2 1 Shi Ji Jing Ji Bao Dao·2025-12-25 08:24Core Insights - The Chinese automotive market is at a historic crossroads, transitioning from a growth phase to a competitive landscape characterized by technology, ecology, and globalization [1] - The penetration rate of new energy vehicles (NEVs) has reached 62.3%, marking a significant shift in market dominance [3] - The competition has intensified, moving from volume-driven growth to a focus on technology iteration, ecological construction, and organizational efficiency [5] Market Performance - In November 2025, retail sales of passenger vehicles in China were 2.225 million units, a year-on-year decline of 8.1% and a month-on-month decline of 1.1% [2] - Retail sales of fuel vehicles fell by 22% year-on-year, while pure electric models grew by 9.2%, pushing the NEV retail penetration rate to 59.3% [3] Competitive Landscape - BYD's domestic sales in November 2025 were 348,300 units, down 26.81% year-on-year, indicating increased competitive pressure [5] - Geely's NEV sales exceeded 1.5 million units in the first 11 months of 2025, achieving a penetration rate of 60.5% [6] - Chery's NEV sales reached 116,800 units in November, a year-on-year increase of 50.1%, marking a historical high [6] Export Dynamics - China's automotive exports surpassed 700,000 units in November 2025, with NEV exports doubling year-on-year [9] - BYD's overseas sales in November were 132,000 units, a 297% increase, with a target of over 1.6 million overseas sales in 2026 [10] - Chery's exports in November were 136,700 units, a year-on-year increase of 30.3%, indicating strong international demand [11] Strategic Shifts - The automotive industry is transitioning from a trade-oriented export model to a more integrated approach involving localized production and ecosystem collaboration [9] - Companies like NIO and Leap Motor are adopting unique strategies for international expansion, focusing on user-centric models and cost control [12][9] Policy Implications - The adjustment of the new energy vehicle purchase tax in 2026 will require companies to enhance cost control and supply chain optimization [14] - The new regulatory guidelines aim to address excessive competition and promote a shift towards high-quality development in the industry [14] Future Outlook - The market is expected to see a modest growth of around 3% in 2026, with NEV penetration continuing to rise but at a slower pace [15] - Companies are focusing on product iteration, technological implementation, and cost optimization to prepare for intensified competition [16][17]