SINOMACH Automobile: China's imported automobile market monthly report for January 2022

1. Supply

After three years of decline, automobile imports increased slightly in 2021. From January to February 2022, 153,000 vehicles were imported, a slight decline of 4.8%; the import value reached 60.68 billion yuan, a year-on-year increase of 9.7%.

2. Demand

In recent years, the terminal demand for imported cars has remained relatively stable. Affected by the short-term impact of the epidemic and chips, the imported car market began to decline in 2020. In January 2022, sales were 88,900 units, a year-on-year decrease of 8.9%.

3. Inventory

As supply was less than demand in 2019-2020, the inventory depth of the entire imported automobile industry showed a significant decline. In 2021-2022, supply and demand were basically balanced, but sales declined and the inventory depth rebounded to 2.7 months. From a historical perspective, it is at a reasonably low level.

4. Price

The unit price of imported automobile customs declarations has increased year by year. From 2015 to 2022, the unit price of imported automobile customs declarations increased from 252,100 yuan to 396,600 yuan. One is the trend of consumption upgrading, and the other is the trend of localization of low-priced products.

5. Brand Structure

There is a clear trend of upgrading in imported car consumption. In January, the decline in luxury and super luxury brands was significantly lower than that of non-luxury brands. "Luxury" continued to rise, with luxury cars accounting for more than 90%.

VI. Vehicle Structure

In January 2022, driven by Senna, MPVs grew by 65.1% year-on-year, while sedans and SUVs declined significantly year-on-year; niche models performed better than the overall, highlighting the personalized needs of the imported car market, with Wagon models growing by 20.1% year-on-year and Cabrio growing by 6% year-on-year

7. Displacement down

The 1.5-2.0L displacement range accounts for 46.9%, a decline compared to 2021, but still maintains the largest displacement range; parallel imported models have gradually resumed supply, and the share of displacement above 3.0L has rebounded to 4.4%, an increase of 0.5 percentage points from 2021.

8. Sales of imported new energy vehicles fluctuate

From 2016 to 2018, the sales of imported new energy vehicles were between 15,000 and 20,000 units. Driven by Model 3, the sales of imported new energy vehicles soared to 60,000 units in 2019, a year-on-year increase of 191%, accounting for 5.4% of the total imported vehicles. With the domestic production of models, the sales scale fell back to 27,500 units in 2020. With the contribution of PHEV, sales increased by 26.2% year-on-year in 2021. In 2022, NEV sales were 2,277 units, a year-on-year decrease of 18.6%, mainly due to the 39.8% decrease in pure electric sales.

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