At the moment, the car market is in a deep slump, and the auto industry is facing a major downturn. Analysts are scrambling to understand what caused this crisis and how to revive the sector. Why aren’t people buying cars? Are prices still too high? Recently, a reporter spoke with Sun Yong, the deputy general manager of Nanjing Fiat and a former official from the Ministry of Commerce. In a straightforward manner, he stated, “The current auto market is suffering from a crisis of price confidence.” Sun Yong, known as the “price killer,” recently appeared at Sichuan University Sports Center for the launch of the Fiat Cup. Despite the recent turmoil in the auto market, Sun Yong has remained calm and composed. During an interview on the sidelines of the event, he explained that the core issue is not just about prices, but about trust. He said, “Domestic car buyers have lost faith in the stability of car prices. Only through collaboration between manufacturers, media, and consumers can we restore the market.” He pointed out that frequent price cuts have led consumers to believe that prices will drop even further, creating a situation where cars that don’t decrease in price are hard to sell, and those that do see little benefit. It’s not the lack of sales that’s the real problem—it’s the widespread distrust in the auto market. The recent price crash couldn’t be stopped, and it has left many wondering if the market can recover. In May, the Chinese auto market experienced a sudden and sharp decline, triggering a wave of price reductions. Sun Yong was one of the first to warn about the “turning point” in the market. According to his recollection, sales started to decline as early as April, especially in the last days before the May Day holiday. Major manufacturers were focused on the Golden Week, expecting a surge in demand. But instead, the market hit a wall after the holiday. Sun Yong realized that the “Red May” might turn into a “Black May.” He believes that the main reason behind this shift is the imbalance between supply and demand, which became more visible under national macro-control policies. Some argue that changing economic conditions caused the downturn, but Sun Yong insists that even without such control, the market would have reached a turning point eventually. As North and South Volkswagen cut prices, other automakers followed, leading to a full-blown price war. Many believe the root cause is the high profits in the Chinese auto industry. However, Sun Yong disagrees. He says the fundamental driver is supply and demand. After three years of rapid growth, the market has slowed down. Cities like Beijing, Guangzhou, and Shenzhen saw early growth in private car purchases, while second-tier cities are still catching up. This year, the price war escalated, especially in March and April, leaving consumers confused and hesitant. People are holding onto their money, waiting for further price drops. Although private car purchases now make up a large share of the market, in many regions, they are not yet dominant. Government policies still have a strong impact, and banks are tightening loan approvals, making it harder for consumers to buy cars. The loss of price confidence is the result of multiple rounds of price cuts. Car prices are no longer seen as stable, and consumers are unsure whether the current prices are the lowest. A consumer recently said, “I had expected Shanghai Volkswagen to cut prices, and I was right—everyone believed that this wasn’t the bottom line.” Is there really a huge profit margin in the Chinese auto industry? Sun Yong acknowledges that the industry's profit rate is higher than average, but some reports claiming 28% are exaggerated. He explains that models priced around 100,000 yuan have very thin margins. For example, Nanjing Fiat’s models were already aligned with international prices after the early-year price cuts. Cars over 150,000 yuan are more profitable. Overall, he believes current car prices are reasonable. To rescue the market, Sun Yong suggests adjusting supply and demand. He believes that price adjustments can help bring prices closer to consumer purchasing power, thus stimulating demand. However, frequent price cuts have made consumers cautious. Additionally, the perception of high profits has only increased hesitation among buyers. To restore confidence, Sun Yong calls for cooperation among all stakeholders. He expects major manufacturers like Shanghai GM, FAW-Volkswagen, and Shanghai Volkswagen to reduce prices, but he doesn’t expect too many followers in the short term. Nanjing Fiat and Toyota have both stated they won’t follow suit, while FAW announced that the Mazda 6 series will be “once priced for three years.” Many automakers are also revising their sales plans, reducing production, and managing inventory to balance supply and demand. Sun Yong is optimistic that within one or two months, car prices will stabilize. He believes that once prices stabilize, consumer confidence will gradually return. While the “blowout” sales of September won’t happen again, the long-term potential of China’s auto market remains strong.

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