China: The SRR Auto Discount Sequential Change Index rose by +22 bps m/m in June
Report by Silk Road Research
This marked the seventh consecutive month of sequentially higher discounts and the second highest in 13 months. Domestic brand discounts increased for the first time in nine months, likely due to increased dealer efforts to boost sales for 1H22 as Covid restrictions eased. This is also consistent with SRR’s latest dealer checks that indicated OEMs were offering discounts alongside the auto purchase tax cuts announced in May. WM Motor, BMW and Nissan discounts rose most; Chery, Great Wall and BYD discounts moderated most.