Core Viewpoint - Morgan Stanley reports that passenger car sales in mainland China grew only 3% month-on-month in November, which is below seasonal levels, primarily due to weak demand as government subsidies were exhausted earlier than expected, leading consumers to adopt a wait-and-see attitude [1] Group 1: Sales Performance - November passenger car sales in mainland China showed a month-on-month increase of only 3%, indicating weak demand [1] - Major electric vehicle manufacturers provided moderate guidance for fourth-quarter sales, suggesting a continuation of weak trends into December [1] Group 2: Government Subsidies and Market Outlook - There is over a 50% chance that government subsidies or other forms of stimulus will continue into next year, but they may come with increased requirements for vehicle technology, such as energy efficiency for new energy vehicles [1] - If subsidies continue, domestic passenger car demand is expected to remain flat; if not, it could decline by 3% to 5% [1] Group 3: Future Demand Projections - Overall, regardless of the subsidy scenario, first-quarter demand for new energy passenger cars is projected to decline by approximately 30% quarter-on-quarter and remain below seasonal levels [1]
小摩：料12月内地乘用车需求持续疲弱 明年补贴或延续但加新要求
智通财经网·2025-12-15 07:32