Market Overview - From November 1 to 9, the national retail sales of passenger cars reached 415,000 units, a year-on-year decrease of 19% compared to the same period last year, and a month-on-month decrease of 4%. Cumulative retail sales for the year reached 19.671 million units, a year-on-year increase of 7% [1][4] - During the same period, wholesale sales of passenger cars amounted to 468,000 units, a year-on-year decrease of 22%, but a month-on-month increase of 48%. Cumulative wholesale sales for the year reached 24.242 million units, a year-on-year increase of 11% [1][6] New Energy Vehicles (NEVs) - Retail sales of new energy passenger cars from November 1 to 9 totaled 265,000 units, a year-on-year decrease of 5%, but a month-on-month increase of 16%. Cumulative retail sales for the year reached 10.415 million units, a year-on-year increase of 21% [1] - Wholesale sales of new energy passenger cars during the same period reached 306,000 units, a year-on-year decrease of 3%, but a month-on-month increase of 59%. Cumulative wholesale sales for the year reached 1.236 million units, a year-on-year increase of 29% [1] Market Trends and Consumer Behavior - The average daily retail sales in the first week of November were 46,000 units, reflecting a year-on-year decrease of 19% and a month-on-month decrease of 4%. The retail market showed weak performance at the beginning of November, influenced by last year's strong market performance [4][6] - The macroeconomic environment remains stable, but the tightening of trade-in and scrapping subsidies has led to a cautious attitude among dealers, contributing to a decline in retail sales [4] Vehicle Ownership Statistics - By the end of 2024, the total number of vehicles in China reached 346 million, resulting in a per capita ownership of 219 passenger cars per 1,000 people. The number of registered drivers reached 506 million, with an annual increase of approximately 20 million [7] Second-Hand Vehicle Market - In the first nine months of 2025, the second-hand vehicle market saw a transaction volume of 14.73 million units, a year-on-year increase of 3.6%, with a transaction value of 946.2 billion yuan, an increase of 0.7% [9][10] - The second-hand vehicle market is expected to grow significantly, especially with the rise of new energy vehicles, providing consumers with lower-cost options [10] Pricing and Promotions - The promotion and price reduction strategies in the passenger car industry have returned to rationality, with a total of 156 new car models experiencing price reductions from January to October 2025. The average price reduction for new energy vehicles was 21,000 yuan, while for conventional fuel vehicles, it was 14,000 yuan [11][12] - The effectiveness of the trade-in policy has led to increased market sales and a reduction in aggressive price competition, improving the overall market environment [12]

Fixing up old cars and selling used ones are the bright spot in a struggling auto sector, @liamdenning says (via @opinion) https://t.co/mw61gjm0HK ...