Core Insights - The wholesale growth rate for passenger cars in China is projected to be 9% in 2025, while the growth rate for new energy passenger cars is expected to reach 25%, aligning with the growth expectations set for the "14th Five-Year Plan" [1] - The end of the tax exemption policy for new energy vehicle purchases has led to a significant market shift, with many provinces experiencing a depletion of funds for trade-in subsidies, resulting in a mixed market performance [1] Passenger Car Market Overview - In December 2025, the retail sales of passenger cars decreased by 14%, which is significantly lower than the 9% decline in wholesale sales [2] - The A00 class cars saw a wholesale decline of 33% year-on-year and a 34% month-on-month drop in December 2025, with retail sales down 53% year-on-year [5] - The A0 class cars experienced a 34% increase in wholesale sales year-on-year, but a 10% decrease month-on-month in December 2025, with retail sales up 31% year-on-year [7] - A0 class SUVs had a wholesale decline of 18% year-on-year in December 2025, while retail sales decreased by 12% year-on-year [9] A-Class Passenger Car Trends - A-class sedans saw a wholesale decline of 24% year-on-year in December 2025, with retail sales down 23% year-on-year [11] - A-class SUVs experienced a 16% year-on-year decline in wholesale sales in December 2025, with retail sales down 33% year-on-year [13] B-Class Passenger Car Trends - B-class sedans had a wholesale decline of 7% year-on-year in December 2025, with retail sales down 6% year-on-year [15] - B-class SUVs saw a 7% increase in wholesale sales year-on-year in December 2025, with retail sales up 6% year-on-year [17] - B-class MPVs experienced a 21% increase in wholesale sales year-on-year in December 2025, with retail sales up 5% year-on-year [19]