2月23日，乘联分会秘书长崔东树发文表示，2026年1月乘用车均价18.6万元，均价提升1.5万元，市场回 落明显。 其中，常规燃油车价格持续上升，2026年1月均价18.1万元，燃油车购买群体买车逐步稳定。新能源车 的均价近期逐步下降，2026年1月是19.5万元，量跌价升，体现新能源车消费的结构性变化。 ...

Core Viewpoint - The automotive market in China is experiencing strong growth driven by national consumption promotion policies, with a positive outlook for 2025, particularly in the truck and bus segments [1] Group 1: Market Trends - The overall trend of the national automotive market is expected to remain strong in 2025, with noticeable recovery in the truck and bus markets [1] - In January, retail sales of passenger vehicles saw a month-on-month decline due to a significant reduction in policy support compared to the previous year, although manufacturer sales growth remained relatively strong due to increased exports [1] Group 2: Electric Vehicle and Commercial Vehicle Insights - The performance of new energy vehicles remained stable in January, primarily supported by a robust automotive export market, despite ongoing industry pressures [1] - The commercial vehicle market is anticipated to exhibit structural growth characteristics in 2026, driven by equipment renewal subsidies, which will accelerate the electrification of logistics and transportation vehicles, leading to a higher level of market activity [1]

1月中国乘用车出口量同比增逾五成 中新社北京2月12日电 (记者 刘文文)中国汽车流通协会乘用车市场信息联席分会(简称"乘联分会")12日 发布的数据显示，1月乘用车出口57.6万辆，同比增长52.0%。 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 展望2月份，乘联分会分析，今年春节假期有9天，2月有16个工作日，有效产销时间很短，预计2月车市 销量将处于全年低位，或有利于缓解零售端库存压力。 出口方面，1月新能源乘用车出口28.6万辆，同比增长103.6%，占乘用车出口49.6%。乘联分会称，1月 新能源乘用车出口量在欧洲、东南亚等地区高增长，表明中国新能源汽车品牌在国际市场上的影响力不 断扩大，为未来出口增长奠定了坚实基础。伴随着中欧、中加电动汽车关税谈判的良好进程，新能源车 出口已经从"单纯卖车"向"产业链出海"延伸。综合来看，预计未来汽车出口将从"量"的高速增长 向"质"的飞跃升级转变。(完) 来 ...

New Car Transaction Situation - In December, Beijing's new car transactions reached 73,700 units, a month-on-month increase of 14.7% but a year-on-year decrease of 2.98% [3] - From January to December, the cumulative new car transactions in Beijing totaled 681,400 units, a year-on-year decline of 2.57%, underperforming the national sales growth by 9.2 percentage points [3] Imported Car Sales Situation - In December, Beijing's imported car transactions were 2,441 units, showing a month-on-month growth of 17.7% but a year-on-year decline of 23.29% [7] - The total imported car transactions in Beijing for the year reached 28,000 units, a year-on-year decrease of 21.83% [7] New Energy Vehicle Sales Situation - In December, Beijing's new energy vehicle transactions totaled 49,800 units, with a month-on-month increase of 11.56% and a year-on-year increase of 18.56%, accounting for 67.59% of total new car transactions [12] - For the entire year, new energy vehicle transactions in Beijing reached 422,200 units, a year-on-year growth of 17.95%, representing 61.97% of total new car transactions [12] Used Car Transaction Situation - In December, Beijing's used car transactions were 57,000 units, reflecting a month-on-month increase of 2.08% but a year-on-year decrease of 2.54%, with a new-to-old car ratio of 1:0.77 [15] - The cumulative used car transactions in Beijing for the year were 664,900 units, showing a year-on-year growth of 0.28%, with a new-to-old car ratio of 1:1 [15] December Market Overview - December saw a peak in new car sales at 73,700 units, influenced by policy changes regarding scrapping and replacement subsidies, despite a year-on-year decline [20] - The new energy vehicle market in Beijing solidified its dominant position, achieving a market share of 61.97% for the year, with significant growth driven by policy support [20] - The imported car market faced a continuous decline, with a total market share dropping below 4.11%, marking a historical low due to competition from domestic high-end brands [20]

Core Insights - The China Association of Automobile Manufacturers reported that in January 2026, the production and sales of new energy vehicles reached 1.041 million and 945,000 units, representing year-on-year growth of 2.5% and 0.1% respectively [1] - Overall, the automotive industry in January saw production and sales of 2.45 million and 2.346 million units [1] - The industry is experiencing stable operations at the beginning of 2026, with policies focusing on the automotive aftermarket stimulating market vitality [1] Industry Performance - New energy vehicle production and sales figures indicate a slight increase, suggesting a steady demand in this segment [1] - The total automotive production and sales figures reflect a robust market presence, with nearly 2.5 million units produced and sold [1] - The implementation of detailed policies is expected to support the stabilization and recovery of market demand [1]

Group 1: Market Overview - From February 1 to 8, the national passenger car retail market sold 328,000 units, a year-on-year increase of 54% and a month-on-month increase of 37%. Cumulative retail sales for the year reached 1.872 million units, a year-on-year decrease of 7% [2][5]. - During the same period, wholesale sales of passenger cars reached 284,000 units, a year-on-year increase of 46% and a month-on-month increase of 3%. Cumulative wholesale sales for the year were 2.257 million units, a year-on-year decrease of 2% [2][8]. - The retail penetration rate for new energy vehicles (NEVs) was 36.4%, while the wholesale penetration rate was 43.9% [2]. Group 2: Production Trends - In the first week of February, production of pure fuel light vehicles reached 158,000 units, a year-on-year increase of 276% and a month-on-month increase of 139%. Production of hybrid and plug-in hybrid vehicles totaled 73,000 units, a year-on-year increase of 70% but a month-on-month decrease of 28% [3]. Group 3: Sales Dynamics - The first week of February saw an average daily retail of 41,000 units, reflecting a year-on-year increase of 54% and a month-on-month increase of 37% [5]. - The first week of February's wholesale average was 36,000 units per day, with a year-on-year increase of 46% and a month-on-month increase of 3% [8]. Group 4: Used Car Market - In 2025, the used car market saw a transaction volume of 20.11 million units, a year-on-year increase of 3%, with a transaction value of 128.98 billion yuan, a growth of 0.4% [9]. - In December 2025, the used car market transaction volume was 1.87 million units, with a month-on-month increase of 7% and a year-on-year decrease of 1.5% [9]. Group 5: Price Adjustments and Promotions - In January 2026, the average price reduction for new energy vehicles was 38,000 yuan, representing a reduction rate of 14.8%. For conventional fuel vehicles, the average price reduction was 36,000 yuan, with a reduction rate of 15% [11][12]. - The overall promotion pressure for conventional fuel and hybrid vehicles was relatively low, while promotions for new energy vehicles saw significant decreases [12]. Group 6: Energy and Charging Infrastructure - China has 43.97 million electric vehicles and a battery storage potential of 2,000 GWh, with daily public charging of 300 million kWh, enhancing the energy ecosystem [13]. - The development of electric vehicles is driving the adjustment of time-of-use electricity pricing, facilitating a dual empowerment model for energy consumption and grid management [13].

Core Insights - BYD reported a significant decline in local sales in January, marking the lowest level in nearly two years, indicating challenges in the Chinese auto market [1] - Major electric car brands, including Xiaomi and Xpeng, experienced sharp sales drops in January compared to December [2] - The Chinese auto market is under increasing pressure due to policy changes and competitive factors, leading to potential delays in consumer purchases and cautious automaker strategies [3] Industry Overview - The reinstatement of a 5% purchase tax on electric vehicles as of January 1 has contributed to the slowdown in sales, after a long period of tax exemption [4] - BYD is expected to maintain its market dominance despite challenges, with planned upgrades in charging, energy storage, and intelligent driving infrastructure [7] - The new energy vehicle sector saw only a 2.6% year-on-year increase in sales in December, indicating a trend of slowing growth [8] Economic Impact - The automotive sector is crucial for employment in China, contributing to approximately 30 million jobs, which is over 10% of urban employment [9] - The economic significance of the automotive sector is relatively small compared to real estate, accounting for only 3.7% of fixed asset investment last year [10] - There are expectations that the Chinese government may reinstate subsidies for the automotive sector if the situation worsens, particularly in light of the ongoing property slump [9]

Core Insights - In 2025, China's automobile production and sales both exceeded 34 million units, setting a new historical record [1] - The production and sales of new energy vehicles (NEVs) surpassed 16 million units, with NEV domestic new car sales accounting for over 50% of total sales [1] Industry Overview - The overall automobile market in China is experiencing significant growth, with both production and sales reaching unprecedented levels [1] - The new energy vehicle segment is rapidly expanding, indicating a strong shift towards sustainable transportation solutions within the industry [1]

Core Insights - In 2025, China's automotive production and sales both exceeded 34 million units, setting a new historical record [2] - New energy vehicles (NEVs) achieved production and sales of over 16 million units, with domestic new car sales of NEVs surpassing 50% [2] Automotive Industry Performance - China's automotive production reached 34.53 million units, while sales totaled 34.40 million units, representing year-on-year growth of 10.4% and 9.4% respectively, maintaining the global leading position for 17 consecutive years [2] - The automotive production and sales have remained above 30 million units for three consecutive years [2] New Energy Vehicle Growth - NEV production and sales reached 16.62 million and 16.49 million units respectively, with year-on-year growth of 29% and 28.2%, continuing to lead globally for 11 years [2] Passenger and Commercial Vehicle Market - The passenger vehicle market showed steady growth, with production and sales both exceeding 30 million units; the market share of Chinese brand passenger vehicles reached 69.5%, an increase of 4.3 percentage points from the previous year [2] - The commercial vehicle market is recovering, with production and sales returning to over 4 million units [2] Export Performance - Total automotive exports surpassed 7 million units, with NEV exports reaching 2.615 million units [2]

Core Insights - The Chinese passenger car market experienced a significant decline in December 2025, with retail sales dropping to 2.261 million units, a year-on-year decrease of 14.0%, marking the third consecutive month of sales decline since October 2025 [2] - The overall retail sales for the year reached 23.744 million units, reflecting a year-on-year growth of 3.8%, slightly above the previous forecast of 2% [2] Market Performance - December sales were particularly weak in the fuel vehicle segment, which saw a decline of 30%. Although the new energy vehicle (NEV) sector did not experience a drop, its growth significantly slowed, with NEV retail sales at 1.337 million units, a year-on-year increase of only 2.6% [3] - The penetration rate of NEVs surpassed 50% for the first time in 2025, reaching 54%, with December's penetration rate at 59.1%, an increase of 9.6 percentage points year-on-year [3] Brand Analysis - In December, the penetration rate of NEVs among domestic brands was 80.9%, while luxury brands had a penetration rate of 39.1%, and mainstream joint venture brands only reached 8.2% [4] - The market share of domestic brands continued to grow, reaching 65% for the year, an increase of 4.8 percentage points year-on-year. In December, domestic brand retail sales were 1.46 million units, down 11% year-on-year [5] Export Performance - The export segment showed strong growth, with December passenger car exports (including complete vehicles and CKD) at 588,000 units, a year-on-year increase of 46.2%. For the entire year, exports totaled 5.739 million units, up 19.7% [5] Future Outlook - Despite the recent sales decline, there are positive factors such as the introduction of new models and a reduction in aggressive price cuts. The forecast for January 2026 anticipates a slight year-on-year sales increase, with total market sales projected at approximately 35.5 million units for the year, a 2% increase [6]