国泰海通｜汽车：10月乘用车批发价格趋稳，价格竞争持续降温

Core Insights - The passenger car market in October shows a continued stabilization in prices, with a decrease in competitive pricing intensity, indicating a shift towards refined operations in the industry [1][2] - The average discount rate for the passenger car market in October 2025 is 18.5%, a month-on-month decrease of 0.3%, while the average wholesale price has slightly decreased by 500 yuan [1] - New energy vehicles (NEVs) demonstrate significantly better price stability compared to traditional fuel vehicles, with NEVs maintaining a discount rate of 12.8% and an average price increase of 1300 yuan year-on-year [1][2] Price Strategy Differentiation - There is a notable differentiation in pricing strategies among brands, with domestic new energy brands like AITO, Xiaomi Auto, and Xpeng maintaining discount rates below 10%, while joint venture brands have an average discount rate above 20% [2] - The average price for AITO has increased by 1900 yuan month-on-month, contrasting with the price declines seen in joint venture brands such as FAW-Volkswagen and Buick [2] Market Competition in SUV Segment - The SUV market is experiencing intense competition, with major models like the Volkswagen Tayron and Mercedes-Benz GLC seeing average prices drop to historical lows, with declines ranging from 4200 to 8300 yuan [2] - The average discount rates for models such as the Volkswagen Tiguan L and Buick Envision Plus have increased to 25.7% and 29.2%, respectively, indicating a rising trend in discounting within this segment [2]