Bei Jing Ri Bao Ke Hu Duan·2025-10-13 13:15Core Insights - The passenger car market in China achieved a record retail sales of 2.241 million units in September, marking a year-on-year growth of 6.3% and a month-on-month increase of 11.0% [1] - The cumulative retail sales for the first three quarters reached 17.005 million units, reflecting a year-on-year growth of 9.2% [1] - The market is characterized by strong growth due to the launch of over 70 new models and the impact of year-end subsidy policies [1] Group 1: Market Performance - In September, the retail sales of new energy passenger vehicles reached 1.296 million units, showing a year-on-year increase of 15.5% and a month-on-month increase of 16.2% [2] - The penetration rate of new energy vehicles in the overall passenger car retail market reached 57.8% in September, up 5 percentage points from the same period last year [2] - Domestic brands accounted for 78.1% of new energy vehicle sales, while luxury brands had a penetration rate of 34.5%, and mainstream joint venture brands only reached 7.4% [2] Group 2: Company Performance - BYD led the domestic new energy passenger vehicle market with retail sales of 347,000 units, followed by Geely and Changan with 151,000 and 84,000 units respectively [2] - Tesla China ranked fifth in sales among new energy vehicle manufacturers [2] - New entrants like Leap Motor, Hongmeng Zhixing, and Xiaomi Auto topped the retail sales among new force brands [2] Group 3: Future Outlook - The market is expected to maintain stable growth in the fourth quarter, driven by policy guidance and a strong growth foundation [3] - The adjustment of the new energy vehicle purchase tax policy from "full exemption" to "half exemption" is likely to stimulate consumer purchases before year-end [3] - The overall market forecast for the year is expected to be revised upward due to the combination of policy support and high export growth [3]