000, the price will be stable. BMW 5 Series (including 530Le) retail sales of 16,400, BMW X3 retail 11,000, BMW X1 facelifted retail sales of 8,600 this month. X7 sales have increased significantly, sales exceeded 900.
In September, BMW 3 Series continued to climb. The X1 facelifted in mid-October, which made the sales ratio of various models of BMW difficult. The sales pressure was concentrated on the BMW 1 Series, 5 Series and X3, which also led to the overall BMW brand. The discount fell by 1%. In October, with the launch of X1 and X2, and the launch of the BMW 320 low-power version and the 330, the 3 Series product line will be further enriched, which will also greatly help its sales increase.
In September, the average price of Audi brand new cars remained at around RMB 299,000, down 2,600 compared with previous month. The discount on new cars fell by 1.5%, among which Audi A6L, Q5L and Q3 further discounted. Showroom traffic increased by 3.7%, better than the overall level of the market. As of the end of September, the inventory depth of dealers was around 1.4. The market share was 24.1% with an increase of 1.8% compared with previous month. The market share increased by more than 1% for two consecutive months.
In September, Audi Q5L sales exceeded 16,600 with an increase of 52.5% YoY. Sales of 41,000 in Q3, up 23.8% YoY. This is the first time that new Q5L has sold more than 16,000 per month since its launch, which is also the first quarter sales growth exceeded 20%. The sales of the three main models of Audi A4L, A6L and Q5L are maintained at around 15,000, and the sales of Q3 and A3 need to be further improved.
In September, the average price of Cadillac brand new cars remained at around RMB 299,000, down RMB7,000 compared with previous month. The discount for new cars was close to 20%. The depth of dealers' inventory in September was 1.8 with an increase of 0.4 compared with previous month, indicating that the manufacturers resumed the pressure on dealers. The market share was 5.7% with an increase of 0.2% compared with previous month.
In September, the main models of Cadillac were XT5 and XT4. The sales of two models were close to 9,800. The XT6 of the six-seats SUVs that were launched for three months fell by 2% compared with previous month, with a discount of about 5%. In September, showroom traffic fell by 5.9% MoM, and dealer sales pressure was relatively high.
In September, the average price of Lexus brand new car was about RMB430,000. After the price increase of the new car, it will have a certain supporting effect on the overall price increase. The retail sales of dealers in September was 17,000 with an increase of 9% YoY. In September, Lexus adjusted the price of new cars. The price of some models increased by more than RMB10,000. This is relatively rare among luxury OEMs. Lexus's new car pricing has not had much premium. This year's exchange rate fluctuates greatly, which has a certain impact on its profit. This price increase could be treated as an adjustment to deal with exchange rate changes.
▼Jaguar Land Rover
In September, according to Jaguar Land Rover's official sales data, sales of Jaguar Land Rover in China increased by 18% in September and 24% in Q3. In Q3 of 2019, Jaguar Land Rover's retail performance shows that 40% increase in July, 17% increase in August and 18% increase in September, achieving double-digit growth for three consecutive months. At the same time, dealer inventory remained stable and healthy, and the average profitability of the entire dealer network also achieved a turnaround.
In September, Volvo dealers retailed 16,000, up 27.6% YoY. 41,000 units sold in Q3, up 14.8%. XC60 increased 18.7%, S90 increased 52% to 4,200, XC90 growth 51%, sales reached 2,100. In September, dealer inventory grew faster, discounts fell, and dealers needed to pay attention to controlling risks.
In September, the dealer retail volume of Porsche was 8,000, up 3.4% YoY. The sales volume in Q3 was 22,000, down 6.8% YoY. In the same period last year, it was affected by the tariff cuts of imported vehicles, and the base was higher.
In September, the dealer retail sales of Lincoln dealers were 4,300, down 20% YoY. In the same period last year, the tariffs of imported cars were lowered, and the base was high. The new AVIATOR in November are expected to boost Lincoln's sales this year.
In September, Infiniti dealer retail sales of 39,900, down 6.6% YoY.
In September, Maserati dealers sold 430 units, down 54.4% YoY.
In September, the dealer retailed 970 Acura cars with an increase of 2.8% YoY.
In September, Rolls-Royce sold 107 units.
In September, Bentley sold 72 units.
In September, Lamborghini sold 44 vehicles.
In September, Aston Martin sold 39 vehicles.
In September, Tesla sold 5,980 units with a YoY increase of 273%. In Q3, sales exceeded 10,000 with an increase of 229% YoY. The cumulative sales in the first nine months were 35,820.
In September, NIO sold 2014 units and accumulated sales of 12,257 in the first nine months.
copyright statement: This article is anoriginal article published by Sang Zhiwei for the first time. For reproduction or adapting, please communicate with the author. In case of any infringement, the infringer will bear the corresponding legal responsibilities. Oct. 21th, 2019, Beijing.
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