Abstract
A full-scale understanding of the dynamics of the Chinese vehicle market can benefit stakeholders with respect to rational decision-making and effective long-term investment. This study attempts to discover the common vehicle pricing patterns in the Chinese market by quantifying statistical correlations among critical vehicle features from intrinsic powertrain systems to extrinsic market positioning. The data samples involve almost all passenger vehicle models sold in 2013 to 2019. After comparing multiple statistical methodologies, a log-transformation variant of the multinomial linear regression model was found to be the best one, and the goodness of fit shows that this model can offer stable estimates, which were validated using 2019 market data. The insights achieved are: (1) The price and major performance features of SUVs/crossovers are similar to those of sedans; (2) If all other explicit features remain the same, the price of a Japanese midsize sedan is 62% higher than that of a Chinese midsize sedan, and European midsize vehicles have the highest prices overall. (3) The incremental price of fuel consumption varies by vehicle class and fuel economy. For example, from 30 to 50 MPG, the vehicle price increases by $119 for a Chinese brand sedan vehicle, by $69 for a Chinese brand SUV.
| Original language | English |
|---|---|
| Article number | 3088 |
| Journal | Energies |
| Volume | 13 |
| Issue number | 12 |
| DOIs | |
| State | Published - Jun 2020 |
Funding
Energy and Transportation Science Division, Oak Ridge National Laboratory, Knoxville, TN 37932, USA; [email protected] (S.O.); [email protected] (W.L.) China Automotive Technology and Research Center, Dongli District, Tianjin 300300, China; [email protected] Aramco Services Company, Aramco Research Center—Detroit, 46535 Peary Ct, Novi, MI 48377, USA; [email protected] (X.H.); [email protected] (J.B.); [email protected] (S.P.) Correspondence: [email protected] This manuscript has been authored by UT-Battelle, LLC under Contract No. DE-AC05-00OR22725 with the U.S. Department of Energy. The United States Government retains and the publisher, by accepting the article for publication, acknowledges that the United States Government retains a nonexclusive, paid-up, irrevocable, world-wide license to publish or reproduce the published form of this manuscript, or allow others to do so, for United States Government purposes. The Department of Energy will provide public access to these results of federally sponsored research in accordance with the DOE Public Access Plan (http://energy.gov/downloas/doe-public-access-plan). Funding: This research was financially supported by Aramco Services Company. Acknowledgments: This research used resources at the National Transportation Research Center at Oak Ridge National Laboratory, a User Facility of DOE’s Office Energy Efficiency and Renewable Energy. The authors would like to thank the data support from the China Automotive Technology and Research Center in this study. The authors would also like to thank Robert Gibson for his editing on this manuscript. The authors are solely responsible for the views expressed in this study.
| Funders | Funder number |
|---|---|
| Aramco Research Center | DE-AC05-00OR22725, MI 48377 |
| Aramco Services Company | |
| China Automotive Technology and Research Center | |
| U.S. Department of Energy | |
| Oak Ridge National Laboratory | TN 37932 |
| [email protected] Aramco Services Company |
Keywords
- China
- Fuel economy
- Market analysis
- Vehicle brand
- Vehicle price
