Due to the limitation of words, I sent it to the landlord in two paragraphs.
catalogue
Chapter 1: Strong demand and high profits in China automobile market.
Section 1: Strong demand in the domestic automobile market
Section 2 High Profits of Domestic Automobile Industry
Chapter two: Capacity expansion and new investors' impulse under the temptation of strong demand and high profit.
Section 1 Capacity Expansion
In the second quarter, the impulse of new investors
Chapter III Overheating of China Automobile Industry? -the collision of two viewpoints.
In the first quarter, 30% car loans fell into a black hole. Is the automobile industry overheated?
Is the automobile industry really overheated? Please trust the ability of the market.
Chapter IV News Summary-Our Analysis
The automobile industry is overheated? -Two viewpoints collide.
Editor's Note: When the automobile markets in North China, Europe and Japan are maturing and the growth of effective demand is slowing down, the American automobile market stands out and the demand is strong; The profit of automobile manufacturers in developed countries is only 2-3%, while the automobile manufacturers in China market enjoy a high profit of 20-30%. Strong automobile demand and high profits attract more and more capital to invest in China automobile market. Like any fiercely competitive industry, China's automobile market will face a tragic situation of overcapacity and fierce competition in the near future, just like China's home appliance market today. Therefore, two completely different views have collided fiercely around whether the automobile market in China is overheated and how to adjust the automobile market in China. Where are you going? Here, we summarize and sort out some relevant information collected recently, and also provide our analysis for reference at the end of the article.
Chapter 1: Strong demand and high profits in China automobile market.
Section 1: Strong demand in the domestic automobile market
First, China's "Tenth Five-Year Plan" automobile market demand forecast
1. Car ownership and demand forecast (unit: 10,000 vehicles)
The total number of trucks, buses and cars in the project
2005 ownership 905-956 450-490 843-869 2198-2315.
20 10 1 137- 1 193540-580 1423- 1542 3 100-33 15.
20 15 1524- 1576 620-660 229 1-2483 4435-47 19
Demand in 2005:106-12055-6810-121271-309.
20 10 14 1- 153 60-72 193-220 394-445
20 15 167- 178 65-77 339-355 57 1-6 10
2. China automobile market demand forecast (unit: 10,000 vehicles)
Forecast year is 2005 20 10 20 15.
Forecast content, quantity, quantity, quantity and quantity.
The median value is 8561161495 207 2387 339.
The range value is 843-86910-121423-1452193-220 2291-2483 3229.
Second, the total domestic automobile demand continues to grow at a high speed, and it is expected that the plan will be exceeded throughout the year.
At the Beijing Automobile Information Conference held on July 26th, China Automobile Industry Association announced the latest automobile industry situation: after a slight decline in automobile production and sales last month, the national automobile production and sales rebounded again in June. Compared with last month, although the growth rate of automobile production and sales in China is not very high, it still effectively ensures the adjustment and growth trend of automobile production and sales in the first six months.
In June, the national automobile output was 339,500 vehicles, up by 4.82% over the previous month, with a total of 2,076,600 vehicles, up by 34 13% year-on-year. The sales volume reached 349,800 vehicles, an increase of 1.05% over the previous month, and 2,027,200 vehicles were completed, an increase of 3 1.99% over the same period last year. Among them, 0/704,400 cars were produced, up 5.4/0/%from last month, and 895,500 cars were completed, up/0/03.53% from the same period last year. Sales reached156,500 vehicles, up 6.69% from the previous month, and 842,800 vehicles were completed, up 82.44% year-on-year. Zhu Yiping, director of the Information Department of China Automobile Industry Association, judged that the above data can basically show that the annual production and sales of automobiles are 3.9 million, of which the expected number of automobiles is 6.5438+0.6 million. Obviously, this figure is far higher than the forecast of the annual demand of 271-3.09 million vehicles and1-kloc-0/,2 1 10,000 vehicles in 2005.
Section 2 High Profits of Domestic Automobile Industry
First, the average profit is more than twice, and more than 30% of the auto industry's profits remain high.
According to the latest statistics, 14 national key automobile enterprises achieved main business income of nearly 2 146 billion yuan in the first half of this year, up 46.6% year-on-year, and the growth rate increased by 24.3% year-on-year. The profit was 654.38+0.799 billion yuan, of which the three major automobile groups, China FAW Group Corporation, Shanghai Automobile Industry Corporation and Dongfeng Motor Corporation, realized a total profit of 654.38+0.675 billion yuan, accounting for more than 93% of the total profits of key enterprises in the automobile industry, with a year-on-year increase of nearly 97%; The total profit increased by 8.24 billion yuan, accounting for 965,438+0.4% of the increased profits of key enterprises in the automobile industry.
Relatively speaking, in 2002, which was not as hot as this year, the sales revenue of the automobile industry still reached1510.50 billion yuan and the profit was 4.31100 million yuan. The average profit rate of the whole industry is 28.45%. And this 28.45% is only the data of the whole industry. According to the estimation of Dr. Liu Shijin, Director of Industrial Economics Research Department of the State Council Development Research Center, the profit of domestic automobile production industry is above 30%, even as high as 35%. At present, the average profit rate of the whole society is between 10%- 15%, and the profit of the automobile industry is more than twice that of the whole society.
Chapter two: Capacity expansion and new investors' impulse under the temptation of strong demand and high profit.
Section 1 Capacity Expansion
One or three foundations: the scale of FAW should be doubled.
FAW concretized the 50th anniversary celebration as the foundation of the new base of 654.38 million FAW Hongqi cars in Changchun, the second automobile factory of FAW-Volkswagen and the new base of 654.38 million Jiefang trucks, and the establishment of Changchun FAW Yue Feng Automobile Co., Ltd. ..
Among the above four activities, FAW-Volkswagen No.2 Factory is undoubtedly the highlight. The new factory will be built in 2007 with the investment of 654.38+03 billion euros from shareholders FAW Group and Volkswagen * *, and the production capacity will reach 330,000 vehicles by then. In addition, FAW-Volkswagen will invest 300 million euros to expand its production capacity from the current 200,000 to 330,000. By 2007, the annual production capacity of FAW-Volkswagen will reach 660,000 vehicles, reaching the scale of international mainstream production plants. It is understood that the output of FAW Group reached 580,000 vehicles in 2002, and one of the goals put forward this year is to ensure the sales of 900,000 vehicles. According to the new plan of FAW, the production capacity of FAW will reach 2 million vehicles around 2008.
Second, Shanghai GM: rapid expansion
Shanghai GM will use the profits left by shareholders SAIC and GM to invest at least 2 billion yuan to expand the original Shanghai Jinqiao factory. After the expansion, the output of Shanghai base alone will reach more than 200,000 vehicles, and with the production capacity of 654.38 million vehicles of Shanghai GM Yantai base, the production capacity of Shanghai GM will rapidly expand to more than 300,000 vehicles.
3. Assemble Camry: Toyota plans to produce 300,000 cars.
Toyota's recent "trend" in China is to jointly invest 30 billion yen with Guangzhou Automobile Industry to produce Mei Jia, a mid-to-high-class car, and plans to produce 30,000 cars that year. The president of Toyota Motor Corporation, Akio Fujio, also said that if approved by the China government, the two sides can set up a joint venture company with half capital contribution this year. By then, Toyota will transport parts from Japan, assemble and produce "Mei Jia", and then gradually increase its production capacity in China. The planned long-term production capacity is 200,000-300,000 vehicles.
Fourth, active participation: the daily output target is 900,000 vehicles.
After the joint venture of Dongfeng Nissan, Guangzhou Fengshen Nissan Sunshine officially went offline, and Fengshen's output increased substantially. As the vanguard of Nissan, domestic sunshine shoulders the mission. In the next three years, Nissan will make six new cars in China, with an average of two new cars produced each year. The Nissan situation of the latecomers is very fierce. They predict that in seven years, that is, in 20 10, the production capacity of 900,000 vehicles will be formed in China, and the expansion in China will be accelerated.
5. Small factories should turn over: "Haima" expanded production by 654.38+0.5 million vehicles.
Recently, Hainan Mazda announced that after the completion of the third phase of the project under construction with a total investment of about 65.438+0.2 billion yuan, the annual production capacity of Haima will reach 65.438+0.5 million vehicles, nearly doubling the current production capacity of 80,000 vehicles. This year, the sales target of Hainan Mazda is 50,000 vehicles. This figure will completely reverse the image of Hainan Mazda as a "small factory" in the industry. In addition to capacity expansion, HNA Mazda is also actively expanding its sales and service network. By the end of this year, the number of 4S stores of Haima Automobile will be expanded from the current 65 to 120.
Sixth, the price increase will continue to be "wide" and the output will double next year.
Affected by production capacity, Guangzhou Honda has become the manufacturer with the greatest determination to expand production. The reporter learned that the expansion project of 240,000 vehicles will be completed by the end of this year, with an estimated investment of more than 4 billion yuan, which will be put into production around the Spring Festival, double the current 65.438+0.2 million vehicles. This capacity transformation is less than a year since the last time. In the second half of next year, Guangzhou Honda will expand its production area to 620,000 square meters on the basis of its existing plant.
In the second quarter, the impulse of new investors
First, invest in cars? Guangdong enterprises are also crazy.
At present, there are 8 automobile production enterprises, 48 assembly enterprises and 58 automobile production enterprises in Guangdong Province. In 2002, * * * produced 0/0.06 million cars, up 46.6% over the previous year, including 84,000 cars, up 43.3%.
1, the irresistible temptation of beauty
In 2002, automobile manufacturers mushroomed, and South China was in full swing. Guangben and Fengshen are classic cases of the automobile market. In addition to Guangben Odyssey, Liu Qi, Delika and Fulika of Southeast Automobile, Baolong Automobile was added to MPV market at the end of 2002. At present, Midea, a home appliance company, has also reached the door of the automobile industry.
Li Kai, the automobile project manager of Midea, said, "Now the profit margin of household appliances has been compressed to the extreme. In order to seek long-term development, Midea has to find new profit growth points, and cars are the best choice at present. " He said, "After years of development, Midea has accumulated 654.38+0.5 billion yuan of funds. At present, the gross profit margin of buses is 20%, and the net profit is 7%-8%.
Li Kai said that Midea's main goal is to lock in intercity transport vehicles. "At present, it will not be dominated by urban public transport. If the future develops smoothly, it will consider investing in cars."
Guangzhou Baolong Special Purpose Vehicle Co., Ltd. was established in April 1992, formerly known as Jinan Automobile Trading Co., Ltd., and is one of the enterprises designated by the state to produce and modify bullet-proof cash-carrying vehicles. The fixed assets are nearly 1 100 million yuan, with an annual production capacity of 4,000 cash trucks. Its production includes Baoan Huaxia, Longxing Kyushu and other brands.
In July 2002, Baolong entered MPV and put into production 2.4 liters of 7-seat commercial vehicles and 1 1 seat commercial vehicles. 101On October 29th, Baolong held the groundbreaking ceremony for the capacity transformation project of 50,000 commercial vehicles. 165438+ 10 baolong launched the TBL5028 commercial station wagon in October. Yang Longjiang, chairman of Baolong Automobile, said that Zengcheng Sanjiang Automobile City, which is dominated by Baolong, has a planned land area of 100 hectare, a construction period of 12 months and a total investment of1200 million yuan. It is planned to produce 65.438 million light buses in 2003, with an output value of 2 billion yuan, 25,000 in 2004 and 50,000 in 2005.
Later, Baolong and Zhejiang Geely were called "Gemini of private automobile enterprises". In June, Baolong announced the rebranding of its MPV models, forming three series of "Lingqi", "Ling Jun" and "Hui Ling", which captured the high, middle and low end of the MPV market respectively. After the integration, the price of Baolong Ling Jun multi-functional commercial vehicle was adjusted, in which the standard price of Ling Jun was adjusted from166,000 yuan to155,800 yuan, and the luxury model was adjusted from176,000 yuan to165,800 yuan, which directly challenged the products in the same market.
In this regard, Zhong Shi, a senior analyst in the industry, said that it is hard to say whether Baolong can win the price reduction in Odyssey, Liu Qi and Delica, because the small MPV market is not big. "But as MPV enters the family, there is still room for development in the future."
2. The problem is prominent
It's not just Baolong and Midea that invest in cars. On April 20th this year, Guangdong Jinxing Heavy Industry Co., Ltd. and Malaysia Proton Group jointly established Jinxing Proton Automobile Co., Ltd. in Humen, with each party holding 50% shares. Guangdong Jinxing will produce Lotus sports cars, Jiahua cars, multi-purpose vehicles and leisure sports. At present, this project has been approved by the relevant state departments and the production mode has been determined.
In addition, Guangdong will soon welcome another auto giant. It is said that Toyota will also marry Guangzhou Automobile Group, with a total investment of 30 billion yen in the "South Emerging Industrial Zone of Guangzhou", and will start producing Camry cars in 2005, with an initial plan to produce 30,000 cars and a future production capacity of 300,000.
Regarding this round of automobile investment craze in Guangdong, Zhong Shi, an analyst in the automobile industry, believes that the reason why Guangdong automobile can quickly occupy the domestic market is mainly due to the protection of tariffs. Because no matter how high the localization rate is, Guangdong automobile industry still uses the technology of foreign manufacturers, and in the final analysis, it is still assembling cars.
However, according to the agreement of WTO, by July 2006, the tariffs on the three major models of imported cars will be reduced to 25%, and the tariffs on spare parts will be reduced to 10%, and the import quotas and import quota certificates will all be cancelled. By then, the umbrella on the head of auto companies will basically disappear, and new auto investors will face the most severe test.
Second, Zhejiang private enterprises are busy building cars by backdoor.
How strong is Zhejiang's private capital? For example, people can be surprised: the industrial electricity consumption occupied by private enterprises in Xiaoshan City is equivalent to the whole of Guangxi Province.
How many private enterprises in Zhejiang have the impulse to build cars? Rumor has it that more than 40 people want to make a splash in the automobile industry. Count carefully, there are Lu and Li Shufu who have achieved great success, and there are upstarts like Zhou Cimei, Chen Yongxing and Zhong Yutong.
No one dares to underestimate the strength of Zhejiang private enterprises in the new round of car-making upsurge, especially in the case that Zhejiang private enterprises occupy half of China's auto parts industry, private capital has become the backbone of Zhejiang's automobile industry province.
On July 14, our reporter rushed to Hangzhou to learn that at present, four major policies for the development of automobile industry in Zhejiang Province have been decided-taking Wanxiang Group as the core to form Zhejiang parts industry base; Building Zhejiang automobile base with Geely as the leader; Take Dongfeng Qi Hang as the leader, and integrate to form a bus base; Build a special purpose vehicle base with China automobile business as the core.
It is understood that the relevant departments of Zhejiang Province have not formally formed a document on this idea, but the provincial government has granted Wanxiang Group 80 square kilometers of land (editor's note: this data may be wrong) as a new production base. Private enterprises occupy the third place, and the characteristics of private-led automobile industry in Zhejiang have been fully demonstrated.
1 20 million shells
It took only three years for 38-year-old Chen Yongxing to change from "Manager Chen" to "Boss Chen". 1997, Chen Yongxing took over Hangzhou Hanggua Electromechanical Co., Ltd., whose main business is modified cars, agricultural vehicles and DC vehicles. Due to poor efficiency, the book profit of Hanggua in that year was only 20,000 yuan. After taking over Hangzhou Airlines for three years, Chen Yongxing not only paid off all debts, but also saved millions of assets for Hang Hang. In 2000, Chen Yongxing bought Hanggua with a bank loan of 20 million yuan and changed from general manager to boss.
In The Last Romance, China Auto, Chen Yongxing, who is his own boss, doesn't want to tinker only with agricultural vehicles and modified cars. In 2002, he aimed at the domestic special purpose vehicle market. The reason is that many kinds of cars in China have not been developed at present. "I can give you an example. There are more than 300 kinds of modified car catalogs in China and more than 3,000 kinds abroad. " Chen Yongxing said.
What makes Chen Yongxing confident is that the entry threshold for special cars is not high and the profits are considerable. "The annual output of general enterprises is 200-300 vehicles. The higher the technical content, the less the output. I visited a refrigerated truck factory in Japan, with only more than 200 people, with an annual output of 3-400 vehicles, sales of 200 million US dollars and profits and taxes of 50 million US dollars. "
However, like Li Shufu, Chen Yongxing has been worrying about the catalogue at this time. "I talked to some qualified car companies in Zhejiang, and they were not interested and talked very tired. At present, there are more than 100 enterprises with vehicle licenses in China, and many automakers are subordinate enterprises of the original transportation department. These enterprises are not short of money. They don't have to produce whole vehicles, they can live well by eating and building toll stations, so the asking price is very high. "
200 1, restructuring of enterprises directly under the central government. Chen Yongxing learned that China Special Purpose Vehicle Co., Ltd., a subsidiary of China Automobile Industry Group Corporation, is looking for a cooperative enterprise because it has no business entity. Chen Yongxing then rushed to Beijing to bid.
1In March, 1993, China Automobile Industry Group Company absorbed several large-scale special purpose vehicle manufacturers and two research centers to establish "China Special Purpose Vehicle Co., Ltd.", whose main task was to organize the production, development and sales of various special purpose vehicles. Because there is no entity, CRRC has been playing the role of a similar industry association, and Hanggua is the affiliated unit of CRRC.
In the competition of many enterprises, Chen Yongxing did not talk about the purchase price, but promised the strategy of personnel placement, and finally won the bid at a low price. In April 2002, the two parties signed an integration and reorganization agreement, and the exclusive use of China Automobile was changed to China Automobile Commercial Automobile Co., Ltd. (hereinafter referred to as China Automobile Commercial). In May, China Automobile Co., Ltd. transferred all the products to the renamed enterprise by applying for changing the announcement and catalogue of vehicle products, and then moved the production base of the whole company to Hangzhou.
After this operation, Chen Yongxing, who doesn't have a special vehicle production catalogue, has more than 100 product catalogues dedicated to China automobiles. Chen Yongxing, who has more than 100 catalogues in his hand, has now determined three directions: one is to produce van-type refrigerated trucks, the other is road machinery trucks (wreckers and garbage trucks) and communication vehicles. He will choose one of them. Chen Yongxing believes that the customers of special purpose vehicles are relatively concentrated, and the investment in sales will be relatively small, which is conducive to the better survival and management of small enterprises.
At present, in Fuyang, which is adjacent to Hangzhou, Chen Yongxing has acquired 520 mu of land as the commercial production base of China automobile. Chen Yongxing's goal is to achieve a sales output value of 2 billion yuan and a profit and tax of 654.38+0 billion yuan within three years. Now, Chen Yongxing is cooperating with Fuluohaval Company in Japan to produce special-purpose vehicles for refrigeration and heat preservation, and with Altac Company in the United States to produce special-purpose vehicles for power operation and communication equipment.
2. Buy stocks and enter the market
Zhejiang has been supporting half of the whole auto parts industry in China, and 50% of the parts purchased by FAW, Dongfeng and SAIC come from Zhejiang every year. Zhejiang province, which has a solid foundation in parts manufacturing and active private capital, is not willing to walk on the edge of the automobile industry. Since 1999, Zhejiang private enterprises represented by Li Shufu have made great strides and started to set foot in vehicle manufacturing.
In May 2003, Hu Axiang, a little-known Ningbo, quietly entered ZTE, and acquired 26.3% shares of Brilliance for 60 million yuan, becoming a shareholder of New Hebei Zhongxing Automobile Manufacturing Co., Ltd. ... Just like Brilliance Auto acquired ZTE four years ago, Hu Axiang completed the reorganization of ZTE in a short time.
Hu Axiang used to be a component supplier for Shanghai Volkswagen, Changchun FAW and American General Motors. In 2002, Hu Axiang achieved an output value of 654.38+200 million yuan. Unwilling to play a supporting role in the automobile industry, ZTE, one of the three giants of domestic pickup trucks, officially entered in May this year.
It is also a name that the industry is not familiar with. On April 3, 2003, Xiaoshan Tong, Wuhan Economic Development and Investment Corporation and Wuhan Light Automobile Company invested 80 million yuan,/kloc-0.5 million yuan and 5 million yuan respectively to establish Wuhan Zhongyu Automobile Co., Ltd., taking over the production equipment and product catalogue of Wantong and inheriting the brand of Wantong. On April 17, the children who waded for the first time told the swarming media in Wuhan: "Before the end of the year, 20 high-end buses with a unit price of about 2 million yuan will be produced. It is estimated that by 2008, the output value of Zhongyu Automobile will reach 5 billion yuan-1000 billion yuan. "
As Tong vowed, at the end of March, another Zhejiang motorcycle company, Auto, launched its first commercial vehicle, Suwei.
In June, the headline "Bird will spend 5 billion yuan to enter the automobile industry" frequently appeared in newspapers.
In half a year, there were four acquisitions. According to the statistics of relevant departments in Zhejiang, nearly ten private enterprises in Zhejiang have entered the field of automobile manufacturing, from Geely Group, the only company that has obtained the qualification for car production so far, to Ningbo Hu Axiang, Zhejiang Feng Wan and Xiaoshan Zhongyu, which have recently invested in shares, and Wanxiang Group, which is developing electric vehicles. Most of them come from automobile related industries.
Step 3 take a non-mainstream route
Like Hanggua, other Zhejiang automobile enterprises choose the commercial vehicle market with low scale requirements. Zhongyu, Hengdian and Tieniu all make passenger cars. Feng Wan's pickup trucks also occupy a certain market in China, and now they begin to produce commercial vehicles. In the new round of car craze, Zhejiang private enterprises have chosen non-mainstream models.
Chen Yongxing believes that "Zhejiang's private economy is developed, but the capital distribution is relatively scattered, and the scale of building cars is too high. Our choice is wise. "
At present, the car catalog that children want most is still painting cakes. In 2002, Zhongyu's sales revenue was 6.5438+0.8002 million yuan, and its net profit was 6.5438+0.4855438+0.000 million yuan. Hangzhou Zhongyu Tesak Automobile Co., Ltd. is an ideal platform that Tong initially planned to build: a Sino-US joint venture with a total investment of 200 million US dollars, located in Xiasha Economic Development Zone, Hangzhou. But Tong's main business is real estate, and his biggest project is Zhongyu Modern City in Xiaoshan. He is short of money.
Recently, Tong attacked everywhere and frequently contacted the banking sector in Hangzhou. In June, 2003, Jin Xin Trust successfully raised "Zhongyu Modern City Real Estate Collective Fund Trust Project", with a raised amount of 50 million yuan, an expected rate of return of 4.5% and a term of two years. Tong hopes that this money will be used for Zhongyu's development in the real estate industry and make room for Zhongyu's layout in the automobile industry.
Chapter III Overheating of China Automobile Industry? -the collision of two viewpoints.
In the first quarter, 30% car loans fell into a black hole. Is the automobile industry overheated?
First of all, rain is coming.
According to the news from the National Development and Reform Commission, an investigation into the overheated investment in the automobile industry is under way.
This survey was initiated by the National Development and Reform Commission and entrusted by China Automobile Industry Association (hereinafter referred to as China Automobile Association). The focus of the investigation is that some small automobile enterprises in various places are on the verge of bankruptcy or poor efficiency, and blindly go on automobile projects. It is understood that the entire investigation report has been written and reported to the National Development and Reform Commission.
A person from the Policy and Industry Department of the National Development and Reform Commission said in an interview with 2 1 Century Business Herald, "We did investigate the investment boom in the automobile industry, but all the contents were confidential."
This makes many people in the automobile industry feel scared and wonder-will there be any measures to limit automobile investment in the next step?
Correspondingly, on July 3, the Industrial Policy Department of the National Development and Reform Commission issued a notice on holding a training meeting on online declaration of vehicle manufacturers and product announcements, among which 134 vehicle manufacturers were listed. The notice said, "In order to ensure the seriousness and fairness of the announcement, our company will register and verify the names, registered addresses and production addresses of various vehicle manufacturers."
On April 28th this year, the new draft policy of the automobile industry was revised. A week later, the draft for comments came out. Previously, major auto companies have obtained the text in advance through various channels, and some small and medium-sized enterprises are also studying it nervously.
The new policy opinion draft puts forward policy objectives-legal product management, supporting key enterprises, strengthening marketing service system and implementing independent brand strategy. The original intention is to promote the structural adjustment and industrial restructuring of the automobile industry and improve the market competitiveness of automobile products.
A person familiar with the matter said privately that the investigation of automobile investment fever by China Automobile Association is only the first step before the official introduction of automobile industry policy. The next step may be to take measures for those enterprises that have the qualification of vehicle production but have no scale and efficiency.
On July 16, Jia, chief analyst of China Automobile Industry Consulting and Development Company, told the reporter: "At present, many large automobile enterprise groups have expanded their production, and private capital has continuously entered the automobile industry, which has caused the investment fever of the whole automobile industry."
Jia has always been a Democrat in the industry and does not approve of administrative intervention in the development of the automobile industry. According to Jia, as early as 1972, there was an overheated investment in the automobile industry in China. In recent years, with the large demand for family cars, China automobile industry has entered a period of rapid development, and the second round of automobile investment fever is coming.
There are indications that "China's auto industry should prevent over-investment" may not stop talking, and substantive actions may begin soon.