Di Yi Cai Jing·2025-11-14 03:15Core Insights - The average price reduction for new energy vehicles (NEVs) in October 2025 reached 18,000 yuan, with a reduction rate of 11.1% [1] - From January to October 2025, the average price reduction for NEVs was 21,000 yuan, with a reduction rate of 10.8%, second only to 2022 [1][2] - In comparison, conventional fuel vehicles had an average price reduction of 14,000 yuan and a reduction rate of 8.4% during the same period [1] Price Reduction Analysis - The average price reduction for NEVs in October 2025 was 18,000 yuan, while the overall passenger vehicle market saw an average reduction of 19,000 yuan [2] - The price reduction for conventional fuel vehicles averaged 14,000 yuan, indicating that NEVs are experiencing a higher reduction rate compared to the overall market [1][2] - The promotional intensity for NEVs in October was at a mid-high level of 9.8%, slightly down from the previous month but still higher than the same period last year [2][3] Model-Specific Insights - Among the 14 models that saw price reductions in October, 6 were pure electric vehicles, with an average post-reduction price of 138,000 yuan and a reduction rate of 8% [3] - The largest price drop was observed in the Hongqi EQM model, which saw a reduction of 36% [3] - Plug-in hybrid vehicles had an average post-reduction price of 218,000 yuan, with a significant reduction of 42,000 yuan, primarily driven by GAC Trumpchi and Great Wall's models [3] Profitability Concerns - Despite the aggressive price reductions, companies need to focus on profitability, as evidenced by significant profit declines reported by several automakers [4] - Great Wall Motors reported a more than 30% decline in Q3 profits, while Changan Automobile's net profit fell by 14.66% [4] - GAC Group reported its highest quarterly loss since going public, with a net loss of 1.774 billion yuan in Q3, indicating a 27.02% year-on-year increase in losses [4]