21世纪经济报道·2025-10-10 07:46Core Viewpoint - The automotive market in China experienced a surge in sales during the "Double Festival" period, driven by new car launches and various promotional policies from manufacturers and dealers [1][3][5]. Group 1: Sales Performance - During the "Double Festival" from September 30 to October 7, total orders exceeded 48,500 vehicles, reflecting a strong demand influenced by a wave of new car releases [1][5]. - The retail sales of passenger vehicles from September 1 to 27 reached 1.776 million units, a month-on-month increase of 12% [3][13]. - New energy vehicles (NEVs) showed significant growth, with companies like Chery and Changan reporting year-on-year increases of 55.4% and 87% respectively in September [13]. Group 2: Policy Impact - A key policy change announced that from January 1, 2026, the purchase tax for new energy vehicles will shift from exemption to a 50% reduction, potentially increasing consumer costs by up to 15,000 yuan [6]. - The end of the "trade-in" subsidy policy in some regions created a sense of urgency among consumers, prompting many to make purchases during the holiday [6][8]. Group 3: Promotional Strategies - Various local governments and car manufacturers offered layered subsidies, with some consumers in Shanghai able to receive up to 24,000 yuan in total subsidies [8]. - Major brands like Li Auto and XPeng Motors launched attractive financing options and trade-in incentives during the holiday period, enhancing their sales appeal [9][11]. Group 4: Market Dynamics - The competition among leading brands remains intense, with BYD and SAIC leading in sales, but facing challenges from other manufacturers [14]. - Despite the overall market recovery, dealers are experiencing significant pressure, with over 52.6% reporting losses and a decline in additional promotional capabilities [16][17]. Group 5: Future Outlook - The automotive market is expected to maintain a "high open and flat walk" pattern in October, with a cautious optimism among dealers regarding a potential 5% to 10% year-on-year sales growth in the fourth quarter [17].