Core Insights - The Chinese automotive market in November 2025 shows a complex scenario with high production but declining retail demand, indicating a disconnect between production enthusiasm and consumer spending [1][2][5] Production and Sales - In November, China's automotive production reached a historic high of 3.53 million units, with a month-on-month increase of 5.1% and a year-on-year increase of 2.8% [1][2] - Cumulative production and sales from January to November reached 31.23 million and 31.13 million units, respectively, reflecting year-on-year growth of 11.9% and 11.4% [1] - Retail sales of passenger vehicles in November fell by 8.1% year-on-year and 1.1% month-on-month, indicating a significant decline in consumer demand [1][5] Inventory and Market Dynamics - The disparity between production and retail sales has led to increased inventory pressure, with manufacturer inventory rising by 60,000 units compared to a decrease of 220,000 units in the same month last year [5] - Factors contributing to this divergence include the withdrawal of previous policy stimuli and a cautious consumer outlook regarding future economic conditions [5] New Energy Vehicles (NEVs) - NEVs continue to be a key growth driver, with production and sales in November reaching 1.88 million and 1.82 million units, respectively, marking a year-on-year increase of over 20% and achieving a penetration rate of 53.2% [7][8] - From January to November, NEV production and sales totaled 14.91 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [8] - The retail penetration rate for NEVs reached 59.3%, indicating a shift from a policy-driven growth phase to a market-driven stabilization phase [8] Export Performance - November saw a record export of 728,000 vehicles, a month-on-month increase of 9.3% and a year-on-year increase of 48.5%, with total exports from January to November reaching 6.34 million units, up 18.7% year-on-year [10][13] - NEVs accounted for 47.3% of total passenger vehicle exports, reflecting a growing trend in international markets [10] - The export market is diversifying, with significant demand for plug-in hybrid models in developing countries, indicating a shift in market strategy [13] Future Outlook - The end of 2025 is marked by a critical policy transition, with the expiration of the NEV purchase tax exemption expected to create a surge in consumer demand in December [14][15] - Despite structural challenges, the overall outlook for the automotive market in 2025 remains optimistic, with expectations for record production and sales driven by policy support and resilient foreign trade [14][15]
11月车市现“产销温差”：350万产量创新高，零售下滑8%
3 6 Ke·2025-12-12 01:47