乘联分会·2025-09-03 09:05Market Overview - In August 2025, the retail sales of passenger cars in China reached 1.952 million units, a year-on-year increase of 3% and a month-on-month increase of 7%. Cumulatively, retail sales for the year reached 14.698 million units, up 9% year-on-year [1][4] - Wholesale sales of passenger cars in August 2025 totaled 2.409 million units, a year-on-year increase of 12% and a month-on-month increase of 8%. Cumulative wholesale sales for the year reached 17.934 million units, also up 12% year-on-year [1][4] New Energy Vehicle Market - Retail sales of new energy vehicles in August 2025 reached 1.079 million units, a year-on-year increase of 5% and a month-on-month increase of 9%. The penetration rate of new energy vehicles in the retail market was 55.3%, with cumulative retail sales for the year at 7.535 million units, up 25% year-on-year [1][4] - Wholesale sales of new energy vehicles in August 2025 were 1.292 million units, a year-on-year increase of 23% and a month-on-month increase of 9%. The cumulative wholesale sales for the year reached 8.926 million units, up 33% year-on-year [1][4] Monthly Sales Trends - Daily average retail sales in the first week of August were 45,000 units, down 4% year-on-year but up 6% month-on-month. In the second week, daily average retail sales rose to 59,000 units, up 8% year-on-year and 10% month-on-month [3] - The third week saw daily average retail sales of 60,000 units, up 6% year-on-year but down 5% month-on-month. The fourth week recorded daily average retail sales of 95,000 units, up 2% year-on-year and up 15% month-on-month [4] Economic Context - China's economy grew by 5.3% in the first half of 2025, easing pressures on local economic growth. Recent promotional policies in various regions have stabilized the automotive market [4] - The implementation of the "old-for-new" subsidy policy has been revitalized, contributing to improved sales in August. However, the high sales base from the previous year has created pressure on growth rates [4] Industry Profitability - From January to July 2025, the automotive industry reported a profit margin of 4.6%, with total revenue reaching 5.919 trillion yuan, up 8% year-on-year. The cost of the industry was 5.205 trillion yuan, also up 8% year-on-year [7][8] - The profit for the automotive industry during this period was 273.7 billion yuan, a year-on-year increase of 0.9%, which is better than the overall decline of 2% in industrial enterprises [8] Global Market Position - In July 2025, China's share of the global automotive market reached 34%, with BYD and Geely entering the top 10 global automakers. The global automotive sales in July were 7.73 million units, a year-on-year increase of 7% [9][10] - From January to July 2025, China accounted for 68% of the global new energy vehicle market, with a significant increase in the share of domestic brands in the global market [10][12]