纯电车型续航焦虑缓解、充电速度提升以及燃油车大幅降价带来销量回暖，都对增程车的销量趋冷产生了不小的影响。蔚来汽车董事长、CEO李斌在广州车 展期间透露，10月纯电大三排SUV上险量远超增程车型，市场格局正在发生根本性转变，纯电大三排SUV的黄金时代已经到来。李斌认为，纯电技术的发展 已经解决了续航焦虑这一痛点，同时纯电车型的"体重"控制更好，带来更好的操控体验、安全性能和更低的持有成本。 增程车的销量已经连续四个月同比下滑了。乘联分会的数据显示，今年10月，增程车的批发销量为12.1万辆，同比下滑1.9%，零售销量更是同比下降7.7%。 与此同时，增程车在新能源汽车批发销量中的占比也出现了下降，从2024年底的9.1%下降至今年10月的7.5%。2024年，增程车销量达到116.7万辆，同比增 长78.7%，增速远超纯电的22.6%和插混的76.3%。但随着如今越来越多的车企涌入增程赛道，加上纯电车型开始普及800V架构，市场格局开始重构。 凭借增程车的强势表现，理想汽车成为了第一家盈利的新势力车企，但今年第三季度，理想汽车终结了连续11个季度盈利的纪录。这背后，与增程车的销量 同比下滑有很大关系。今年7月， ...

Overall Situation - In November 2025, China's passenger car terminal sales reached 2.005 million units, a month-on-month decrease of 4.3% [1] - New energy passenger car sales totaled 1.223 million units, showing a month-on-month increase of 2.3% [1] - Breakdown of new energy vehicle sales: pure electric vehicles sold 774,000 units (up 0.6%), plug-in hybrid vehicles sold 335,000 units (up 3.4%), and range-extended vehicles sold 114,000 units (up 11.7%) [1] - Notably, the monthly penetration rate of new energy vehicles surpassed 60% for the first time [1] Market Overview - Since mid to late October, orders have started to decline, with November showing a further slight weakening in market conditions after excluding short-term purchase orders from late October [3] - The decline is attributed to the exhaustion of national subsidy quotas and consumers entering a "wait-and-see" mode [3] - The used car replacement subsidy has been strong, leading to an unexpected growth in the car market in 2025 [3] - However, in 2026, the reduction of new energy vehicle purchase tax by 5% will result in over 100 billion yuan in tax benefits being lost, creating significant pressure on market growth [3] - To ensure a good start for the 14th Five-Year Plan, it is expected that the end of 2025 will need to stabilize without overextending next year's growth potential [3]

一边是市场渗透率跃上50%的关键节点，一边是头部企业利润承压，中国新能源汽车产业正在经历一场 看似"分裂"的成长。 度将逐渐回落，即国内市场将从增量扩张阶段，逐步进入存量替代阶段。 作为新能源汽车行业的领头羊，比亚迪财报显示，今年第三季度营收同比降3%，净利润下滑了33%， 称主要受行业竞争加剧和持续的价格战影响。与之形成微妙对比的，是整个行业在10月份迎来了历史性 时刻——新能源汽车的单月新车销量占比首次超过一半，达到51.6%。 图片来源：视觉中国 渗透率过半后，中国新能源汽车的新长征宣告开启。尽管像比亚迪这样的龙头企业出现了业绩波动，但 目前尚难断言整个行业由此进入下行周期，更有可能的是行业从早期的"普及期"迈入了"淘汰升级期"， 竞争的核心逻辑正在发生根本性转变。 跨过拐点，新能源汽车市场步入新常态 51.6%这一数字，标志着新能源汽车已经从政策驱动的"新物种"，转变为市场主导的"新常态"。 中国汽车工业协会的数据显示，今年1-8月，新能源汽车销量突破960万辆，同比增长36.7%，新车销量 占比达到45.5%。渗透率曲线呈现出典型的S型增长特征，意味着新能源汽车处在从早期采纳者向早期 大众过渡的陡峭 ...

Group 1 - The core viewpoint of the article highlights the challenges faced by BYD in the domestic market, including a decline in sales and increased competition due to technology homogenization [2][3] - BYD's domestic sales of new energy vehicles in November reached 480,000 units, a year-on-year decrease of 5.3%, while sales of new energy passenger vehicles were 475,000 units, down 5.8% year-on-year [2] - The company has acknowledged that its technology is currently not as leading as in previous years, and there is a need for breakthroughs to address user pain points such as slow low-temperature charging [2] Group 2 - The article notes that BYD's plug-in hybrid models are facing significant market challenges, attributed to increased competition from other brands like Geely, Chery, and Great Wall, which have launched numerous plug-in hybrid models this year [3] - Internal analysis from BYD indicates that the decline in the sales proportion of plug-in hybrid models is primarily due to intensified competition rather than changes in tax standards [3]

Core Insights - The range-extended electric vehicle (REEV) market is facing growth bottlenecks, with wholesale sales in October dropping to 121,000 units, a year-on-year decline of 1.9%, marking the third negative growth in the first ten months of the year [1][9] - In contrast, pure electric vehicle (BEV) sales have shown robust growth, with a year-on-year increase of 31.6% in October, maintaining an average monthly growth rate above 30% throughout the year [3][9] Sales Performance - October wholesale sales for REEVs: 121,000 units, down 1.9% year-on-year [2] - Year-to-date REEV sales: 1.826 million units, down 1.1% year-on-year [9] - BEV sales in October: 1.02 million units, up 31.6% year-on-year [2] - Plug-in hybrid electric vehicle (PHEV) sales in October: 480,000 units, up 2% year-on-year [2] Market Dynamics - The REEV market, once dominated by the Li Auto ONE, has seen increased competition with new entrants like AITO and Deep Blue, yet Li Auto still holds nearly 60% market share [4][5] - The total sales of REEVs are projected to exceed 1 million units by 2024, with a significant increase in brand participation [7] Consumer Sentiment and Challenges - REEVs were initially favored for their "no range anxiety" feature, but advancements in BEV technology have diminished this advantage [9] - Consumer complaints regarding REEVs have surged by 280% in 2024, with over 70% of complaints related to range misrepresentation, high fuel consumption when depleted, and battery issues [9] Regulatory Environment - Policy changes are impacting the REEV market, with a shift in tax incentives starting in 2026, which will reduce the cost advantage of REEVs compared to traditional fuel vehicles [10] - New regulations will require REEVs to meet specific criteria, such as a minimum electric range of 100 kilometers, potentially leading to the elimination of lower-range models from the market [10]

Core Insights - The overall range of electric vehicles (EVs) continues to grow, particularly for pure electric vehicles from 2018 to 2023, with a notable increase in models offering ranges of 300-400 kilometers by 2025 [1][9] - The Ministry of Industry and Information Technology has published 22 batches of tax-exempt new energy vehicle models, with a total of 4,460 models listed for 2025, including 414 new models in October, indicating a decrease compared to previous quarters and the same period in 2024 [1][2] - The technology of tax-exempt models has shown steady improvement, with many pure electric passenger vehicles exceeding 600 kilometers in range as of October [1][9] Summary by Category 1. Tax-Exempt Vehicle Directory for 2025 - The 2025 tax-exempt directory includes 4,460 new energy vehicle models, with 414 new models added in October, reflecting a decrease from previous months in 2024 [2] - The overall number of new energy passenger vehicles in the directory for 2024-2025 is significantly higher than in previous years, indicating robust growth in the sector [3] 2. Changes in Powertrain Structure - The market for range-extended and plug-in hybrid vehicles is expected to see significant growth in 2025, despite a weaker performance in recent years [5] - Pure electric vehicles remain dominant in the bus segment, while hydrogen fuel vehicles are gaining attention, although no new hydrogen fuel passenger vehicles have been launched since the second half of 2024 [5] 3. Battery Energy Density - The energy density of batteries in pure electric vehicles has been gradually increasing, with a notable market push expected in 2025, particularly for models with energy densities around 130-145 Wh/kg [10][11] - Plug-in hybrids generally exhibit lower energy densities, with many products falling within the 100-120 Wh/kg range, while range-extended vehicles are increasingly equipped with high-energy-density batteries [11] 4. Electric Vehicle Range Analysis - The average range of pure electric passenger vehicles has reached 528 kilometers, with a growing number of models exceeding 600 kilometers in range by 2025 [9] - The average range for plug-in hybrid vehicles is around 137 kilometers, primarily concentrated in the 100-200 kilometer range, while range-extended vehicles average 205 kilometers [9] 5. Battery Technology and Market Trends - The market for battery technology is evolving, with a focus on higher energy densities and improved performance metrics for new energy vehicles, reflecting a shift towards more competitive and efficient products [10][11] - The introduction of new models from domestic brands such as BYD, Changan, and Geely is enhancing market competitiveness, with some models achieving low energy consumption rates [14][16]

Core Insights - The Chinese automotive market experienced both month-on-month and year-on-year growth in September 2025, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - The trend of "decreasing price competition and stable promotions" is emerging in the market, leading to a more stable automotive environment [1] - Domestic brands continue to outperform, while joint venture brands face challenges, with only a few exceptions showing positive performance [1] Domestic Brands Performance - In September, domestic brands achieved retail sales of 1.5 million units, marking a 13% year-on-year increase and a 12.9% month-on-month increase, capturing 66.9% of the domestic retail market share, up 3.6 percentage points year-on-year [2] - The penetration rate of new energy vehicles (NEVs) among domestic brands reached 78.1%, solidifying their position as a sales driver [2] - BYD remains a leader among domestic brands, although it experienced its first year-on-year decline in sales since March 2024, with September sales at 396,200 units, down 5.52% [2] Key Competitors in Domestic Market - Geely and Chery are actively increasing their market share in the NEV sector, with Geely reporting sales of 273,100 units in September, a 35.24% year-on-year increase [3] - Chery, which recently listed on the Hong Kong Stock Exchange, achieved sales of 255,600 units in September, up 8.90% year-on-year [3] - Other domestic brands like Changan and Great Wall also reported significant growth, with Changan's sales at 266,300 units (up 24.92% year-on-year) and Great Wall's at over 133,600 units (up 23.29% year-on-year) [3] Joint Venture Brands Performance - Joint venture brands saw a month-on-month sales increase but faced year-on-year declines, with mainstream joint venture brands retailing 490,000 units in September, down 6% year-on-year [4] - Luxury brands also experienced a year-on-year decline, with sales of 240,000 units in September, down 1% year-on-year [4] - Volkswagen's joint ventures showed mixed results, with SAIC Volkswagen achieving a record high of 94,100 units sold, while FAW-Volkswagen faced a similar decline as other mainstream joint ventures [4] Performance of Foreign Brands - Japanese brands held an 11.6% market share in September, down 1.1 percentage points year-on-year, with mixed performances among different brands [5] - American brands saw a slight increase in market share to 5.8%, with SAIC General reporting a remarkable year-on-year sales increase of over 124% [5]

Core Insights - The automotive market in September experienced both month-on-month and year-on-year growth, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - Domestic brands captured two-thirds of the market share, with retail sales of 1.5 million units, reflecting a 13% year-on-year increase and a 12.9% month-on-month increase [2] - New energy vehicles (NEVs) and exports significantly contributed to the growth of domestic brands, with NEV penetration among domestic brands reaching 78.1% [2] Domestic Brands Performance - Domestic brands achieved a retail market share of 66.9% in September, up 3.6 percentage points year-on-year, and a cumulative market share of 64.8% for the first nine months of the year, an increase of 5.9 percentage points [2] - BYD led the domestic brands but experienced its first year-on-year decline in sales since March 2024, with September sales at 396,200 units, down 5.52% [2][4] - Geely and Chery are gaining market share in the NEV sector, with Geely's sales reaching 273,100 units in September, a 35.24% year-on-year increase, and Chery's sales at 255,600 units, an 8.90% increase [5] Joint Venture and Luxury Brands - Joint venture brands faced challenges, with retail sales of 490,000 units in September, down 6% year-on-year, despite a 4% month-on-month increase [6] - Luxury brands saw a slight year-on-year decline, with retail sales of 240,000 units, down 1%, but a 16% month-on-month increase [6] - The market share of German brands decreased by 2.3 percentage points to 14.3% in September, indicating a shift towards domestic brands [6] New Energy Vehicle Market - The penetration rate of NEVs among domestic brands remains high at 70.1%, despite a slight year-on-year decline of 2.3 percentage points [2] - New energy vehicles accounted for 6.6% of joint venture brands and 40% of luxury brands in September [6] Emerging Players - New energy vehicle startups showed significant growth, with Leap Motor leading the segment with approximately 66,700 units delivered in September, a 97% year-on-year increase [8]

Core Insights - The automotive market in September 2025 experienced both month-on-month and year-on-year growth, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - The overall retail sales for the year reached 17.005 million units, marking a 9.2% year-on-year increase, setting a new historical peak [1] - The market is shifting towards a more stable operation characterized by reduced price competition and moderate promotions, driven by a wave against "involution" [1] Domestic Brands Performance - Domestic brands captured 66.9% of the market share in September, with retail sales of 1.5 million units, reflecting a 13% year-on-year increase and a 12.9% month-on-month increase [2] - From January to September, the market share of domestic brands was 64.8%, up 5.9 percentage points from the previous year [2] - The penetration rate of new energy vehicles (NEVs) among domestic brands reached 78.1%, solidifying their position as a sales engine [2] - BYD, while still leading domestic brands, saw a 5.52% year-on-year decline in September sales, totaling 396,200 units, ending an 18-month growth streak [2][4] Key Competitors in Domestic Market - Geely and Chery are gaining traction in the NEV market, with Geely reporting sales of 273,100 units in September, a 35.24% year-on-year increase [4] - Chery, which went public in Hong Kong in September, achieved sales of 255,600 units, a year-on-year increase of 8.90% [4] - Changan and Great Wall Motors also reported significant growth, with Changan's sales at 266,300 units (up 24.92% year-on-year) and Great Wall's at over 133,600 units (up 23.29% year-on-year) [5] Joint Venture and Luxury Brands - Joint venture brands faced challenges, with retail sales of 490,000 units in September, down 6% year-on-year, despite a 4% month-on-month increase [6] - Luxury brands sold 240,000 units, down 1% year-on-year, but up 16% month-on-month, with a NEV penetration rate of 40% [6] - Volkswagen's joint ventures showed mixed results, with SAIC Volkswagen achieving a record high of 94,100 units sold, while FAW-Volkswagen experienced a year-on-year decline [6] New Energy Vehicle Market Dynamics - The new energy vehicle segment is seeing a shift, with the penetration of pure electric vehicles increasing significantly [12] - The new energy vehicle market is characterized by a growing share of small and high-end electric vehicles, driven by declining battery costs and the introduction of new models [12] - The market share of independent new energy brands reached 12.5%, up 1.2 percentage points year-on-year, with brands like Deep Blue and Zeekr performing well [12] Emerging Players in the Market - New energy vehicle startups are showing strong performance, with Leap Motor leading the segment with approximately 66,700 units delivered in September, a 97% year-on-year increase [8] - Xiaopeng and Xiaomi both surpassed 40,000 units in monthly sales, marking a significant milestone for the new energy vehicle sector [11] - Overall, the new energy vehicle startups achieved a retail market share of 20.2% in September, up 3.4 percentage points year-on-year [11]

Core Viewpoint - The article discusses the evolving structure of the regional automotive market in China, highlighting the "strong North, weak South" trend, driven by government policies and changing consumer preferences, particularly in the context of electric vehicles and economic recovery in certain regions [2][5]. Regional Market Trends Analysis - The automotive market in China is characterized by a persistent "strong North, weak South" pattern, with the Northern market showing a 5.7% increase in market share from 2022 to 2025, despite a slight decline of 0.2% in August 2025 compared to the previous year [5]. - The Northeast region has shown consistent growth, maintaining a high market share of 6.8% in August 2025, while Southern regions like East China and South China have experienced significant declines [2][5]. - The Central region's market has improved, with a 1.5% increase in market share in August 2025 compared to the previous year, indicating a recovery trend [5]. Policy Impact on Regional Structure - Government subsidy policies have significantly influenced the market, particularly benefiting low-end and economic vehicles, with A00 and A0 class electric vehicles performing well in Northern regions [2][5]. - The article notes that the policy's fairness is evident as it encourages the development of small and micro electric vehicles, which is crucial for widespread adoption [2][5]. Market Structure Changes - The demand for SUVs is notably strong in the Central and Western regions, attributed to the geographical terrain, while the Eastern regions show a preference for electric vehicles, particularly in flat areas [7][8]. - The overall structure of the automotive market is shifting, with a notable increase in the share of electric vehicles, especially in regions like Hainan and Guangxi, where the penetration rate has reached around 60% [8][9]. New Energy Market Structure Analysis - The new energy vehicle market is performing well, with significant growth in both pure electric and plug-in hybrid vehicles, particularly in Northern regions where traditional fuel vehicles still dominate [8][9]. - The penetration rate of new energy vehicles in Eastern regions exceeds 50%, while the demand for traditional fuel vehicles remains high in the Central and Western regions, where they account for approximately 60% of the market [8][9].