Price War In Automobile Industry to Abate In May on Tighter Policy, RDE Tests Extension, Inventory Declines

CITIC Securities research report pointed out that in May, the price competition in the auto industry is expected to ease due to three reasons.

1) Some car companies/brands did not increase or tightened preferential policies for terminal dealers compared to the first quarter of 2023.

2) With the implementation time of the RDE tests under the China VI B emission standards being extended from July 1, 2023 to the end of 2023, the urgency of destocking will decrease significantly.

3) The inventories of joint ventures, independent brands, and imported brands fell to 1.68 months/1.51 months/0.97 month respectively, down 0.38, 0.30, and 0.03 month.

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