Core Insights - The Chinese passenger car market achieved record retail and wholesale volumes in September, marking a strong start to the "Golden September and Silver October" period, which is crucial for the overall annual performance of the automotive market [1][3]. Retail and Wholesale Performance - In September, the retail volume of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11% [3]. - The wholesale volume was 2.803 million units, showing a year-on-year growth of 12.4% and a month-on-month increase of 13% [3]. - Cumulatively, the retail volume for the first nine months of the year reached 17.005 million units, reflecting a year-on-year growth of 9.2% [3]. Brand Structure - Domestic brands remain the main driving force in the market, with retail sales of 1.5 million units in September, a year-on-year increase of 13% and a month-on-month increase of 12.9% [4]. - The market share of domestic brands reached 66.9%, up 3.6 percentage points year-on-year [4]. - Major state-owned groups, including SAIC, Dongfeng, Changan, Chery, and BAIC, saw a combined year-on-year sales growth of 25% in September [4]. New Energy Vehicles (NEVs) - NEVs led the market with a production volume of 1.501 million units in September, a year-on-year increase of 22.9% and a month-on-month increase of 17.5% [6]. - The retail volume of NEVs was 1.296 million units, reflecting a year-on-year growth of 15.5% and a month-on-month increase of 16.2% [6]. - The penetration rate of NEVs in the domestic market reached 57.8% in September [6]. Market Dynamics - The market is experiencing a shift in structure, with pure electric vehicles (EVs) accounting for 63% of wholesale volumes in September, showing a year-on-year increase [7]. - The competition in the market is stabilizing, with a decrease in the number of models undergoing price cuts from 227 last year to 148 in 2023 [8]. - The inventory warning index for automotive dealers was 54.5% in September, indicating a 2.5 percentage point decrease month-on-month, suggesting improved order conversion efficiency [9]. Upcoming Trends - The market is entering the "Silver October" phase, with over 70 new models launched in September, contributing to increased consumer interest [10]. - The automotive consumption index for September was 88.9, indicating a positive outlook for October sales, driven by new policies and promotional activities [11].