Industry Information - Jiangsu Province's new energy commercial vehicle power and control system innovation center construction plan has been approved, focusing on core issues in the industry such as high-power electric drive systems and intelligent control systems [8] - CATL has established a new energy technology company in Yunnan with a registered capital of 5 million RMB, focusing on new energy technology research and battery swap facilities [8] - Tsinghua University has developed a new solid-state battery using soybean protein, which shows potential for high performance and environmental benefits [10][11] - Zhengli New Energy plans to launch a pilot line for all-solid-state batteries in the first half of 2026, aiming to solve production challenges [11] - Wuhan Weinan completed a C-round financing of 670 million RMB, with funds directed towards battery asset management and technology development [12] - The number of electric vehicle charging facilities in China has exceeded 18 million, reflecting a 54.5% year-on-year increase [22][23] Policy Information - Guangdong Province is offering a one-time subsidy for personal consumers purchasing new energy passenger vehicles as part of a broader consumption promotion campaign [29] - The National Development and Reform Commission has issued a plan to support the construction of smart charging facilities and improve community services [30] - A new policy in Huzhou, Zhejiang, aims to establish over 10,000 public charging stations by 2025, enhancing the charging network [34] - The city of Zhengzhou has suspended applications for vehicle scrapping subsidies due to budget exhaustion [38] Company Information - BYD's Tengshi brand has launched new models with competitive pricing, indicating strong market activity [9] - Xpeng Motors has begun trial production of its flying car, marking a significant step in the development of flying vehicles [15] - Huawei's driving assistance system has accumulated over 58.11 billion kilometers of assisted driving mileage, showcasing its technological advancements [17] - SAIC's MG4 has introduced a cross-year tax subsidy plan, reflecting competitive strategies in the automotive market [12]

Core Viewpoint - In the first ten months of 2025, China's goods trade maintained a steady growth trend, with a total import and export value of 37.31 trillion yuan, an increase of 3.6% year-on-year, driven by exports and stable imports [5][6]. Group 1: Trade Performance - The total export value reached 22.12 trillion yuan, growing by 6.2%, while imports were 15.19 trillion yuan, remaining stable compared to the previous year [5]. - In October 2025, the total trade value was 3.7 trillion yuan, showing a slight increase of 0.1%, with exports at 2.17 trillion yuan, down by 0.8%, and imports at 1.53 trillion yuan, up by 1.4%, marking five consecutive months of growth in imports [5]. Group 2: Trade Composition - General trade and processing trade both saw growth, with general trade imports and exports at 23.64 trillion yuan (up 2.3%) and processing trade at 6.94 trillion yuan (up 6.5%) [5]. - The ASEAN region became China's largest trading partner, with trade totaling 6.18 trillion yuan (up 9.1%), followed by the EU at 4.88 trillion yuan (up 4.9%), and the US at 3.38 trillion yuan (down 15.9%) [6]. Group 3: Enterprise Contributions - Private enterprises contributed significantly, with imports and exports totaling 21.28 trillion yuan (up 7.2%), accounting for 57% of total foreign trade [7]. - Foreign-invested enterprises had a trade value of 10.91 trillion yuan (up 2.9%), while state-owned enterprises saw a decline to 5.04 trillion yuan (down 8.1%) [7]. Group 4: Export Products - Mechanical and electrical products accounted for over 60% of exports, with a total value of 13.43 trillion yuan (up 8.7%) [7]. - Notable growth was observed in integrated circuits (up 24.7% to 1.16 trillion yuan) and automobiles (up 14.3% to 798.39 billion yuan) [7]. Group 5: Import Trends - Major commodity import prices fell, with iron ore imports at 1.03 billion tons (up 0.7%) and crude oil at 471 million tons (up 3.1%), both experiencing price declines of 10.7% and 12.1% respectively [8]. - The import value of mechanical and electrical products increased to 6.05 trillion yuan (up 5.5%) [8].

Domestic News - The new energy vehicle credit ratio requirements for 2026 and 2027 are set at 48% and 58% respectively, with specific relaxations for small manufacturers based on fuel consumption reductions [3] - Starting from November 10, 2025, Shanxi province will implement a public lottery system for applying for vehicle scrapping and renewal subsidies, requiring consumers to obtain qualification through a notarized lottery [4] - From January to September 2025, Hunan province's exports of high-end equipment, including rail transit equipment, increased by 31% year-on-year, with electric vehicles and lithium batteries seeing a 77.4% increase [5] - GAC Group has signed a capital increase agreement with Honda, raising the registered capital of GAC Honda from $541 million to $867.22 million [6] - NIO's Firefly model will connect to NIO's fifth-generation battery swap stations, with plans for a larger battery pack that offers a 50% increase in capacity [8] - FAW Audi has signed a strategic cooperation memorandum with Zhejiang Deao Automotive Group, focusing on dealer channel development and new media collaboration [9] - The iCAR V23, a pure electric SUV, was unveiled in Malaysia with a starting price of 145,000 to 155,000 Malaysian Ringgit (approximately 248,300 to 262,600 RMB) [10] - Baidu's autonomous driving service, "萝卜快跑," has launched its first large-scale fully autonomous operation in Abu Dhabi, following a strategic partnership with AutoGo [11] International News - Japan's new car sales in October 2025 decreased by 1.8% year-on-year, marking the fourth consecutive month of decline after a recovery in the first half of the year [12] - Skoda plans to expand its factory in Vietnam to start producing electric vehicles, enhancing local production capabilities [13] - Subaru is reassessing its nearly $100 billion electrification investment plan, aiming for annual cost savings of 200 billion yen by 2030 to offset U.S. import tariffs [14] - France has successfully tested the world's first dynamic induction charging highway, achieving instantaneous charging power of 300 kW and an average of 200 kW [15] Commercial Vehicles - The Jianghuai 1 Card Kunpeng ET9 was launched at the Wuhan International Commercial Vehicle Exhibition, featuring innovative technologies aimed at logistics efficiency [16] - Zero One unveiled its electric heavy truck "Jingzhe Leizhenzi," which boasts advanced energy efficiency and performance enhancements [17] - Dongfeng Light Vehicles announced a new brand and strategy focused on high-end products and rapid development of new energy vehicles, aiming to lead the market by 2027 [18] - The new commercial vehicle brand "Zaihe" made its debut at the exhibition, showcasing a range of innovative models designed for various logistics needs [19]

Core Insights - The article highlights the significant growth in China's new energy commercial vehicle exports, with a year-on-year increase of 144.5% in the first nine months of 2025, reaching 73,000 units, which constitutes 8.7% of total commercial vehicle exports [22][23][28]. - Australia emerges as the largest export market for China's new energy commercial vehicles, with exports soaring by 2410.3% in the same period [22][28]. - The article discusses the implementation of new regulations and standards in the commercial vehicle sector, aimed at enhancing safety and promoting the adoption of electric vehicle battery swapping [5][6][11]. Policy and Regulations - A new national standard for electric vehicle battery swapping for commercial vehicles will be implemented starting November 1, 2025, promoting the safe and reliable operation of electric commercial vehicles [5]. - The Ministry of Transport and other departments are pushing for the large-scale application of artificial intelligence in transportation, focusing on smart driving technology and improving public travel experiences [6][12]. - The Ministry of Transport has released new technical specifications for hydrogen transportation, effective from March 1, 2026, to ensure safety in hydrogen road transport [7]. Market Insights - The export of new energy commercial vehicles from China is primarily driven by the global push for carbon neutrality, leading to a strong demand for such vehicles [23][28]. - The article notes that the export market is facing challenges, including varying technical standards and local market conditions in different countries [36][37]. - The export structure shows a significant concentration in Australia, Mexico, the Philippines, and Chile, indicating a trend towards high-quality development in these markets [28][29]. Company Monitoring - Qingling New Energy has launched a new electric tow truck designed for narrow road rescue scenarios, featuring a peak power of 110 kW [38][39]. - GAC Aion has introduced the world's first 8.5-meter L4-level autonomous city bus, which boasts a range of over 400 kilometers and includes accessibility features [41][42]. - Great Wall Motors has officially launched the Haval Shanhai Pao Hi4-T in Chile, accelerating its global brand expansion [38].

Core Viewpoint - The domestic passenger car market in China experienced a slight retail sales decline in October 2025, with a year-on-year decrease of 0.5%, while cumulative sales from January to October showed an 8.0% increase compared to the previous year [1][3]. Sales Performance - In October 2025, the retail sales of passenger cars reached 2.248 million units, marking a 0.5% decrease year-on-year but a 0.2% increase month-on-month [1]. - Cumulative sales from January to October 2025 totaled 19.256 million units, reflecting an 8.0% year-on-year growth [1]. Manufacturer Rankings - In October 2025, BYD led the sales with 436,856 units, despite a year-on-year decline of 12.7% [4]. - Geely and Chery followed with significant increases in sales, with Geely showing a 35.5% year-on-year growth [4]. - For the January to October period, BYD maintained the top position with 3.656 million units sold, a 12.9% increase year-on-year [5]. New Energy Vehicle (NEV) Market - The NEV market showed a mixed performance, with pure electric vehicle sales significantly increasing, while range-extended and plug-in hybrid vehicles entered a slower growth phase [3]. - In October 2025, NEV retail sales saw a 7.3% increase year-on-year, contrasting with a 10% decline in conventional fuel vehicles [3]. Wholesale and Retail Rankings for NEVs - In October 2025, BYD again led the NEV wholesale rankings with 436,856 units, despite a 12.7% year-on-year decline [9]. - For the January to October period, BYD sold 3.656 million NEVs, capturing a 30.3% market share [10]. Market Trends - The overall growth rate of passenger vehicles has been gradually slowing down in the second half of the year, indicating a potential market saturation [3]. - The NEV market is experiencing structural differences, highlighting a divergence in consumer preferences and demand within the segment [3].

Core Viewpoint - The announcement by the Ministry of Industry and Information Technology (MIIT) includes the release of the 400th batch of "Road Motor Vehicle Production Enterprises and Products," the 79th batch of "Directory of Energy-Saving and New Energy Vehicle Models Enjoying Tax Reductions," and the 23rd batch of "Directory of New Energy Vehicle Models Exempt from Vehicle Purchase Tax" [5][6]. Group 1: Announcement Details - The announcement was made on November 6, 2025, and published on November 7, 2025, by the MIIT [5]. - The announcement is based on various regulations, including the Administrative Licensing Law and several notices regarding tax exemptions for energy-saving and new energy vehicles [6]. Group 2: Vehicle Production Enterprises - The 400th batch includes 96 automobile manufacturers, 308 private modified vehicle manufacturers, 6 over-limit vehicle manufacturers, and 1 three-wheeled vehicle manufacturer [7]. - There are 148 automobile manufacturers with expanded product changes and 601 manufacturers with parameter expansions [8]. Group 3: New Energy Vehicle Models - The 79th batch includes a total of 211 qualifying models, with 6 new energy-saving vehicle models and 205 new energy vehicle models, including 6 plug-in hybrid passenger cars, 182 pure electric commercial vehicles, 10 plug-in hybrid commercial vehicles, and 7 fuel cell commercial vehicles [8]. - The 23rd batch includes 458 qualifying models, comprising 374 pure electric vehicles (63 passenger cars, 47 buses, 58 trucks, and 206 special vehicles), 59 plug-in hybrid vehicles (41 passenger cars, 5 trucks, and 13 special vehicles), and 25 fuel cell vehicles (2 buses, 8 trucks, and 15 special vehicles) [9].

Core Viewpoint - The used car market in China shows a steady growth trend in September 2025, with significant increases in transaction volume and value compared to previous months and the same period last year [3][25]. Market Overview - In September 2025, the national used car market recorded a transaction volume of 1.7944 million units, a month-on-month increase of 5.10% and a year-on-year increase of 8.20%, with a transaction value of 110.466 billion yuan [3]. - From January to September 2025, the cumulative transaction volume reached 14.7328 million units, a year-on-year growth of 3.63%, with a total transaction value of 946.227 billion yuan [3]. Weekly Analysis - From October 20 to 26, 2025, the average daily transaction volume in the domestic used car market fell to 65,900 units, a week-on-week decrease of 4.3% [6]. Segment Market Changes - In September 2025, the transaction volume for basic passenger cars was 986,800 units, with a month-on-month increase of 3.55% and a year-on-year increase of 4.17% [8]. - The transaction volume for SUVs was 232,600 units, with a month-on-month increase of 3.38% and a year-on-year increase of 2.99% [8]. - Commercial vehicles also saw growth, with passenger cars at 104,700 units (10.05% increase) and cargo vehicles at 157,500 units (5.12% increase) [8][11]. Vehicle Age Analysis - In September 2025, vehicles aged 3-6 years accounted for the largest share of transactions at 41.12%, a decrease of 1.24% from the previous month [17]. - Vehicles under 3 years old made up 25.10% of transactions, while those over 10 years old accounted for 12.55% [17]. Price Range Analysis - In September 2025, vehicles priced below 30,000 yuan represented the largest market share at 31.3%, with a month-on-month increase of 1.6 percentage points [24]. - The average transaction price for used cars was 61,600 yuan, a decrease of 800 yuan from August and a decrease of 2,600 yuan from the same period last year [27]. Regional Performance - The East China region led in transaction volume with 506,900 units, a month-on-month increase of 6.21% [25]. - The North China region also showed strong performance with a transaction volume of 276,800 units, increasing by 6.74% [25]. New Energy Vehicle Market Overview - In September 2025, the national transaction volume for used new energy vehicles reached 159,100 units, a month-on-month increase of 7.2% and a year-on-year increase of 58.3% [30]. - From January to September 2025, the cumulative transaction volume for used new energy vehicles was 1.1367 million units, a year-on-year growth of 43.9% [30]. Used Car Circulation Analysis - The transfer rate of used cars in September 2025 was 32.12%, an increase of 1.3 percentage points from the previous month [43]. - The total transfer volume was 576,300 units, reflecting a month-on-month increase of 9.41% [43]. Dealer Survey Insights - In September 2025, the top five provinces for transfer rates were Beijing, Jiangsu, Tianjin, Guangdong, and Zhejiang, with Beijing having a transfer rate of 36.09% [50].

New Car Transaction Situation - In September, Beijing's new car transactions reached 64,900 units, with a month-on-month increase of 13.69% and a year-on-year increase of 4.02%. The month-on-month growth rate is 0.79 percentage points higher than the national average, while the year-on-year growth rate is 10.88 percentage points lower than the national average [4][21] - From January to September, a total of 486,600 new cars were traded in Beijing, a decrease of 2.94% compared to last year, which is 15.84 percentage points lower than the national average [4] Imported Car Sales Situation - In September, Beijing's imported car transactions totaled 2,456 units, showing a month-on-month increase of 8.29% but a year-on-year decrease of 15.22% [8][12] - From January to September, the cumulative transactions of imported cars in Beijing were 21,700 units, reflecting a year-on-year decline of 20.39% [8] New Energy Vehicle Sales Situation - In September, Beijing's new energy vehicle transactions reached 41,900 units, with a month-on-month increase of 14.25% and a year-on-year increase of 25%, accounting for 64.55% of the total new car transactions [13][21] - Pure electric vehicle sales were 26,200 units, making up 62.54% of new energy vehicle sales. However, the proportion of pure electric vehicles has been declining since June, decreasing by 7.18 percentage points [13][21] - From January to September, a total of 290,900 new energy vehicles were traded in Beijing, representing a year-on-year growth of 16.78% and accounting for 59.78% of total new car transactions [13] Used Car Transaction Situation - In September, Beijing's used car transaction volume was 62,300 units, with a month-on-month increase of 14.75% and a year-on-year increase of 11.42% [19][21] - From January to September, the cumulative used car transactions reached 501,000 units, showing a year-on-year growth of 0.81% [19] - The average transaction price of used cars in the third quarter increased by 0.02 million yuan compared to the second quarter, but decreased by 0.78 million yuan compared to the same period last year, indicating pressure on dealers [21] Market Trends and Government Policies - The third quarter saw a V-shaped trend in Beijing's new car sales, with a rapid increase in June followed by a decline in July and August, before a recovery in September [21] - Government regulations targeting issues such as blind exports and price competition were introduced, indicating a commitment to addressing the chaotic state of the automotive industry [21] - Despite short-term spikes in sales due to policy support, the overall market remains under pressure, particularly for traditional fuel vehicles, while the used car market shows signs of recovery [21]

Core Insights - The article provides a comprehensive analysis of the Chinese passenger car market for October 2025, highlighting trends in retail, wholesale, production, and exports, particularly focusing on the performance of new energy vehicles (NEVs) and the competitive landscape among domestic and foreign brands [17][18][19]. Market Overview - In October 2025, retail sales of passenger cars reached 2.242 million units, a year-on-year decrease of 0.8% and a month-on-month decrease of 0.1%. Cumulative retail sales for the year reached 19.25 million units, up 7.9% year-on-year [17]. - The wholesale volume for October was 2.932 million units, marking a historical high for the month, with a year-on-year increase of 7.6% and a month-on-month increase of 4.9% [21]. - Production in October totaled 2.951 million units, a year-on-year increase of 11.4% and a month-on-month increase of 3.7% [20]. New Energy Vehicle (NEV) Market - NEV retail sales in October reached 1.282 million units, a year-on-year increase of 7.3%, while cumulative sales for the year reached 10.151 million units, up 21.9% [23]. - The penetration rate of NEVs in the domestic market was 57.2%, an increase of 4.3 percentage points year-on-year [27]. - NEV wholesale volume was 1.621 million units in October, up 18.5% year-on-year, with cumulative wholesale reaching 12.058 million units, an increase of 29.9% [23]. Export Performance - In October, total passenger car exports reached 568,000 units, a year-on-year increase of 27.7% and a month-on-month increase of 7.5%. Cumulative exports for the year reached 4.567 million units, up 14.2% [20]. - NEVs accounted for 44.2% of total exports in October, with 251,000 units exported, reflecting a year-on-year increase of 104% [28]. Competitive Landscape - Domestic brands achieved a retail volume of 1.55 million units in October, a year-on-year increase of 4%, capturing a market share of 68.7% [19]. - Traditional automakers like Geely, Changan, and Great Wall have shown significant improvements in market share, while joint venture brands faced challenges with a 10% decline in retail volume [19][20]. - The new energy segment saw strong performances from brands like BYD, which sold 436,856 units, and other domestic brands also reported robust sales figures [30][31]. Future Outlook - The market is expected to see continued growth in November due to year-end purchasing urgency driven by tax incentives and seasonal factors [33]. - The export momentum is likely to persist, supported by increasing recognition of Chinese NEV brands in international markets [34].

Sales Performance - In September, the total passenger car sales reached 2.25 million units, a year-on-year increase of 4.0% and a month-on-month increase of 13.4% [5] - The new energy vehicle (NEV) market sales were approximately 1.287 million units, with a year-on-year increase of 16.4% and a month-on-month increase of 17.4% [5] - NEVs accounted for 57.2% of total passenger car sales in September, an increase of 2.0% from the previous month and up 6.1% from the same period last year [5] Market Dynamics - In September, pure electric vehicle sales were about 838,000 units, showing a year-on-year increase of 32.3% and a month-on-month increase of 19.1% [6] - Plug-in hybrid sales were approximately 449,000 units, reflecting a year-on-year decrease of 4.9% but a month-on-month increase of 14.3% [6] - By 2025, cumulative sales of NEVs are projected to reach 8.634 million units, with a cumulative year-on-year increase of 22.8% [8] Top Cities for NEV Sales - The top 10 cities for NEV sales in September accounted for 25.4% of total sales, a decrease of 0.6% from the previous month [11] - The top three cities were Chengdu, Guangzhou, and Beijing, with Ningbo replacing Tianjin in the top ten [11] - NEV penetration rates in the top 10 cities exceeded 50%, with Shenzhen leading at 67.7% [11] Pure Electric Market Analysis - In September, the personal user share in the pure electric market was 87.3%, a year-on-year increase of 36.3% [18] - Cumulative data shows that personal users account for 85.9% of the pure electric market [18] - The top three segments in the pure electric market were B-SUV (16.5%), A0 class (16.2%), and A00 class (14.2%) [12] Industry Events - On September 7, CATL launched the NP3.0 battery safety technology platform in Munich, Germany, aimed at enhancing safety standards in the electric vehicle market [20] - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, raising 9.14 billion HKD, marking the largest IPO for a car company in the Hong Kong market this year [22] - On the same day, Mercedes-Benz announced a strategic investment of approximately 1.34 billion CNY in a local intelligent driving company to enhance its technology collaboration in China [24] Industry Policies - The Ministry of Industry and Information Technology is seeking public input on mandatory national standards for intelligent connected vehicles and safety requirements for vehicle door handles, aiming to improve road safety [27]