Core Insights - Sales of Chinese-made vehicles, including exports, rose by almost 9% year-on-year to 3.322 million units in October 2025, with domestic sales increasing by almost 6% to 2.656 million units and exports surging by 23% to 666,000 units [1] - In the first ten months of 2025, total sales of China-made vehicles increased by over 12% to 27.687 million units, with domestic sales rising by almost 12% to 22.071 million units and exports increasing by close to 16% to 5.616 million units [2] - The domestic vehicle market has been driven by government stimulus measures, including vehicle trade-in incentives and cuts in vehicle purchase taxes, particularly benefiting new energy vehicles (NEVs) [3] Sales Performance - Sales of new energy vehicles (NEVs) rose by over 26% to 12.943 million units year-to-date, with battery electric vehicle (BEV) sales surging by 40% to 8.321 million units and plug-in hybrid vehicle (PHEV) sales increasing by 14% to 4.622 million units [4] - BYD's global sales fell by 12% to 441,706 units in October, but year-to-date sales rose by 14% to 3.701 million units, with overseas sales jumping by 137% to 780,976 units [6] - SAIC Motor reported a 20% increase in global sales to 3.647 million units year-to-date, driven by a 35% surge in SAIC-GM-Wuling's deliveries [7] Future Outlook - The Chinese government is expected to reduce stimulus measures at the end of 2025, with a minimum 5% purchase tax anticipated for qualifying NEVs, while overall vehicle deliveries are forecasted to remain strong in the fourth quarter [5] - The government projects around 32.5 million vehicle deliveries for the whole of 2025, including 16 million NEVs, with exports expected to exceed 6.5 million units [5]