Core Viewpoint - The automotive market is shifting towards a trend of "price reduction and moderate promotions," with retail sales of passenger cars declining by 8% in November 2025, significantly lower than the 2% growth in wholesale sales [1] Group 1: Market Trends - The retail sales of passenger cars fell by 8% in November 2025, while wholesale sales increased by 2% [1] - The A0-class sedans and C-class SUVs became the main retail drivers in November, with strong performance in high-end SUVs [1] - The retail environment is influenced by consumer urgency due to the expiration of tax exemptions for new energy vehicles, leading to increased sales in December [2] Group 2: Economic Vehicle Market Performance - A00-class sedans saw wholesale of 171,900 units in November 2025, with a year-on-year decline of 1% and a month-on-month increase of 4% [4] - A0-class sedans had wholesale of 183,500 units in November 2025, showing a year-on-year growth of 25% [5] - A0-class SUVs experienced a wholesale decline of 9% year-on-year in November 2025, with retail sales also down by 22% [6] Group 3: A-Class Vehicle Market - A-class sedans had wholesale of 445,800 units in November 2025, with a year-on-year decline of 7% [8] - A-class SUVs had wholesale of 880,000 units in November 2025, with a year-on-year decline of 2% [9] Group 4: B-Class Vehicle Market - B-class sedans had wholesale of 380,500 units in November 2025, with a year-on-year growth of 3% [10] - B-class SUVs saw wholesale of 454,200 units in November 2025, with a year-on-year growth of 10% [11] - The high-end SUV market is witnessing a rapid rise in autonomous new energy vehicles, while traditional fuel vehicles are losing their competitive edge [12] Group 5: MPV Market Trends - B-class MPVs had wholesale of 45,100 units in November 2025, with a year-on-year growth of 40% [13] - C-class MPVs experienced a year-on-year decline of 20% in wholesale in November 2025 [14] - The MPV market is transitioning from a high-growth phase to a low-growth trend, with strong performances from brands like BYD and Tengshi [14]

Core Insights - The automotive market is shifting towards a trend of "price reduction and moderate promotions," leading to a more stable market environment [1] - Retail sales of passenger cars decreased by 1% in October 2025, significantly lower than the 8% increase in wholesale [1] - The performance of major manufacturers is changing, with some mid-tier companies like Geely, Xpeng, and Xiaomi showing strong growth [1] Overall Passenger Car Market - In October 2025, the wholesale of A00-class cars reached 165,100 units, a year-on-year increase of 7% and a month-on-month increase of 8% [5] - A0-class cars saw wholesale of 165,100 units, with a year-on-year increase of 24% and a month-on-month increase of 2% [8] - A-class cars had a wholesale of 410,200 units, down 5% year-on-year but up 10% month-on-month [13] - A-class SUVs had a wholesale of 890,300 units, a year-on-year increase of 7% and a month-on-month increase of 3% [15] A00-Class Car Market - The A00-class car market is experiencing a resurgence, with significant competition from brands like BYD, Geely, and Changan [5] - The wholesale for A00-class cars from January to October 2025 totaled 1,376,400 units, with a cumulative increase of 50% [5] A0-Class Car Market - The A0-class car market is shifting towards electric vehicles, with a notable decline in fuel-powered models [8] - The wholesale for A0-class cars from January to October 2025 reached 1,299,600 units, with a cumulative increase of 65% [8] A-Class Car Market - The A-class sedan market is seeing a decline in retail sales, with a year-on-year decrease of 16% in October 2025 [13] - The wholesale for A-class cars from January to October 2025 totaled 3,401,400 units, reflecting a cumulative decrease of 5% [13] B-Class Car Market - The B-class sedan market showed a wholesale of 368,800 units in October 2025, with a year-on-year increase of 3% [17] - The B-class SUV market experienced a wholesale of 459,900 units, a year-on-year increase of 20% [19] MPV Market - The B-class MPV market saw a wholesale of 75,600 units in October 2025, with a year-on-year increase of 33% [21] - The C-class MPV market had a wholesale of 23,100 units, reflecting a year-on-year increase of 4% [21]

Core Insights - The retail growth of passenger cars in August 2025 is projected to be 5%, significantly lower than the 15% growth in wholesale [1] - The retail decline in August is attributed to high interest rates, limited rebates, and the suspension of subsidies [1] - C-class SUVs emerged as the main retail force in August, with strong performance in the high-end SUV segment [1] Passenger Car Market Overview - The overall wholesale volume for passenger cars in August 2025 reached 246,000 units, reflecting a 15% year-on-year increase [2] - The cumulative wholesale volume for the first eight months of 2025 is 1.799 million units, showing a 13% increase compared to the previous year [2] - Retail sales in August 2025 totaled 200,000 units, a 5% increase year-on-year, with a cumulative retail volume of 1.474 million units, up 9% [2] A00 Segment Performance - A00-class cars had a wholesale volume of 117,300 units in August 2025, with a year-on-year increase of 22% but a month-on-month decrease of 5% [5] - Retail sales for A00-class cars decreased by 14% year-on-year but increased by 8% month-on-month [5] - The cumulative wholesale volume for A00-class cars from January to August 2025 is 1.0575 million units, with a 69% year-on-year increase [5] A0 Segment Performance - A0-class cars achieved a wholesale volume of 140,000 units in August 2025, marking an 87% year-on-year increase and a 6% month-on-month increase [8] - Retail sales for A0-class cars increased by 44% year-on-year and by 5% month-on-month [8] - The cumulative wholesale volume for A0-class cars from January to August 2025 is 972,500 units, reflecting a 76% year-on-year increase [8] A-Class Segment Performance - A-class cars had a wholesale volume of 358,700 units in August 2025, with no year-on-year growth but a 6% month-on-month increase [13] - Retail sales for A-class cars decreased by 9% year-on-year but increased by 4% month-on-month [13] - The cumulative wholesale volume for A-class cars from January to August 2025 is 2.6134 million units, showing a 5% year-on-year decline [13] B-Class Segment Performance - B-class cars had a wholesale volume of 345,900 units in August 2025, reflecting a 14% year-on-year increase and an 18% month-on-month increase [19] - Retail sales for B-class cars increased by 12% year-on-year and by 10% month-on-month [19] - The cumulative wholesale volume for B-class cars from January to August 2025 is 2.5364 million units, with a 6% year-on-year increase [19] MPV Market Trends - B-class MPVs had a wholesale volume of 52,700 units in August 2025, a 7% year-on-year decline but a 4% month-on-month increase [23] - Retail sales for B-class MPVs decreased by 9% year-on-year and by 1% month-on-month [23] - C-class MPVs saw a wholesale volume of 21,200 units in August 2025, with a 48% year-on-year increase but a 25% month-on-month decline [23]