● 龚梦泽熊永红 12月11日，中国汽车工业协会发布2025年11月汽车工业产销数据，当月我国汽车产销延续良好增长态 势，月产量首次突破350万辆，出口量首超70万辆，在高基数基础上实现同比环比双增长。具体而言， 11月汽车产销分别完成353.2万辆和342.9万辆，环比分别增长5.1%和3.2%，同比分别增长2.8%和3.4%； 前11个月，汽车产销累计完成3123.1万辆和3112.7万辆，同比分别增长11.9%和11.4%，为全年产销再创 历史新高奠定坚实基础。 中汽协副秘书长陈士华表示，11月企业抢抓政策窗口期，生产供给保持较快节奏，乘用车市场运行平 稳，商用车市场持续向好，新能源汽车表现强劲，汽车出口成为拉动市场增长的核心动力，预计全年汽 车产销量将实现"十四五"圆满收官，出口量有望冲破700万辆大关。 产销结构持续优化 作为汽车市场的主力军，我国乘用车11月产销保持平稳增长，为整体市场提供稳定支撑。数据显示，11 月乘用车产销分别完成314.4万辆和303.7万辆，环比分别增长5%和2.6%，同比分别增长1.1%和1.2%。 前11个月，乘用车产销累计完成2738.8万辆和2725.6万辆，同比分 ...

● 龚梦泽 熊永红 产销结构持续优化 作为汽车市场的主力军，我国乘用车11月产销保持平稳增长，为整体市场提供稳定支撑。数据显示，11 月乘用车产销分别完成314.4万辆和303.7万辆，环比分别增长5%和2.6%，同比分别增长1.1%和1.2%。 前11个月，乘用车产销累计完成2738.8万辆和2725.6万辆，同比分别增长12%和11.5%，增速略高于行业 整体水平，展现出较强的市场韧性。 从市场表现来看，乘用车市场在政策效应与企业营销发力下，需求逐步释放。尽管部分地区以旧换新补 贴政策收紧带来短期影响，但随着反内卷效果显现，市场促销力度保持温和，消费者观望心态有所缓 解，月末零售进度显著改善。 中汽协分析指出，乘用车市场的平稳运行，主要得益于产品结构持续升级，中高端车型占比提升，以及 自主品牌在新能源、智能化领域的技术突破，有效满足了消费升级需求。 12月11日，中国汽车工业协会发布2025年11月汽车工业产销数据，当月我国汽车产销延续良好增长态 势，月产量首次突破350万辆，出口量首超70万辆，在高基数基础上实现同比环比双增长。具体而言， 11月汽车产销分别完成353.2万辆和342.9万辆，环比分别增 ...

北京商报讯(记者刘晓梦)12月11日，中国汽车工业协会发布的数据显示，今年11月商用车产销分别为 384.3万辆和387万辆，同比分别增长11.6%和10.4%。其中，天然气商用车销量23万辆，同比增长 13.4%。 ...

北京商报讯(记者刘晓梦)11月11日，中国汽车工业协会发布的数据显示，今年10月商用车产销分别为 36.4万辆和36.1万辆，环比分别下降3.3%和1.9%，同比分别增长25.4%和21%。其中，天然气商用车销 量2.6万辆，环比下降0.8%，同比增长91.6%。 ...

Core Insights - In September, China's automobile production and sales exceeded 3 million units for the first time in history, with a year-on-year growth rate maintained above 10% for five consecutive months [2][3] Group 1: Production and Sales Data - In September, automobile production reached 3.276 million units, while sales were 3.226 million units, representing month-on-month increases of 16.4% and 12.9%, and year-on-year increases of 17.1% and 14.9% respectively [2] - From January to September, production and sales totaled 24.333 million and 24.363 million units, with year-on-year growth rates of 13.3% and 12.9%, showing an acceleration in growth compared to the previous months [2] Group 2: New Energy Vehicles (NEVs) - In September, NEV production and sales reached 1.617 million and 1.604 million units, marking a historical high with year-on-year growth of 23.7% and 24.6%, accounting for 49.7% of total new car sales [3] - From January to September, NEV production and sales were 11.243 million and 11.228 million units, with year-on-year growth of 35.2% and 34.9%, indicating a significant increase in market share [3] Group 3: Commercial Vehicles - In September, commercial vehicle production and sales were 376,000 and 368,000 units, with month-on-month increases of 19.3% and 16.3%, and year-on-year increases of 27.7% and 29.6% [3] - Notably, natural gas commercial vehicle sales reached 26,000 units, with a month-on-month growth of 30.2% and a year-on-year increase of 100% [3] Group 4: Future Outlook - The Ministry of Industry and Information Technology and other departments have issued a "Work Plan for Stable Growth in the Automotive Industry (2025-2026)", outlining 15 measures to support stable growth and high-quality development in the automotive sector [4] - The automotive market is expected to experience a critical policy transition by the end of the year, with manufacturers accelerating supply and consumers targeting purchase opportunities [5]

Core Insights - The China Automobile Industry Association reported that in the first three quarters of this year, commercial vehicle production and sales reached 3.091 million and 3.117 million units, representing year-on-year growth of 9.4% and 7.8% respectively [1][1][1] - Sales of natural gas commercial vehicles amounted to 181,000 units, showing a year-on-year increase of 2.2% [1][1][1] Production and Sales Data - Commercial vehicle production for the first three quarters: 3.091 million units, up 9.4% year-on-year [1] - Commercial vehicle sales for the first three quarters: 3.117 million units, up 7.8% year-on-year [1] - Natural gas commercial vehicle sales: 181,000 units, up 2.2% year-on-year [1]

Industry Insights - Foton Motor has launched the Kaven Ledi, targeting multi-scenario freight with a 2-ton capacity and a 300 km range, reducing charging frequency for efficient daily operations [2] - Foton's Xiangling U7 was unveiled, designed to enhance the value of electric vans, supporting intercity logistics and urban delivery, contributing to the sales growth of new energy vehicles [4] - Yutong Bus introduced the Tianjun V6E, a durable electric light bus suitable for various high-frequency operational scenarios, providing a comprehensive value assurance system for customers [6] Product Analysis - The natural gas commercial vehicle market is expected to grow rapidly in 2023-2024, with sales projected at 284,000 units in 2024, a 16.8% increase year-on-year, although a slight decline is noted in early 2025 [8] - In terms of vehicle types, natural gas commercial vehicles are primarily composed of tractors, small trucks, and light trucks, with tractors accounting for nearly 60% of sales [11] - The natural gas light small truck market is experiencing rapid growth, with a compound annual growth rate of 19.5% from 2019 to 2024, and sales expected to reach 78,000 units in 2024 [13] Sales Forecast - The light commercial vehicle market is projected to stabilize in 2025, with an estimated total sales volume of 2.81 million units, reflecting a 3.1% year-on-year increase, driven by government investment and rising e-commerce demand [22]

Core Viewpoint - The automotive market in China is experiencing a positive trend in 2025, driven by policies promoting large-scale equipment updates and trade-in programs, alongside new product launches and promotional events by car manufacturers [1][29]. Group 1: Overall Market Performance - In May 2025, China's automotive production and sales reached 2.649 million and 2.686 million units respectively, with month-on-month increases of 1.1% and 3.7%, and year-on-year increases of 11.6% and 11.2% [1]. - From January to May 2025, cumulative automotive production and sales totaled 12.826 million and 12.748 million units, reflecting year-on-year growth of 12.7% and 10.9% [1]. Group 2: Commercial Vehicle Performance - In May 2025, commercial vehicle production and sales were 336,000 and 335,000 units, with month-on-month declines of 7.4% and 8.8%, while production saw a year-on-year increase of 4.4% and sales a decrease of 2% [4]. - Cumulative commercial vehicle production and sales from January to May 2025 reached 1.746 million and 1.753 million units, marking year-on-year growth of 4.2% and 1.2% [6]. Group 3: Truck Performance - In May 2025, truck production and sales were both 292,000 units, with month-on-month declines of 7.9% and 9.6%, while year-on-year production increased by 4.7% and sales decreased by 2.4% [8]. - Heavy-duty truck sales reached 89,000 units in May, showing a month-on-month increase of 1.3% and a year-on-year increase of 13.6% [8]. Group 4: Passenger Vehicle Performance - In May 2025, passenger vehicle production and sales exceeded 40,000 units, with production at 44,000 and sales at 43,000, reflecting month-on-month declines of 3.8% and 3.2%, but year-on-year increases of 3% and 1.1% [12]. - Cumulative passenger vehicle production and sales from January to May 2025 reached 212,000 units, with year-on-year growth of 5.4% and 5.7% [15]. Group 5: Export Performance - In May 2025, commercial vehicle exports totaled 83,000 units, with a month-on-month decline of 2.8% and a year-on-year decrease of 0.5% [20]. - From January to May 2025, commercial vehicle exports reached 411,000 units, reflecting a year-on-year increase of 10.5% [22]. Group 6: New Energy Vehicle Performance - In May 2025, domestic sales of new energy commercial vehicles were 65,000 units, with a month-on-month decline of 6.7% but a year-on-year increase of 58.8% [23]. - Cumulative domestic sales of new energy commercial vehicles from January to May 2025 reached 283,000 units, marking a year-on-year growth of 55.2% [23]. - New energy commercial vehicle exports in May were 8,000 units, with a month-on-month decline of 19.5% but a year-on-year increase of 150% [26].