Market Overview - In December 2025, the retail sales of passenger cars in China reached 2.296 million units, a year-on-year decrease of 13%, but a month-on-month increase of 3%. Cumulatively, retail sales for the year amounted to 23.779 million units, reflecting a year-on-year growth of 4% [1][5] - The wholesale volume for passenger cars in December 2025 was 2.759 million units, down 10% year-on-year and down 8% month-on-month. The cumulative wholesale for the year was 29.524 million units, showing a year-on-year increase of 9% [1][8] New Energy Vehicle (NEV) Performance - Retail sales of new energy vehicles in December 2025 reached 1.387 million units, a year-on-year increase of 7% and a month-on-month increase of 5%. Cumulatively, retail sales for the year were 12.859 million units, up 18% year-on-year [1][5] - The wholesale volume of new energy vehicles in December was 1.554 million units, a year-on-year increase of 3% but a month-on-month decrease of 9%. The cumulative wholesale for the year was 15.31 million units, reflecting a year-on-year growth of 25% [1][5] Production Trends - In the first four weeks of December, the production of pure fuel light vehicles was 905,000 units, down 29% year-on-year and down 16% month-on-month. The production of hybrid and plug-in hybrid vehicles totaled 525,000 units, down 26% year-on-year and down 21% month-on-month [2] Weekly Sales Trends - The average daily retail sales for the first week of December were 42,000 units, down 32% year-on-year and down 8% month-on-month. The second week saw an average of 67,000 units, down 17% year-on-year but up 9% month-on-month. The third week recorded 77,000 units, down 11% year-on-year and up 9% month-on-month. The fourth week had 90,000 units, down 12% year-on-year and down 15% month-on-month. The fifth week experienced a surge to 123,000 units, up 17% year-on-year and up 2% month-on-month [4][5] Policy Impact - The tightening of trade-in and scrapping subsidy policies has led to a cautious attitude among dealers, contributing to a decline in retail sales in November. However, the release of the new subsidy policy for 2026 is expected to stimulate demand and support a strong start in January 2026 [6][11] Global Market Share - In the first eleven months of 2025, China accounted for 68.4% of the global market share for new energy passenger vehicles, with a significant contribution to the global increase in sales [12][13]

Core Viewpoint - Volkswagen is planning to export cars developed and manufactured in China to more overseas markets, aiming to leverage its increasing expertise in Chinese technologies [1] Group 1 - The German automaker is focusing on expanding its market reach by utilizing its growing knowledge and capabilities in the Chinese automotive sector [1] - This strategy reflects Volkswagen's commitment to enhancing its global presence and competitiveness in the automotive industry [1]

Group 1: Market Overview - In the period from September 1 to 27, 2025, the national retail sales of passenger cars reached 1.776 million units, showing a year-on-year growth of 0% and a month-on-month increase of 12% [1] - Cumulative retail sales for the year reached 16.54 million units, reflecting an 8% year-on-year increase [1] - For the same period, wholesale sales of passenger cars amounted to 2.103 million units, with a year-on-year growth of 1% and a month-on-month increase of 16% [1] Group 2: New Energy Vehicles - Retail sales of new energy vehicles from September 1 to 27 reached 1.039 million units, marking a 9% year-on-year increase and a 17% month-on-month increase [1] - The penetration rate of new energy vehicle retail sales was 58.5%, with cumulative retail sales for the year at 8.609 million units, a 24% year-on-year growth [1] - Wholesale sales of new energy vehicles during the same period were 1.154 million units, reflecting a 12% year-on-year increase and a 21% month-on-month increase [1] Group 3: Sales Trends - The first week of September saw an average daily retail of 43,885 units, a 10% year-on-year decline [3] - The second week recorded an average daily retail of 48,652 units, showing a 1% year-on-year increase [3] - The third week had an average daily retail of 59,236 units, with a 9% year-on-year growth [4] Group 4: Wholesale Trends - The first week of September had an average daily wholesale of 44,984 units, a 5% year-on-year decline [8] - The second week recorded an average daily wholesale of 67,580 units, a 1% year-on-year decline [8] - The fourth week saw an average daily wholesale of 132,397 units, reflecting a 2% year-on-year increase [8] Group 5: Export Performance - In August 2025, China exported 764,000 vehicles, a 25% year-on-year increase, with cumulative exports from January to August reaching 4.94 million units, a 21% year-on-year growth [4] - The top ten countries for vehicle exports included Russia, UAE, and Mexico, with significant increases in exports to Australia and Algeria [10] - The export of new energy vehicles showed strong performance, particularly in markets like Belgium and the Philippines [12] Group 6: Market Dynamics - The introduction of new models at the Chengdu Auto Show has led to increased sales, although the overall contribution of new models has been below expectations due to a lack of entry-level popular models [5] - The traditional peak season of "Golden September and Silver October" is expected to boost sales, aided by national and local subsidies [6] - The market is experiencing a shift towards larger family vehicles, driven by changing family structures and increased demand for comfort and space [13]

点 击 蓝 字 关 注 我 们 本文全文共 3367 字，阅读全文约需 11 分钟 由于外部环境的剧烈变化，且出现超预期的普遍加关税的巨大外部变盘压力，消费心态也受到一定的影 响，但国家早有促进内需的政策导向，因此我们的发展靠"内、外需"共同推动的趋势日益明显，乘用车市场稳 内需的效果已经持续体现。随着一季度经济持续走稳，4月乘用车市场零售走势平稳向好。 3.2025年4月全国乘用车厂商销量平稳 乘用车： 4月1-20日，全国乘用车市场零售89.7万辆，同比去年4月同期增长12%，较上月同期下降9%， 今年以来累计零售602.4万辆，同比去期增长7%；4月1-20日，全国乘用车厂商批发99.3万辆，同比去年4月同 期增长14%，较上月同期下降12%，今年以来累计批发727.1万辆，同比增长12%。 新能源： 4月1-20日，全国乘用车新能源市场零售47.8万辆，同比去年4月同期增长20%，较上月同期下降 11%，零售渗透率53.3%，今年以来累计零售289.8万辆，同比增长33%；4月1-20日，全国乘用车厂商新能源批 发53万辆，同比去年4月同期增长23%，较上月同期下降7%，批发渗透率53.3%，今年以来 ...