In mid-2004, the automobile market was considered the king of consumer goods. On December 26, 2003, at 8:17 AM, our reporter Zeng Yihui analyzed China’s per capita income and explored the consumption structure, which indicated that the average household could afford between 20,000 to 90,000 yuan in car purchases. The largest consumer group for mini cars or vehicles priced around 10,000 yuan had significant potential. However, the most dynamic segment in 2003 wasn’t these low-end models. Instead, mid-range cars priced between 150,000 to 350,000 yuan saw massive popularity, with increasing consumer attention. Industry analysts suggested that 2004 would mark a turning point for mid-range cars. According to data from the Beijing Automotive Industry Research Institute, during the first 11 months of the year, the fastest-growing sedan segment was mid-to-high-end cars, with a growth rate of 137.94%. In contrast, mini cars saw only a 58.38% increase. Additionally, more than 90% of car inventory was made up of mini and economy cars, and large-scale price cuts were concentrated in this category. Models like Chang’an Alto, Antelope, Geely Pride, Youliou, Hafei Racing, Gabriel, Lobo, FAW Xiali, Chery QQ, Yueda Kia Pratt, Warp Hurricane, South Asia Palio, and others were all priced between 20,000 to 90,000 yuan, making them affordable but gradually losing consumer interest. While some new models like Geely Unio, Chery QQ, and Hafei Racing remained popular, many others struggled to survive, with prices continuing to drop as a last resort. Geely's decision to develop mid-range cars instead of focusing on its lower-end models became clear—consumer preferences had shifted. People no longer just wanted a car; they sought a decent one. Cars were now seen as long-term investments for families, not short-term purchases. The concept of credit financing also gained traction, allowing consumers to buy better cars with the same budget. Second-time buyers were moving away from micro-cars, highlighting their transitional role in the market. Additionally, urban traffic congestion and concerns about vehicle restrictions played a role, along with vanity-driven buying behavior. The used car market was active, yet few people opted for second-hand micro-cars. Mid-range cars, in contrast, experienced a sudden rise in 2003, showing strong market performance and growing consumer interest. According to a survey by CBC, a Chinese market research firm, 45% of residents in five major cities (Beijing, Shanghai, Guangzhou, Wuhan, and Chengdu) planned to purchase a new car within two to three years. 22% aimed to buy a car under 100,000 yuan, while 50% intended to go for a 100,000–200,000 yuan model. A further 25% wanted to spend over 200,000 yuan on high-end cars. In terms of engine displacement, demand for 1.0–1.5-liter cars declined, while 1.6–2.0-liter models saw a sharp increase to 42%, and 2.1–2.5-liter cars also gained popularity. Furthermore, 46% of consumers preferred four-door sedans. Su Hui, general manager of the Beijing Asian Games Village Automotive Trading Market, noted that high-end cars were selling well, with tight inventory and long waiting lists. Online data showed that mid-to-high-end models accounted for over 60% of total clicks, with this trend continuing to grow. From a sales perspective, models such as Beijing Hyundai Sonata, Shanghai Buick Excelle, FAW Hongqi, Bora, Golf, Vios, China Morning Breeze, Hainan Mazda Fairfax, Dongfeng Citroen Saina, Dongfeng Nissan Sunny, and Chery Eastar, priced between 130,000 to 180,000 yuan, were among the best-sellers. High-end cars like Guangben New Accord, FAW Audi A4, Mazda 6, New Bluebird, Buick Regal, and Passat, priced between 200,000 to 500,000 yuan, also performed strongly. Even the relatively expensive BMW 325i attracted unprecedented attention, with many customers already booking for next year. Imported luxury models such as the BMW 760Li, Audi A8, Mercedes-Benz S600, Porsche, and Hummer also saw strong demand. Notably, a specially-made Bentley worth nearly 10 million yuan was snapped up in Beijing. Many international automakers visiting China were surprised by this trend. According to industry experts, the surge in mid-to-high-end car sales was driven not only by changing consumer habits but also by aggressive marketing strategies. High-end cars had become symbols of success and family status. More importantly, the high profit margins made them attractive for manufacturers. Looking ahead, 2004 would see mid-range cars take center stage. Auto manufacturers announced plans to launch nearly 50 new models in the Chinese market. Toyota, for instance, introduced the Corolla with a 1.5–2.0-liter engine, expected to sell for 150,000 to 200,000 yuan. Nissan and Dongfeng planned to bring in a wide range of models, including the TEANA, set to be sold for over 250,000 yuan. General Motors launched the Cadillac CTS, while Daewoo introduced the Kalos. Volkswagen planned the Audi A6 and fifth-generation Golf, and BMW Brilliance introduced the 318 and 520 models. With so many new models coming into the market, competition was expected to intensify in 2004. Beyond the vehicle market, competition would extend to upstream industries such as steel, oil, and finance, shaping the future of the Chinese automotive industry.

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