Core Insights - The passenger car market in July 2025 saw record highs in retail, exports, wholesale, and production, with new energy vehicle (NEV) exports reaching an all-time monthly high [1] - Domestic retail of passenger cars from January to July 2025 achieved a cumulative growth of 10.1%, with July's retail growth at 6.3%, indicating a "low-high-flat" trend for the year [1][2] - The price war in the market has moderated, with various hidden incentives emerging, while NEV promotions remained stable at 10.2% in July [1][4] Retail Performance - In July, the national retail of passenger cars reached 1.826 million units, a year-on-year increase of 6.3% but a month-on-month decrease of 12.4% [2][9] - Cumulative retail from January to July 2025 was 12.728 million units, reflecting a 10.1% year-on-year growth [2][9] - The retail penetration rate of NEVs in July rose to 54.0%, supported by policies like tax exemptions for NEVs [2][15] Production and Wholesale - In July, the production of passenger cars was 2.229 million units, a year-on-year increase of 12.1% [7][9] - The wholesale of passenger cars reached 2.221 million units in July, marking a historical high for the month, with a year-on-year growth of 13.0% [9] - NEV production in July was 1.147 million units, up 22.3% year-on-year, while NEV wholesale reached 1.181 million units, a 24.4% increase [10][12] Export Trends - In July, total automobile exports reached 694,000 units, with an export value of $11.837 billion [7] - NEV exports accounted for 44.7% of total exports, with a year-on-year increase of 19 percentage points [7][16] - The export of NEVs in July was 213,000 units, a significant year-on-year growth of 120.4% [16] Market Dynamics - The overall inventory of passenger cars decreased by 90,000 units in July, indicating a proactive inventory reduction by manufacturers [10] - The market for traditional fuel vehicles saw a decline in exports, while NEV exports grew significantly, highlighting a shift in market dynamics [2][7] - The competitive landscape is evolving, with traditional automakers like Geely, Chery, and Great Wall Motors showing improved market shares in the NEV segment [5][18] Brand Performance - In July, domestic brands sold 1.21 million units, achieving a market share of 65.9%, a year-on-year increase of 4 percentage points [5] - The retail share of luxury vehicles decreased to 9.3%, with a year-on-year decline of 3 percentage points [5] - New energy vehicle sales from new entrants accounted for 21.4% of the market, reflecting a growing presence of new players [20]

Core Viewpoint - The Jilin Provincial Department of Commerce and the Provincial Department of Finance announced a "Government-Bank-Enterprise" linkage program to promote car purchases through interest subsidies for loans taken by individual consumers for traditional fuel or new energy vehicles from July 15 to August 31, 2025 [3][4]. Subsidy Policy - The subsidy will apply to personal car loans of up to 200,000 yuan, providing a 10% interest subsidy on a five-year loan amount, with a maximum subsidy of 15,000 yuan [3][4]. - Financial institutions will report loan issuance, subsidy details, and performance reports to the provincial departments for fund settlement after the activity ends [3]. Participation Conditions - Financial institutions must be legally established in China, have independent legal status, and have branches in Jilin Province [4]. - Institutions should design exclusive products leveraging customer resources, simplify approval processes, and reduce total fees by over 1% for five-year products [4]. - They must have at least one year of experience in auto financing, with a monthly average loan issuance of no less than 200 million yuan over the last six months [4]. - Institutions should maintain a non-performing loan ratio of auto finance assets not exceeding 0.1% in their latest financial report [5]. - A stable partnership with local car sales enterprises is required, ensuring a diverse selection of vehicles for consumers [4][5]. Application Materials - Institutions must submit an application letter detailing their basic information, intent, and contact details [7]. - Required documents include proof of qualifications, audited financial reports for the last three years, and a report on auto finance business operations [9][10]. - A description of the service network and team, along with a proposed information system integration plan, must also be provided [10]. Recruitment Process - Application materials must be submitted in physical form and a scanned PDF version by July 14, 12 PM [11]. - The provincial departments will verify the qualifications of the applying institutions and announce selected policy implementation institutions [12]. Other Matters - Participating institutions must ensure the accuracy and completeness of submitted materials, with penalties for any fraudulent submissions [13]. - Selected institutions must comply with national laws and regulations, as well as the specific subsidy policy, during the implementation of the project [13].

Core Insights - The Chinese passenger car market experienced a significant structural price adjustment in the first four months of 2025, with a total retail of 6.872 million units, reflecting a year-on-year growth of 7.9% [1] - The average price of passenger cars in 2025 was 170,000 yuan, a decrease of 7000 yuan compared to 2024, with April 2025 showing a decline of 21,000 yuan year-on-year, marking the largest drop in nearly five years [1] Market Dynamics - The decline in prices is attributed to the increase in entry-level model sales due to government subsidies for scrapping and replacing old vehicles, leading to a shift in consumer preference towards mid-to-low-priced vehicles [1] - The penetration rate of new energy vehicles (NEVs) in the market below 50,000 yuan reached 90% in April 2025, with pure electric models accounting for 86% of this segment [2] - In the high-end market (above 300,000 yuan), NEVs accounted for approximately 40%, with range-extended models being more prevalent than pure electric and hybrid models [2] Brand Performance - In the first four months of 2025, luxury brands maintained an average price of 366,000 yuan, while joint venture brands saw a slight increase to 174,000 yuan [3] - New force brands experienced a significant price drop of 36,000 yuan to 235,000 yuan, and domestic brands slightly decreased to 121,000 yuan [3] - Notably, the average price of NEVs across luxury, joint venture, and domestic brands surpassed that of their fuel counterparts, indicating a strong market position for NEV products [3]