乘联分会11月份全国乘用车市场展望：厂商销量仍会表现较强

Group 1: Passenger Car Market Outlook - In November 2025, there will be 20 working days, one less than the same period last year and one more than October, leading to a slightly shorter production and sales period [1] - Policy-driven demand is expected at year-end due to the expiration of the tax exemption for new energy vehicles, increasing consumer urgency to purchase cars before a 5% tax increase next year [1] - Automakers are introducing tax subsidy schemes to mitigate rising consumer costs due to extended delivery times, although these measures are seen as temporary and unsustainable [1] Group 2: Seasonal Factors and Inventory - Seasonal changes, such as colder weather and returning migrant workers, are anticipated to boost car purchasing enthusiasm in rural areas, particularly for new energy and mid-to-low-end fuel vehicles [1] - Adequate inventory is crucial for consumer choice, with November being the optimal time for manufacturers to build stock ahead of the peak sales period from December to the Spring Festival [1] Group 3: Export Growth - China's automotive exports have shown strong growth in the second half of the year, with increasing recognition of domestic new energy vehicles in overseas markets and rapid expansion of marketing networks [2] - Despite a complex external trade environment, the pressure for inventory reduction in Russia has lessened, reducing negative growth pressure on China's automotive exports to Russia and Central Asia [2]