Overviewof the luxury car market in 2016, sales of more than 2 million for the firsttime is the big breakthrough

桑之未 汽車流通行業分析師 中國汽車流通協會專家委員會成員

     By Sang Zhiwei

  Expert and Member of the Committee of China Automobile Dealers Association（CADA）

（The English part is translated by Memory MA）

2016年，中國豪華車市場規模首次突破200萬輛，14個豪華品牌總共銷售了2,178,099輛，同比增長16.3%，領漲乘用車市場。歲末年終，豪華車企紛紛公布了銷售業績，透過數字看“含金量”，綜合實力高下立現。

In 2016,the sales volume of luxury car is more than 2 million for the first time inChina market. 14 luxury brands sold 2,178,099 cars in total, with a YoY growthof 16.3%, leading in the whole passenger car market. At the end of the year,luxury car companies have announced the sales performance, through which wecould clearly see the exclusivity and the comprehensive strength.

購置稅政策助力利潤回穩，新品集中投放

2016年整體車市受益于購置稅減半政策，從而也帶動了豪華車市場快速增長；各豪華品牌集中在中型轎車、中型SUV領域投放新產品；奔馳E、奧迪A4、凱迪拉克XT5、捷豹XFL、沃爾沃S90、謳歌CDX等豪華品牌新車車型集中上市，在定價策略上各品牌放棄了高定價再打折銷售的傳統定價策略，定價做到一步到位而引發市場熱銷。

Purchase tax halve policy helps with the profitability, and new product werelaunched intensively

In 2016 the auto market benefitted from taxhalve policy, which also instilled impetus of fast development to the luxurysegment. The luxury brands focus on and launched the new products of midsizesedans, mid-sized SUV, like Mercedes-Benz revamped E-Class, Audi A4, Cadillac EXT5, Jaguar XFL, Volvo S90, Acura CDX and so forth. The new products listedreached the designated position in pricing strategy other than the previouspractice of high priced at a discount, which has made the cars like hot cakes.

2016年上半年豪華品牌價格戰進一步加劇，寶馬、奧迪多款暢銷車型維持8折左右，下半年車市在購置稅減半即將結束的預期帶動下，購車需求放大，各品牌積極調整產品結構以及銷售策略，終端零售價格進一步回升，車企經銷商利潤回升。

The price war among luxury brandsintensified during the early half of 2016, many popular models under BMW andAudi maintain around 20% discount. The auto purchase needs have been amplifiedled by the ending of purchase tax halve policy in the next half of the year,therefore the OEMs actively adjusted the product segment and sales strategy toensure the retail prices rebound, and also resulted in more profit for automakersand dealers.

銷售遇困 豪華車企銷售老大換將頻繁

今年一個顯著特點就是豪華車銷售管理團隊更迭頻繁，年初從英菲尼迪開始、賓利、寶馬、沃爾沃、保時捷、奧迪、捷豹路虎等均更換了銷售負責人，車企在考慮人選時多數從內部體系選拔，或者外聘行業資深人士，普遍具有基層銷售經驗，新的管理者到任后，比較重視經銷商盈利狀況，努力改善與經銷商關系，傾聽經銷商意見，調整產品定位，改進商務政策，均取得很好的成果。

Sales in trap and executives responsiblefor sales in luxury brands have been replaced frequently 
Another phenomenon in luxury auto brands is that the sales heads of severalbrands have been replaced. Starting from Infiniti in the beginning of the year,Bentley, BMW, Volvo, Porsche, Audi, Jaguar and Land Rover and so forth listedall changed their sales executive. When considering the candidate from internalsystem promotion, or external veteran who, generally has the sales experienceat the grass-roots level. Most of them will maximize the dealer profitability,and improve the relationship by listening more to dealers, adjusting theproduct positioning, optimizing the business policy, and it works pretty well

一線豪華：奔馳搶眼  寶馬蓄勢

2016年奔馳繼續保持一線豪華品牌增長最快記錄，在提升銷量的同時，奔馳進一步加深與戰略經銷商互動，提升網絡效率，改善新建店經銷商的盈利性。奔馳E、GLC等多款持續熱銷，部分車型在零售市場均一車難求。奔馳在營銷模式上不斷創新，Mercedes me三里屯體驗店的開業，使得奔馳品牌能夠更“輕”的方式與消費者觸達，為豪華品牌在4S店體系之外探索一條與潛在客戶接觸的新方法。

Topwell-known brands of luxury: Mercedes-Benz outshines others, BMW rises based onits accumulated strength
In 2016, Mercedes-Benz maintains the fastest growthrecord in sales increase in top well-known brands of luxury market. At the sametime of sales increase, Mercedes enhanced the interaction with its strategicdealers to promote the network efficiency, and improve the new dealers'profitability. New products like Mercedes E and GLC continues its popularity inthe market, some specific models have even been sold out. Mercedes alsoinitiated innovations in marketing, the opening of Mercedes Me in Sanlitunoffers an emotional bridge to reach consumers, which explored a new path totouch potential consumers out of 4S stores.

寶馬在2016年繼續調整銷售策略，改善經銷商關系，調整商務政策，新款X1上市后逐漸熱銷，去年銷量達5.5萬輛；寶馬5系超越奧迪A6L成為這個細分市場新銷量王。2017年寶馬1系、5系兩款產品推出，可以有效改善寶馬產品結構，有利于進一步提升利潤。

BMW in 2016 continued to adjust sales strategy including improvingthe relationship with dealers, and adjusting the business policy. The new X1 keepshot selling after launched with 55,000 vehicles sold in total in 2016. Takingover Audi A6L, BMW 5-series has become the new sales king of the segment. The launchof BMW 1-series and 5-series will optimize the product structure effectively,and boost further profits.

奧迪蟬聯銷量第一 重構經銷商車企和諧關系

2016年奧迪銷量達589,088輛，繼續領跑一線豪華，但增幅放緩。奧迪在2016年多款量銷車型到了產品末期，銷售管理團隊人員更換均對其產品、管理產生一定的消極影響?！吧掀麏W迪”事件促進了車企與經銷商互動，經銷商在渠道的話語權進一步增加。2017年換代新車奧迪Q5、A3均是走量車型，有利于提升奧迪銷量。 

Audi's sales ranks firstagain, and will rebuild harmonios relationship with dealers

Audi sold 589,088 units in 2016, continuing leading the top luxurybrands while the growth rate is slowing down. Some flagships have been at theend of the product life, and the change of sales head and also the salesmanagement team produce certain negative impact on all of its products and management."SAIC-Audi"event promoted the car companies to interact with dealers and distributors,which shown that the power of channel increases. In 2017 new Audi Q5, A3 are bothpopular models which will help to improve the audi sales.      

二線豪華三家車企銷量越級10萬 雷克薩斯精細管理值得回味

3 ofthe second tier brands sold more than 100,000, and the lean management of Lexusis a good case.

今年奔馳、雷克薩斯、保時捷等品牌，經銷商新車毛利維持在7%上下，成為最為賺錢的品牌，雷克薩斯車輛從出港到銷售出去平均為16天，如果扣除物流時間，實際的店頭庫存時間會更短，成為業界單車流轉、資金流轉最快的品牌，經銷商也節省一大筆財務費用。2016年對于雷克薩斯來說，沒有什么走量的新產品，但雷克薩斯通過精細化的銷售管理，全年銷量突破10萬輛，達到109,150輛，增速25.6%；在保持銷量快速增長的同時，經銷商新車毛利也得到快速增長，2017年銷量目標增幅不大，預計延續去年旺銷的態勢。

This year, Mercedes-Benz, Lexus, Porsche and other brands, the grossmargin of new cars for dealers maintained around 7%, and became the mostprofitable brand. It takes Lexus vehicles an average of 16 days from the portto selling out, if deducting logistics time, the actual store inventory timewill be even shorter, so Lexus become the fastest brand on product flowing andcapital recycling, dealers also save a lot of financial costs. For Lexus, thereis no new product of mass popularity, while Lexus has got more than 100,000sales volume, reaching 109,150 units, with 25.6% growth through the lean salesmanagement; while maintaining rapid growth in sales, gross profit of dealers hasalso been rapid growing, in 2017 the expected sales growth is not so large, stillto continue the trend of strong sales last year.

捷豹路虎全年銷量為119,048輛，增長31%，受益于國產車型的銷量提升。2016年捷豹在中國國產全鋁車身的XFL，這在國內汽車制造行業還是首次生產全鋁的汽車產品。捷豹路虎2016年更換中國區管理層，潘慶出任捷豹路虎全球董事、捷豹路虎中國總裁及奇瑞捷豹路虎董事，這也是國人首次在跨國車企出任全球董事。捷豹路虎在華發展的同時在體育、教育、道路安全等諸多方面積極開展社會公益項目，以捷豹路虎夢想基金為載體，旨在讓中國20萬青少年通過這一項目的系列活動受益。

Jaguar Land Rover sold 119,048 cars thisyear with an increase of 31%, benefiting from the growth of local produced models.In 2016 Jaguar started to produce aluminum-body XFL in China, which is thefirst production of all aluminum automotive product produced in local autoindustry. Jaguar Land Rover replaced the management of China, Pan Qing becametheExecutive Director, President of Jaguar Land RoverChina and Chery Jaguar Land Rover Integrated Marketing Sales and Service,which is the first time a Chinese became global head of an international automaker. While regarding the business development in China, Jaguar Land Rover alsocarried out social welfare projects in sports, education, road safety and manyother aspects, these projects are based on Jaguar Land Rover Dream Fund, and designedto benefit China's 200,000 young people through the series activities.

在二線豪華品中，還有一個品牌值得關注---凱迪拉克，全年增長47.5%銷量突破10萬輛達118016輛，今年上半年凱迪拉克發布兩款重量級新車CT6、XT5，由于預期過高，定價不合理，上市即滯銷，不得不繼續依靠老車XTS跑量。下半年凱迪拉克開啟跑量模式，連續多個月份批發超過1萬輛，經銷商庫存不斷增加，迫于資金壓力，經銷商在市場上讓價甩賣，最高折扣達68折，入門級車型ATS-L一度成為這個級別最便宜的車型。

Among the second-tier brands, Cadillac is the one need to be paid moreattention to, which enjoyed a 47.5% yearly increase on sales volume. There are118016 cars are sold, exceeding one hundred thousand. Early this year, Cadillaclaunched 2 important new models, the CT6 and XT5, but because of theover-expectation and unreasonable price, they were unsalable as soon as theywere launched, so Cadillac had to increase the volume by the old XTS. Laterthis year, sales volume of Cadillac started to boost, the bulk sale was over 10thousand for several months. But the inventory pressure of the dealers alsokept growing, so the dealers were forced to make great discount on market, thelowest price was 68%, the entry level model ATS-L once became the cheapest oneamong its competitors.

沃爾沃今年也經歷管理團隊的更換，不過全年銷售主題還是“降價”為主，原本高定價的XC90進入50萬區間開始走量，S60L、XC60等產品，保持同價位區間最為便宜的車型，品牌力仍然是其短板，無法有效支持銷售。

Although Volvo went through a management team change this year, the salesin this year is also discount. The highly-priced XC90 went down into 500thousand section and the volume started to increase. Prices of S60L and XC60 remainthe lowest in their individual section. So brand is still the short slab for Volvo,which cannot provide enough support for sales.

英菲尼迪全年銷量41,590輛，增長3%，英菲尼迪在遭遇產品召回、沒有新產品等因素制約，銷售企穩實屬不易，英菲尼迪新構建的本土汽車職業經理人團隊，在新車定價方面讓經銷商更有利潤，對市場、銷售有更強的敏銳性，在調整車企與經銷商關系方面有更為成熟的理念。2016年對于英菲尼迪來說更是“休養生息”蓄勢待發的一年。

The sales volume of Infiniti increased by 3% to 41,590 cars this year. Sufferedfrom drawbacks like recall and without new product, it is really good work to stabilizethe volume. The newly built local management team ensures the profitability ofdealers in pricing, and has sharp sense on marketing and sales, and has matureconcept on coordinating and relationship of manufacturer and dealers. ForInfiniti, 2016 is a year to refresh and as much as a year ready to accelerate.

謳歌今年國產CDX，讓苦苦支撐多年的經銷商開始盈利，低定價，上市即熱銷，可以看到廣汽本田的銷售管理團隊對謳歌的定位還是比較清晰，2017年將推出國產入門級轎車TLX，中型SUV RDX則將2018年實現國產，預計謳歌的銷量將會持續增長。

This year Acura launched localized CDX with low price and sells quitewell, which helps the dealers struggled out of distress and start to makeprofit. The sales management team has a clear expectation for Acura, they willlaunch the localized entry level model TLX in 2017, and then the middle-sizedSUV RDX in 2018. Therefore, we could predict that the volume of Acura will keepgrowing.

林肯今年銷量為32,558輛，增長300%。林肯銷量快速增長得益于渠道數量的增長與產品均為SUV有關，年末林肯大陸上市，林肯開始進入轎車市場，林肯未來是否能持續快速增長，取決于在轎車市場的表現。

Lincoln sold 32,558 cars this year and the growing rate is as much as300%. The high growing rate is due to the network development and all the SUVproducts. Lincoln Continental hit the market at the end of the year, whichmeans Lincoln started to entry the sedan segment. The performance in sedanmarket will be the key factor if Lincoln can maintain the high growing rate.

2016年保時捷銷量為65246輛，增長12%，單車均價進一步下探，上半年macan銷量爬上較快，也出現了一定的折扣，卡宴、718仍然是最賺錢的車型，下半年Panamera減量換代后，也已經不虧。2016年是保時捷經銷商練“真功夫”的一年，像深圳等南方經濟發達地區的保時捷店，銷售管理到位，單店衍生收入就達2000多萬，上海地區價格拼殺厲害，但售后量大；成都等二線地區，保時捷店也有不錯的收入。

Porsche sold 65,246 cars with 12% increase in 2016. The average pricewent down for another step. In the early half year the volume of Macanincreased fast, and there was some discount too. Cayenne and 718 remained themost profitable models. In the late half year Panamera stopped loss afterreducing production and changing generation. 2016 is a Kong-fu-practising yearfor Porsche dealers, for example, some Porsche Centers in rich south provincelike Shenzhen can make 20 million derived profit with good sales management. Thereis fierce price competition among 4S stores in Shanghai, but they enjoyedplenty after-sales business. The Porsche dealers in second-tier-cities likeChongqing also earn plenty money.

超豪車企關注市場供需，經銷商止虧盈利

Super carmanufacturers pay focus on supply-demand relationship, the dealers started tomake profit

2016年瑪莎拉蒂銷量12,149輛，增長34.9%，得益于新款SUV上市，對其銷量、經銷商利潤提升有很大幫助。

Maserati sold 12149 cars with 34.9% increase, and the volume and dealers’profit benefit a lot from the launch of the new SUV.

賓利今年銷量為1894輛，增長17.28%。年初賓利調整管理團隊，并有豪華SUV添越和飛馳V8 S等新產品上市，帶動其銷量獲得高速增長，但在終端零售超報嚴重，據相關人士透露1/3車輛成為經銷商庫存，由于盈利無望，部分城市經銷商關店。

Bentley sold 1894 cars with 17.28% increase. Early this year adjusted itsmanagement team, and launched the luxury SUV Bentayga and Flying Spur V8S,which helped to increase the volume at a high rate. But the over-statistics isreally serious at the sales end, it is said that 1/3 of the cars becameinventory of the dealers. And in several cities dealers closed the storebecause they can’t get any profit.

勞斯萊斯今年獲得23%的增長，超豪近兩年持續受到整體經濟影響，銷量不大，勞斯萊斯比較重視經銷商利潤與庫存，供貨與需求能夠保持一致，經銷商能夠實現正毛利。

Rolls-Royce enjoyed a 23% increase this year. Hyper car market has beensuffering from the bad economic condition, the volume is low. Rolls-Royce caresmuch about the profit and inventory of its dealers, and keeps the supply-demandbalance, thus the dealers could manage positive gross margin.

法拉利全年批發數為415輛，去年交付數為425輛，受益于低價車型488上市，經銷商多以訂單方式銷售，資金壓力不大，利潤較好。

The bulk sale of Ferrari is 415 this year, comparing to 425 deliverieslast year. Benefiting from the low priced 488 model, the dealers operate inorder-driving pattern, and they don’t have much pressure on cash flow and enjoygood profit.

數字之外，2016年豪華車市場還有很多事情值得銘記。這一年，豪華車企高層變動頻仍是歷史罕見的；年終歲末，奧迪宣布與上汽合作引起輿論嘩然；還是這一年，車企與經銷商的合作共贏關系得到普遍重視。在這個此消彼長，競爭最為激烈的市場，變數是常態，競爭是這個市場的魅力所在。

Beyond the statistics, there are much more things to remember in theluxury car market. This year, the high frequency of management change in luxurycar manufacturers is rare in history. At the end of the year, Audi announcedthe cooperation with SAIC and caused chaos in public voice. This year also, thewin-win relationship between the manufacturers and the dealers becomeconsensus. In the market of the fiercest competition, change is constant, and competitionis where charm exists in the market.