In 2004, the Chinese auto market experienced a remarkable and transformative year. At the start of the year, many car manufacturers launched promotional campaigns known as "04 cards," aiming to attract buyers. However, despite the initial excitement, the market soon faced a fierce price war that continued throughout the year. The Beijing International Motor Show in April became a turning point, marking a shift in the dynamics of the industry. By the end of April, the market had reached its first peak before the May Day holiday. Yet, just a week later, signs of weakness emerged. Even during the Golden Week holiday, sales did not meet expectations, leading to the term “Black May” being widely used by dealers, industry experts, and media. Some speculated that the Beijing Auto Show would set a new benchmark for pricing, but this prediction proved unfounded. On June 16, shortly after the show, FAW-Volkswagen and Shanghai Volkswagen made their first joint price cuts. Soon after, Dongfeng Citroen followed suit, with some models dropping by over 10,000 yuan. In fact, from mid-May onward, several major domestic dealers had already begun quietly reducing prices under the guise of promotions, with declines comparable to those seen in 2003. Experts suggested that these “04 price cuts” signaled a new phase in the Chinese auto market, where most models were entering a buyer’s market. This indicated a maturing industry with stronger resilience to economic fluctuations and more reasonable profit margins. From 2002 to 2003, the domestic auto market saw a surge in consumption, with dealers making substantial profits and the industry growing rapidly. New car manufacturers sprang up across the country, and there was a noticeable trend of “car repair” and “car buying,” which led to an overload of consumer demand. Deng Kai, president of Asian Automotive Resources, highlighted that profit margins in China were significantly higher than in other markets. For example, mid-size cars in China generated about $4,000 in profit, compared to only $600 in the U.S., a fivefold difference. German brands also showed similar disparities, with profits three times higher in China than in the U.S. As a globally traded commodity, the Chinese auto market needed to align with international standards. With such large profit gaps, price reductions became inevitable. High profits were unsustainable, and consumers increasingly demanded lower prices. This shift marked the gradual entry of the Chinese auto market into a buyer's market. Experts predicted that after the 2004 price adjustments, the auto consumption market would move toward a more rational and stable direction, with automakers’ profits gradually approaching global norms. While new brands continued to emerge, the market remained dominated by established names. According to data from the China Association of Automobile Manufacturers, from January to May 2004, sales momentum stayed strong. However, the number of vehicles sold by new brands was not significantly different from 2003. The top-selling models included the Santana (95,313 units), Jetta (56,099 units), and Buick (52,441 units), each capturing a significant share of the market. Consumers, now more informed and mature, prioritized factors like performance, price, and brand when making purchases. High-end models, once popular due to over-the-top spending, began to fade from the scene. The era of high-profit margins was coming to an end, and both buyer and seller markets were moving toward a more balanced, mature state aligned with global standards. As the industry evolved, the focus shifted from rapid growth to sustainable development, signaling a more stable and realistic future for the Chinese auto market. Reporter: Li Lei Beijing Report Sichuan Online - Huaxi Metropolis Daily

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