The intense competition in the car market has made even ultra luxury car brands unable to withstand it.
Recently, the National Passenger Car Market Information Joint Conference released statistical data showing that in September, Maserati, known as the "queen of sports cars," experienced a sharp decline in sales. Its imported sales in the Chinese market were only 38 units, a year-on-year drop of 87%, and it had the largest decline among ultra luxury brands.
During its previous peak, Maserati's sales in the Chinese market exceeded 10000 units. However, since 2018, Maserati's sales in China have been declining. Public data shows that in 2022, Maserati sold 4855 vehicles in China, a year-on-year decrease of 32%; In 2023, Maserati sold 4264 vehicles in China, a year-on-year decrease of 12%.
In 2024, Maserati's sales in China will further plummet. According to statistics from the China Association of Automobile Manufacturers, from January to September 2024, Maserati's import sales in the Chinese market were 214, 89, 129, 140, 109, 96, 32, 31, and 38 vehicles respectively, totaling 878 vehicles, a year-on-year decrease of 79%.
multiply union data
On November 4th, Maserati's parent company Stellantis Group (STLA. N) also released official data. Data shows that in the third quarter of 2024, Maserati's global sales decreased by 60% year-on-year compared to 2023, and its year to date sales also decreased by 58.3%. In addition, Davide Grasso, CEO of Maserati, has resigned.
Stellantis Group CEO Tang Weishi publicly stated that Maserati's marketing strategy and continuous discounts by dealers have damaged the brand's high-end image.
The sharp decline in sales has also seriously dragged down Maserati's performance. At the 2024 Paris Motor Show held earlier, Tang Weishi publicly admitted that the Maserati brand under the group is facing financial difficulties and is in a loss making state.
In fact, since the beginning of this year, not only Maserati, but also super luxury brands such as Bentley, Rolls Royce, Ferrari, Lamborghini, etc. have experienced varying degrees of decline in sales in the Chinese market.
A research report by the China Association of Automobile Manufacturers shows that in the past two years, the demand for imported cars has remained stable at a low level. From 2020 to 2022, the imported car market experienced a decline, with a cumulative sales of 769000 vehicles in 2023, which is basically the same as the same period last year. From January to September 2024, a total of 481871 vehicles were sold, a year-on-year decrease of 13.5%.
Among them, the decline in ultra luxury cars is the most significant. Data shows that from January to September, among imported cars, the cumulative sales of ultra luxury cars decreased by 33.53%, non luxury cars decreased by 21.32%, and luxury cars decreased by 12.46%.
Regarding the sharp decline in sales of ultra luxury brands such as Maserati, industry insiders have analyzed that the trend towards electrification and intelligence in automobiles is unstoppable. Ultra luxury brands generally lack sufficient layout and relatively backward technology in this area. In comprehensive comparison, the attractiveness of ultra luxury brands to Chinese consumers is weakening.
Industry experts also attribute the decline in sales of ultra luxury brands to insufficient consumer demand. Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers, stated that the biggest reason for the decline in the ultra luxury car market is the shrinking consumer demand. Currently, the sluggish real estate industry has led to a contraction in consumption among some high-income groups.
