Mei Ri Jing Ji Xin Wen·2025-12-09 14:14Group 1: Passenger Car Market Performance - In November, the retail sales of passenger cars in China reached approximately 2.225 million units, representing a year-on-year decline of 8.1% and a month-on-month decrease of 1.1% [1] - Cumulative retail sales for the year amount to about 21.483 million units, showing a year-on-year growth of 6.1% [1] - The decline in November is unusual, as the market had previously experienced a 13% growth in the first half of the year, with a subsequent slowdown in the latter half [1] Group 2: New Energy Vehicle (NEV) Sales - In November, the sales of new energy passenger vehicles reached 1.321 million units, marking a year-on-year increase of 4.2% and a penetration rate of 59.3% in the overall passenger car market [2] - BYD led the monthly wholesale sales of new energy vehicles with over 470,000 units, followed by Geely with 187,000 units [2] - The penetration rate of new energy vehicles among domestic brands is 79.6%, while luxury brands and mainstream joint ventures have penetration rates of 38.8% and 8%, respectively [2] Group 3: Export Performance of NEVs - In November, the export volume of new energy vehicles reached 284,000 units, a significant year-on-year increase of 243.3%, accounting for 47.3% of the total export market [3] - The export of pure electric vehicles constituted 57% of the new energy vehicle exports, while plug-in hybrid models made up 42% [3] - The export of power batteries also saw growth, with domestic usage at 5.683 million kWh and export usage at 1.09 million kWh, reflecting year-on-year increases of 13% and 188%, respectively [3] Group 4: Market Outlook and Challenges - The retail share of new forces in the automotive market reached 22.1% in November, an increase of 5.9 percentage points year-on-year [4] - Predictions for December suggest a stable market performance, with potential for slight negative growth due to consumer urgency driven by upcoming tax policy changes [5] - Looking ahead, the market is expected to face pressure in 2026 due to the reduction of tax exemptions, which could significantly impact sales growth [5]