崔东树：10月乘用车厂商生产、出口、批发均创当月历史新高

Core Viewpoint - The automotive market is experiencing a shift from the traditional "golden September and silver October" sales peak to a more varied performance, with significant changes in consumer behavior and market dynamics over the years [1]. Group 1: Market Trends - The concept of "golden September and silver October" was more pronounced before 2016, with lower housing prices and a larger first-time car buyer demographic [1]. - The automotive market peaked in 2017, with a shift from first-time buyers to replacement buyers, leading to a decline in sales growth over the past seven years [1]. - In October 2025, the wholesale volume of passenger cars reached a historical high of 2.93 million units, marking a 7% year-on-year increase and a 5% month-on-month increase [9]. Group 2: Sales Performance - In October 2025, retail sales of passenger cars were 2.24 million units, a decrease of 0.9% year-on-year and a slight decrease of 0.1% month-on-month [5]. - The cumulative retail sales for the year reached 19.25 million units, reflecting an 8% year-on-year growth [5]. - The retail penetration rate of new energy vehicles in October was 57.2%, supported by policies such as tax exemptions for new energy vehicles [1][40]. Group 3: Production and Inventory - Passenger car production in October 2025 was 2.95 million units, an 11% year-on-year increase and a 4% month-on-month increase [11]. - The overall inventory of passenger cars increased by 140,000 units in October, indicating proactive inventory management by manufacturers [12]. - The cumulative production for the year reached 2.368 million units, with a 13.4% year-on-year growth [11]. Group 4: Promotional Strategies - The promotional intensity for traditional fuel vehicles remained stable at 24% in October, reflecting a slight increase compared to previous months [16]. - The promotional efforts for new energy vehicles decreased slightly to 9.8%, indicating a return to more normalized promotional levels [18]. - The promotional strategies for luxury vehicles reached a high of 28.4%, driven by strong demand in the high-end market [20]. Group 5: Brand Performance - In October, retail sales of domestic brands reached 1.54 million units, a 4% year-on-year increase, capturing a market share of 68.7% [32]. - The cumulative market share of domestic brands for the year was 65.2%, reflecting a 5.5 percentage point increase compared to the previous year [32]. - The luxury vehicle segment faced challenges, with retail sales declining by 10% year-on-year in October [33].