<P><FONT face=黑体 size=5><STRONG>MS 摩根斯坦利：中国 三月汽车销售研究  </STRONG></FONT></P>
<P><FONT face=黑体 size=5><STRONG>29页 04.07 　China Passenger Vehicles Chartbook </STRONG></FONT></P>
<P><FONT face=黑体 size=5><STRONG>China Passenger Vehicles Chartbook March Sales: Pricing War Fired Up Again</STRONG></FONT></P>
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<P><FONT size=4>• Conclusion: Industry View Still Cautious<BR>China sedan sales growth further slowed to 20.9% YoY in March at 461,121 units vs.<BR>41% in January and 25.8% in February, despite the help of a spate of price cuts from<BR>almost all market majors, including VW, GM, Nissan, PSA and several locals. This<BR>curbed YTD growth to 28.7% YoY vs. 33.8% in February. We reiterate our Cautious<BR>industry view, looking at 20% volume growth and 7% pricing deflation for 2007.<BR>• Pricing War Fired Up<BR>Almost all market majors tweaked MSRPs by 6-8% on average in March and the first<BR>week of April, including FAW VW, SVW, SGM, DF Nissan, DF PSA, and local players,<BR>Chery, Geely, Tianjin Xiali and Great Wall. This further proves our view that pricing<BR>deflation in the China passenger car market is far from over given tough competition<BR>and each OEM’s aggressive 2007 and long-term targets.<BR>• Chery Overtakes Shanghai GM as the Top Seller<BR>Chery, China’s largest local brand, overtook Shanghai GM to become the #1 player in<BR>the month, with sales edging up 69% YoY to 44,568 units. This is the first time that a<BR>local OEM has ranked #1 in unit sales since VW stepped into China market 20 years<BR>ago.<BR>• Low/ Middle Segment Leads Growth<BR>Low middle sedans outperformed the market, growing 46% in volume terms and<BR>accounting for 77% of the rise in overall units. New models were the key driver,<BR>including Honda’s Civic, Citroen’s Kaixuan and VW’s Sagitar</FONT></P>