乘联分会：9月车市零售走势平稳

Core Insights - The retail sales of passenger cars in China for September 2023 reached 2.239 million units, representing a year-on-year increase of 6% and a month-on-month increase of 11% [1] - Cumulative retail sales for the year 2023 stand at 17.004 million units, showing a year-on-year growth of 9% [1] - The retail market for passenger cars in September 2025 is stable compared to 2023, but weaker than the performance in early September 2024 [1] Market Dynamics - The strong retail performance in August 2023 was driven by the government's expanded trade-in policy initiated at the end of July 2024, which led to higher-than-expected sales [1] - Some dealers shifted sales from late August to early September to achieve a more balanced monthly sales progress, resulting in a slight negative growth in early September 2023 [1] - The implementation of trade-in subsidies in certain regions has been cautious, considering the sustainability of these subsidies, leading to slower sales trends in those areas [1] Seasonal Factors - The third week of September 2023 showed better year-on-year performance due to a low sales base from the previous year, as September 17, 2022, coincided with the Mid-Autumn Festival [1] - Despite the improved weekly performance, the overall market trend remains relatively stable without surpassing the average daily contribution of sales [1]