Tai Mei Ti A P P·2025-12-03 06:33Core Insights - The Chinese automotive market in November 2025 showcased a stark contrast between the booming sales of new energy vehicles (NEVs) and rising inventory warning indices, indicating a potential disconnect between reported sales and actual consumer demand [2][9][12]. Sales Performance - Several companies, including Li Auto and Xiaopeng Motors, have reported significant year-on-year growth, with Xiaopeng achieving a 156% increase in deliveries from January to November 2025, surpassing its annual target [3][5]. - Leap Motor emerged as a standout performer, announcing over 500,000 units sold in 2025, significantly exceeding industry expectations [2][3]. - NIO's multi-brand strategy is paying off, with total deliveries reaching 36,275 units in November, driven by the new ES8 and the recently launched Le Dao brand [4][5]. Inventory Concerns - The inventory warning index for automotive dealers rose to 55.6% in November, indicating increased pressure on the distribution channel and suggesting that some of the reported sales figures may be due to inventory transfers rather than actual consumer purchases [9][10][12]. - The rising inventory levels reflect a shift in market dynamics from supply-driven growth to demand-constrained conditions, highlighting the need for companies to focus on genuine consumer demand rather than just sales figures [12][13]. Market Dynamics - The market is experiencing a transition from broad growth to a phase of "stock competition," where the ability to innovate and create demand through product offerings becomes increasingly critical [6][7]. - Companies are employing various strategies to navigate this competitive landscape, with some relying on flagship models to drive sales while others are transitioning from hybrid to fully electric vehicles [7][10]. Conclusion - The juxtaposition of high delivery numbers against rising inventory levels suggests that the automotive market is undergoing a significant transformation, necessitating a focus on channel health and sustainable demand rather than merely chasing sales figures [14][15].