降价减少、促销平缓！9月车市格局微变：上汽夺得第一，新势力纯电车型销量占比超七成

Core Insights - The automotive market in September 2025 experienced both month-on-month and year-on-year growth, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - The overall retail sales for the year reached 17.005 million units, marking a 9.2% year-on-year increase, setting a new historical peak [1] - The market is shifting towards a more stable operation characterized by reduced price competition and moderate promotions, driven by a wave against "involution" [1] Domestic Brands Performance - Domestic brands captured 66.9% of the market share in September, with retail sales of 1.5 million units, reflecting a 13% year-on-year increase and a 12.9% month-on-month increase [2] - From January to September, the market share of domestic brands was 64.8%, up 5.9 percentage points from the previous year [2] - The penetration rate of new energy vehicles (NEVs) among domestic brands reached 78.1%, solidifying their position as a sales engine [2] - BYD, while still leading domestic brands, saw a 5.52% year-on-year decline in September sales, totaling 396,200 units, ending an 18-month growth streak [2][4] Key Competitors in Domestic Market - Geely and Chery are gaining traction in the NEV market, with Geely reporting sales of 273,100 units in September, a 35.24% year-on-year increase [4] - Chery, which went public in Hong Kong in September, achieved sales of 255,600 units, a year-on-year increase of 8.90% [4] - Changan and Great Wall Motors also reported significant growth, with Changan's sales at 266,300 units (up 24.92% year-on-year) and Great Wall's at over 133,600 units (up 23.29% year-on-year) [5] Joint Venture and Luxury Brands - Joint venture brands faced challenges, with retail sales of 490,000 units in September, down 6% year-on-year, despite a 4% month-on-month increase [6] - Luxury brands sold 240,000 units, down 1% year-on-year, but up 16% month-on-month, with a NEV penetration rate of 40% [6] - Volkswagen's joint ventures showed mixed results, with SAIC Volkswagen achieving a record high of 94,100 units sold, while FAW-Volkswagen experienced a year-on-year decline [6] New Energy Vehicle Market Dynamics - The new energy vehicle segment is seeing a shift, with the penetration of pure electric vehicles increasing significantly [12] - The new energy vehicle market is characterized by a growing share of small and high-end electric vehicles, driven by declining battery costs and the introduction of new models [12] - The market share of independent new energy brands reached 12.5%, up 1.2 percentage points year-on-year, with brands like Deep Blue and Zeekr performing well [12] Emerging Players in the Market - New energy vehicle startups are showing strong performance, with Leap Motor leading the segment with approximately 66,700 units delivered in September, a 97% year-on-year increase [8] - Xiaopeng and Xiaomi both surpassed 40,000 units in monthly sales, marking a significant milestone for the new energy vehicle sector [11] - Overall, the new energy vehicle startups achieved a retail market share of 20.2% in September, up 3.4 percentage points year-on-year [11]