Yesterday, a reporter learned from several automobile markets, including the Beijing Asian Games Village Auto Exchange Market, that the price of the Guangzhou Honda Accord—once requiring an additional tens of thousands of yuan to purchase just two months ago—is now starting to decline. Currently, some models are not only available at their original price but also dealers are launching price reduction campaigns. Among them, the 3.0L Accord model has seen the largest drop, with discounts reaching up to 12,000 yuan per vehicle. Industry insiders stated that the current sales campaign by dealers for the popular Accord model signals that the last line of defense in the domestic auto market's pricing system is beginning to collapse. The demand for cars has historically exceeded supply, but this situation is shifting rapidly. At the Beijing Asian Games Village car market, Liu Gang, a sales representative from Beijing Cailin Guangmao Economic and Trade Co., Ltd., confirmed that any Honda Accord model, regardless of displacement or color, can now be purchased without a price increase. Even the 3.0L Accord comes with a discount of up to 12,000 yuan. The best-selling 2.0L Accord can be bought without any markup, while the 2.4L model may even offer a profit of 1,000 to 2,000 yuan. When asked about invoice costs, Liu said that local invoices in Beijing are 2,000 yuan higher than those issued elsewhere. Regarding the origin of these vehicles, the company’s staff did not provide details on where they were sourced. However, it’s clear that not only one dealer is reducing prices. Another salesman from Dongfang Ventures Automobile Sales Co. mentioned that their shop does not increase prices on Accord models and offers a cash discount of 7,000 yuan for the 3.0L version. Fenghui Tongshun Automobile Sales Company’s manager quoted the 3.0L Accord at 309,800 yuan, which is 2,000 yuan below the manufacturer’s suggested retail price, along with a 5,000-yuan value for car decoration. In fact, the 3.0L Accord is being sold for less than 7,000 yuan in some cases. The reporter gathered information from multiple dealerships and found that although the discounts vary among different Accord models, one thing is certain: the era of paying 40,000 yuan extra to buy a current Accord model before March this year is now over. Wen Yuzhen, from the office of Guangzhou Honda’s general manager, told reporters that the current market price changes do not reflect any adjustment in Guangben’s pricing strategy. “Guangben is not responsible for the price changes because we don’t know the source or distribution channels of these vehicles,” she emphasized, adding that Guangzhou Honda will not engage in price cuts. She reiterated that the dealers’ price reductions are independent of the company’s actions. A dealer from the Asian Games Village market explained that the sharp price drops are due to increased supply, not a lack of demand. In March this year, the market price for a 2.0L Accord required an additional 20,000 to 30,000 yuan, but Guangzhou Honda did not engage in price hikes in Beijing 4S stores. At that time, it was nearly impossible to buy a current car without waiting in line. The reporter contacted seven Guangzhou Honda 4S stores in Beijing, and all reported having available inventory. Even the best-selling 2.0L Accord had several color options in stock. According to a Guangzhou Honda sales representative, the company plans to significantly increase its production capacity this month. The daily production target of over 900 units has been running for more than ten days in June, and from July 1, it will reach 1,000 units per day. With sales rising by 60.2% year-on-year in May, and expected to reach 22,000 units in June, the company is preparing for potential inventory buildup if sales don’t increase significantly. An industry source noted that Guangzhou Honda’s expansion has faced challenges due to the recent downturn in the auto market and aggressive price cuts by competitors. “Like other manufacturers, Guangben is transferring inventory pressure to dealers,” they said. As a result, dealers are forced to cut prices to reduce their stock. Unlike other domestic manufacturers, Guangzhou Honda adopted a “one-stop” pricing strategy. After the launch of Xinya in 2003, the price was reduced by 40,000 yuan, and the new Accord’s pricing was announced to remain stable for years. This approach influenced the entire mid-to-high-end car market and became the benchmark for the domestic auto industry. However, after a wave of price cuts in the auto market since May this year, Guangzhou Honda’s pricing advantage has disappeared. Despite repeated claims from Wen Yuzheng that the company won’t cut prices, industry insiders believe that dealers might still proceed with price reductions as a trial before official announcements from the manufacturer. An analyst from China Automotive Consulting Corporation warned that the price cuts by Guangzhou Honda signal the impending collapse of the domestic auto pricing system. “The entire market could see a sudden price drop,” they said. With many brands announcing price cuts, dealers are likely to follow suit, leading to a reshuffling of the entire industry, much like what happened in the home appliance and IT sectors. (Zhang Lidong Ejia) Source: Jinghua Times

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