国泰海通｜汽车：11月乘用车市场优惠力度持续减弱

Core Viewpoint - The discount intensity in the passenger car market continues to weaken in November, indicating a shift from price wars to refined operations in the domestic market [1] Group 1: Market Discounts and Pricing Trends - In November 2025, the average discount rate for the passenger car market was 18.3%, a decrease of 0.3 percentage points month-on-month and an increase of 1.0 percentage point year-on-year. The average price was 159,000 yuan, remaining stable month-on-month but down nearly 9,900 yuan year-on-year [1] - The average discount rate for traditional energy vehicles was 26.4%, up 0.1 percentage points month-on-month and up 2.6 percentage points year-on-year, with an average wholesale price of 164,000 yuan, stable month-on-month but down nearly 14,000 yuan year-on-year. In contrast, the average discount rate for new energy vehicles was 12.2%, down 0.5 percentage points month-on-month and up 1.0 percentage point year-on-year, with an average wholesale price of 156,000 yuan, stable month-on-month but down about 5,000 yuan year-on-year [2] Group 2: Brand Strategies and Market Performance - Among domestic brands, new energy brands maintain a stable pricing system, with AITO and Leap Motor having low terminal discount rates of 6.2% and 11.4%, respectively, indicating solid market demand and pricing power. In contrast, non-luxury joint venture brands have higher discount rates, typically between 25% and 32%, reflecting pressure from the transition to new energy and competition from domestic brands [3] - The pricing strategies of luxury brands show significant differentiation. Tesla China has a discount rate of 4.3%, while traditional luxury brands like Mercedes-Benz, BMW, and Audi have discount rates between 28% and 31%, indicating a price-for-volume strategy. Second-tier luxury brands like Volvo Asia-Pacific and Cadillac have even higher discount rates. Overall, the market shows a pattern where new energy leaders maintain stable prices while traditional brands rely on high discount rates to maintain market share [3]