Core Insights - The passenger car market in September 2025 showed strong growth of 6% despite a high base, with the market for cars priced below 150,000 yuan being particularly active, while high-end range-extended and plug-in hybrid models performed weakly [1][4] - The average price of passenger cars in the first nine months of 2025 was 170,000 yuan, a decrease of 7,000 yuan compared to 2024, with a notable drop in the average price of new energy vehicles [1][4] - The upcoming expiration of the vehicle purchase tax exemption policy is expected to further stimulate the new energy vehicle market, leading to potential promotional activities by manufacturers to meet annual sales targets [1][4] Price Trends - The average retail price of passenger cars has been on a continuous upward trend from 151,000 yuan in 2019 to 183,000 yuan in 2023, but has seen a decline to 177,000 yuan in 2024 and 170,000 yuan in the first nine months of 2025 [4][5] - The average price of new energy vehicles has decreased significantly from 184,000 yuan in 2023 to 160,000 yuan in 2025, indicating a vibrant consumer market for these vehicles [1][4] Market Structure - The market structure has shifted, with a notable increase in the sales of entry-level electric vehicles, while the share of high-end traditional vehicles has declined [1][9] - The market share of vehicles priced above 150,000 yuan has decreased, particularly in the 200,000-300,000 yuan segment, which fell from 17% in 2024 to 16% in 2025 [9][10] Sales Volume by Price Segment - The sales volume in the low-end market (below 150,000 yuan) has increased, reflecting a broader consumer base entering the market, which is beneficial for overall market growth [6][9] - The penetration rate of new energy vehicles in the microcar segment reached 100%, with A0-class small cars at 80% and A-class vehicles at 44% [11][12] New Energy Vehicle Structure - The penetration rate of new energy vehicles reached 57.8% in September 2025, with a strong contribution expected in the coming months [14] - The growth of pure electric vehicles continues to outpace that of plug-in hybrids, with traditional passenger vehicles facing ongoing sales pressure [13][14]