In 2004, the Chinese auto market experienced a dramatic shift that marked a turning point in its development. Early in the year, many car manufacturers launched promotional campaigns known as "04 cards," aiming to attract buyers with special offers. However, as the year progressed, the once-booming market found itself caught in a fierce price war, signaling a major transformation in consumer behavior and industry dynamics. The Beijing International Motor Show, held at the end of April, was expected to be a milestone for the industry. Some analysts speculated that it might set new pricing benchmarks and reshape the market landscape. But this prediction proved unfounded. Just days after the show, the market began to weaken, and even the May 1 Golden Week holiday failed to boost sales significantly. This period became known as the “Black May,” with dealers, experts, and media questioning the future direction of the industry. By mid-June, the heat of the Beijing Auto Show had not yet faded when FAW-Volkswagen and Shanghai Volkswagen made their first joint price cuts. Soon after, Dongfeng Citroen followed suit, with some models dropping by more than 10,000 yuan. In fact, since mid-May, several major domestic dealers had already started quietly lowering prices under the guise of promotions, with reductions comparable to those seen in 2003. Experts suggested that these “04 price cuts” indicated the Chinese auto market was entering a new phase, moving toward a buyer's market where competition and demand dictated pricing. This shift reflected a maturing industry with stronger resilience to market fluctuations. Previously, from 2002 to 2003, the market had seen a surge in “blowout” consumption, with dealers making huge profits and new car factories emerging rapidly across the country. This led to an overburdened consumer market, where demand exceeded supply, and profit margins were unusually high. For example, mid-size cars in China generated about $4,000 in profit, compared to just $600 in the U.S., a fivefold difference. German brands also saw similar disparities, with profits in China being four times higher than in the U.S. As a globally traded commodity, the Chinese auto market needed to align with international standards. The gap in pricing and profit margins could not last forever, and consumers increasingly demanded lower prices. This trend signaled the slow but steady transition of the market toward a buyer's environment, where competition and value for money became key factors in purchasing decisions. Experts predicted that after the 2004 price cuts, the Chinese auto market would move toward a more rational and sustainable growth path. Profit margins for automakers would gradually stabilize, reflecting a more balanced and mature industry. Despite the emergence of new brands, the market remained dominated by established names. According to data from the China Association of Automobile Manufacturers, from January to May 2004, the sales of classic models like the Santana, Jetta, and Buick remained strong, capturing significant market shares. Consumers, now more informed and discerning, prioritized comprehensive performance, brand reputation, and price when making purchases. High-end models that once dominated the market were gradually losing appeal, and the era of excessive profits was coming to an end. Both buyer and seller markets were converging, aligning with global trends and moving toward a more mature and competitive international standard. By Li Lei, Sichuan Online – Huaxi Metropolis Daily.

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