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This year's automotive market has experienced a relatively stable pricing trend, with a slower rate of decline compared to the same period last year. In the first and second quarters, both production and sales saw steady growth, while car prices continued to fall gradually. However, in the third quarter, production and sales slowed down, with declines in July and August. Despite this, the market still maintained a positive growth trend compared to the previous year.
The overall price of cars remained in a moderate decline due to shifting supply and demand dynamics, particularly for passenger vehicles. Unlike last year, there was no significant acceleration in price drops. Although many new models were introduced in the first three quarters, the competition between old and new models remained intense. Some new cars, even within just a few months of launch, faced price cuts. However, unlike past years, the market did not witness deep price reductions on a large scale, leading manufacturers to adjust prices more cautiously.
Fuel prices also had an impact, as international oil price fluctuations drove up domestic fuel costs. This led to increased demand for small, fuel-efficient cars, causing some models to see short-term price increases. However, these effects were limited and did not significantly affect overall price trends.
Looking ahead, it is expected that car prices will continue to decline in the fourth quarter, driven by seasonal factors and increased competition as manufacturers prepare for model upgrades. With the end of the year approaching, companies are likely to reduce prices further to clear inventory and attract buyers. Despite this, the annual price decline is expected to remain below 3%, which is less than the decline seen in the same period last year.
Several factors have contributed to the steady price decline throughout the year. First, macroeconomic policies have helped stabilize the market by curbing excessive investment and improving industry standards. Second, the frequent introduction of new models has intensified competition, pushing older models to reduce prices. While price competition remains a factor, manufacturers are increasingly focusing on product quality, customer service, and financial options rather than just lowering prices.
Additionally, falling raw material prices, especially steel, have reduced production costs, allowing automakers to offer lower prices. The expansion of production capacity and declining operational costs have also played a role. Meanwhile, tighter credit policies and rising maintenance and fuel costs have dampened consumer demand, further contributing to the downward pressure on car prices.
Overall, the auto market continues to evolve, with a combination of economic, policy, and consumer factors shaping the ongoing price trends.