Core Insights - In October, China's passenger car retail sales reached approximately 2.242 million units, showing a year-on-year decline of 0.8% and a month-on-month decline of 0.1% [1] - The cumulative retail sales for the year reached about 19.25 million units, reflecting a year-on-year growth of 7.9% [1] Group 1: Market Performance - The October car market performance was relatively mild, not reaching the previously expected "hot" scenario, primarily driven by the replacement purchase group [1] - The tightening of "old-for-new" subsidy policies in some regions led to differentiated sales growth across areas, preventing a sustained increase in October sales [1] Group 2: Brand Performance - In October, domestic brands achieved retail sales of approximately 1.55 million units, a year-on-year increase of 4%, capturing a domestic retail market share of 68.7%, up 3 percentage points year-on-year [2] - The cumulative market share of domestic brands for the first ten months of the year was 65%, an increase of 5.5 percentage points compared to the same period last year [2] - Major domestic groups like SAIC, Dongfeng, Changan, Chery, and BAIC saw a combined year-on-year sales growth of 17% in October [2] Group 3: Export Growth - In October, China's automobile exports reached 828,000 units, marking a year-on-year increase of 42%, with total exports for the first ten months reaching approximately 6.51 million units, up 23% year-on-year [2] - Specific companies like BYD, Chery, and Geely reported significant export figures, with BYD exporting about 80,000 units in October [3] Group 4: New Energy Vehicles (NEVs) - NEVs remain a crucial growth driver, with wholesale sales of NEVs in October reaching approximately 1.621 million units, a year-on-year increase of 18.5% [4] - The penetration rate of NEVs reached 55.3% in October, with domestic brand NEVs achieving a penetration rate of 70.1% [4] Group 5: Future Outlook - Starting January 1, 2024, the purchase tax for NEVs will shift from full exemption to a 50% reduction, prompting consumers to feel a stronger urgency to purchase vehicles by year-end [5] - The upcoming months are expected to see increased enthusiasm for vehicle purchases in rural areas, particularly for NEVs and mid-to-low-end fuel vehicles [6]

Core Insights - In October 2025, the domestic narrow passenger car market retail sales reached 2.248 million units, a year-on-year decrease of 0.5% and a month-on-month increase of 0.2% [1] - Cumulatively, from January to October 2025, total sales reached 19.256 million units, reflecting a year-on-year growth of 8.0% [1] Group 1: Market Performance - October 2025 saw a slight year-on-year decline in retail sales of passenger cars due to a high base from the previous year, with a decrease of 0.9% [3] - New energy vehicles (NEVs) experienced a year-on-year growth of 7.3% in October, while conventional fuel vehicles saw a decline of 10% [3] - The cumulative growth rate of passenger cars has shown a gradual deceleration in the second half of the year [3] Group 2: Manufacturer Sales Rankings - BYD ranked first in retail sales from January to October 2025 with 2.838 million units sold, a decrease of 2.1% year-on-year, holding a market share of 14.7% [9] - Geely followed with 2.141 million units sold, marking a significant year-on-year increase of 56.2% and a market share of 11.1% [9] - In October 2025, BYD sold 295,871 units, down 14.8% month-on-month and 31.4% year-on-year, capturing a market share of 13.2% [8] Group 3: New Energy Vehicle Sales - In October 2025, BYD led the NEV wholesale sales with 436,856 units, a month-on-month increase of 11.1% but a year-on-year decrease of 12.7%, holding a market share of 27.0% [10] - Geely's NEV sales reached 177,882 units in October, reflecting a year-on-year increase of 63.6% [10] - From January to October 2025, BYD also led NEV sales with 3.656 million units, a year-on-year growth of 12.9% and a market share of 30.3% [11]