Shanghai (Gasgoo) – According to the China Automobile Dealers Association (CADA), China’s Vehicle Inventory Vigilance Index (VIA), which reflects inventory pressure on car dealers, increased by 1.8 points in November 2023 compared to the previous month.
VIA for the 11th month of this year was 60.4%, 4.9 percentage points lower than a year ago.
According to CADA, the automobile market maintained a steady upward trend in November, supported by nationwide automobile consumption expansion policies and automobile shopping activity due to “11.11”. In the first half of the month, sales growth was relatively slow due to the temporary suspension of new policies by automakers and local governments. However, in the second half of the Guangzhou Motor Show 2023, when many new models were announced, purchasing interest increased. As the end of the year approaches, dealers will actively replenish inventory and intensify promotional activities. The end of autumn harvest in northern China also led to increased demand from rural consumers. Overall, retail passenger car sales in November are estimated at approximately 2.05 million units.
Furthermore, the continued decline in new car prices has led to a wait-and-see mood among consumers, increasing foot traffic to dealerships, but transaction rates have declined, slightly impacting November sales, the association added. Ta.
As of November 2023, the VIA of luxury & imported brands and mainstream joint venture brands was 56.6% and 61.6%, down 0.4% and 0.3 percentage points, respectively, compared to a month ago. Despite this, the VIA of Chinese domestic brands in the same month increased by 10.2 points from the previous month to 63.5%.