Core Insights - In September, the national retail sales of passenger cars reached 2.241 million units, marking a year-on-year increase of 6.3% and a month-on-month increase of 11% [1][5] - Cumulatively, retail sales for the year reached 17.01 million units, reflecting a year-on-year growth of 9.2% [1][5] - The growth rate of retail sales has shown a pattern of "low at the beginning, high in the middle, and flat at the end" throughout the year, with a notable slowdown in growth from July to September [1][5] Retail Market Performance - In September, the wholesale volume of passenger cars reached 2.8 million units, setting a new historical high for the month, with a year-on-year increase of 12% [8][30] - The cumulative wholesale volume from January to September was 20.79 million units, reflecting a year-on-year growth of 13% [8][30] - The retail sales growth rate in September was significantly lower than the wholesale growth rate, indicating a divergence in market dynamics [28][30] Production Trends - Passenger car production in September reached 2.84 million units, representing a year-on-year increase of 17% and a month-on-month increase of 16% [12][30] - Cumulatively, production for the year reached 20.73 million units, with a year-on-year growth of 14% [12][30] Inventory Dynamics - In September, overall inventory for passenger cars increased by 70,000 units, contrasting with a decrease of 120,000 units in the same month last year [14][30] - The industry experienced a total inventory reduction of 220,000 units from January to September this year, compared to a reduction of 900,000 units in the same period last year [14][30] Promotional Activities - The promotional intensity for new energy vehicles increased to 10.2% in September, reflecting a slight rise compared to previous months [17][25] - Traditional fuel vehicles maintained a promotional level of 23.9%, showing stability over the past ten months [19][25] - Luxury vehicle promotions reached 27.7%, indicating a growing competitive landscape in the high-end market [21][25] Market Segmentation - In September, retail sales of self-owned brands reached 1.5 million units, with a year-on-year increase of 12% and a month-on-month increase of 13% [29][30] - The market share of self-owned brands in domestic retail reached 66.9%, up 3.6 percentage points year-on-year [29][30] - The retail performance of mainstream joint venture brands declined by 6% year-on-year, while the market share of German brands decreased by 2.3 percentage points [30][30] New Energy Vehicle Insights - The penetration rate of new energy vehicles in domestic retail reached 57.8% in September, supported by favorable policies and market dynamics [34][30] - The wholesale penetration rate for new energy vehicles was 53.5%, an increase of 4.4 percentage points compared to September 2024 [34][30]
崔东树：9月全国乘用车市场零售224.1万辆 同比增长6.3%
Zhi Tong Cai Jing·2025-10-14 12:11