Core Insights - The Chinese passenger car market experienced a significant decline in December 2025, with retail sales dropping to 2.261 million units, a year-on-year decrease of 14.0%, marking the third consecutive month of sales decline since October 2025 [2] - The overall retail sales for the year reached 23.744 million units, reflecting a year-on-year growth of 3.8%, slightly above the previous forecast of 2% [2] Market Performance - December sales were particularly weak in the fuel vehicle segment, which saw a decline of 30%. Although the new energy vehicle (NEV) sector did not experience a drop, its growth significantly slowed, with NEV retail sales at 1.337 million units, a year-on-year increase of only 2.6% [3] - The penetration rate of NEVs surpassed 50% for the first time in 2025, reaching 54%, with December's penetration rate at 59.1%, an increase of 9.6 percentage points year-on-year [3] Brand Analysis - In December, the penetration rate of NEVs among domestic brands was 80.9%, while luxury brands had a penetration rate of 39.1%, and mainstream joint venture brands only reached 8.2% [4] - The market share of domestic brands continued to grow, reaching 65% for the year, an increase of 4.8 percentage points year-on-year. In December, domestic brand retail sales were 1.46 million units, down 11% year-on-year [5] Export Performance - The export segment showed strong growth, with December passenger car exports (including complete vehicles and CKD) at 588,000 units, a year-on-year increase of 46.2%. For the entire year, exports totaled 5.739 million units, up 19.7% [5] Future Outlook - Despite the recent sales decline, there are positive factors such as the introduction of new models and a reduction in aggressive price cuts. The forecast for January 2026 anticipates a slight year-on-year sales increase, with total market sales projected at approximately 35.5 million units for the year, a 2% increase [6]
补贴政策换挡 车市连续三个月销量下滑
Jing Ji Guan Cha Wang·2026-01-11 11:17