点 击 蓝 字 关 注 我 们 本文全文共 3867 字，阅读全文约需 13 分钟 本文详细资讯可在中国汽车流通协会乘用车市场信息联席分会官网下载：www.cpcaauto.com 1.本周车市概述 初步统计： 12月1-31日，全国乘用车市场零售229.6万辆，同比去年同期下降13%，较上月增长3%，今年 以来累计零售2,377.9万辆，同比增长4%；12月1-31日，全国乘用车厂商批发275.9万辆，同比去年同期下降 10%，较上月下降8%，今年以来累计批发2,952.4万辆，同比去年同期增长9%。 初步统计： 12月1-31日，全国乘用车新能源车市场零售138.7万辆，同比去年同期增长7%，较上月增长 5%，今年以来累计零售1,285.9万辆，同比增长18%；12月1-31日，全国乘用车厂商新能源批发155.4万辆，同 比去年同期增长3%，较上月下降9%，今年以来累计批发1,531万辆，同比增长25%。 渗透率： 12月1-31日，全国乘用车市场新能源零售渗透率60.4%，12月1-31日，全国乘用车厂商新能源批 发渗透率56.3%。 生产： 12月第1-4周，全国纯燃料轻型车生产90.5万辆，同比去年 ...

第四部分是补贴资金管理。中央和地方按要求安排资金，用于支持汽车以旧换新补贴政策实施。各地结 合本地区资金规模，合理把握工作节奏。政策实施期结束后，中央就资金使用情况与地方进行清算。 《实施细则》包括六部分，共24条具体措施。 第一部分是汽车报废更新。2026年，对个人消费者报废符合条件乘用车旧车，并购买符合条件乘用车新 车的，给予一次性补贴。其中，对报废更新新能源乘用车的，按新车销售价格的12%给予补贴，补贴金 额最高2万元；对报废燃油乘用车，并购买燃油乘用车的，按新车销售价格的10%给予补贴，补贴金额 最高1.5万元。所报废的旧车和购买的新车，应登记在同一个人消费者名下。 第二部分是汽车置换更新。2026年，对个人消费者通过售卖方式转让乘用车旧车，并购买符合条件的乘 用车新车的，给予一次性补贴。其中，对换购新能源乘用车的，按新车销售价格的8%给予补贴，补贴 金额最高1.5万元；对换购燃油乘用车的，按新车销售价格的6%给予补贴，补贴金额最高1.3万元。所转 让的旧车和购买的新车，应登记在同一个人消费者名下。 第三部分是补贴审核与兑付。各地相关部门依托全国汽车以旧换新平台及各地汽车置换更新系统，对消 费者提交的 ...

期数： 2025年12月刊 分类： 会员服务—汽车市场月度发展趋势概况 主题： 2025年中国市场乘用车批发销量有望接近3,010万辆，同比增长11% 概要： 内容涵盖2025年前三季中国乘用车产量、出口量、零售和批发销量，以及各类型、各系 别、各起售价格占比与品牌排名和2026年销量预测等 ； 大纲： 1. Q1 '25 -Q3'25中国乘用车的产量同比； 2. Q1 '25 -Q3'25 中国乘用车的出口量同比； 3. Q1 '25 -Q3'25 中国乘用车的零售销量同比； 4. Q1 '25 -Q3'25 中国乘用车的批发销量同比； 5. Q1 '25 -Q3'25中国市场新能源车BEV/PHEV销量趋势； 6. Q1 '25 -Q3'25中国乘用车市各类型占比趋势； 7. Q1 '25 -Q3'25中国乘用车市各系别占比趋势； 8. Q1 '25 -Q3'25中国乘用车市各起售价格区间占比趋势； 9. Q1 -Q3'25中国乘用车 交付量 厂商排名Top 10 ； 10. Q1 -Q3'25中国新能源乘用车 交付量 厂商排名Top 10 ； 11. Q1 -Q3'25中国新势力品牌交付量趋势 ； 马女 ...

Core Viewpoint - The Trump administration plans to "reset" fuel efficiency standards for passenger cars to address rising auto prices and inflation concerns, which have been exacerbated by previous regulations aimed at reducing carbon emissions [1][5]. Group 1: Economic Context - The average price of a new vehicle reached an all-time high of over $50,000 in October, indicating a significant increase in auto prices [4]. - Overall inflation, as measured by the consumer price index, has been rising monthly since the announcement of tariffs on imported goods, including automobiles [3]. Group 2: Policy Changes - The proposed changes to fuel efficiency standards are expected to save consumers approximately $109 billion, equating to about $1,000 off the average cost of a new vehicle, although the timeline for price reductions remains uncertain [5]. - The new standards will roll back efficiency mandates established by the Biden administration, potentially altering automakers' long-term strategies and product development plans [6]. Group 3: Industry Response - Executives from major automotive companies, including Stellantis, Ford, and General Motors, expressed support for the new standards, emphasizing the need for alignment with market conditions and customer affordability [10]. - Following the announcement, shares of Ford and GM increased by about 1%, while Stellantis' stock rose by 4.7%, reflecting positive market sentiment towards the policy shift [10].

Core Viewpoint - Mazda Motor Corp. is facing significant challenges due to President Trump's tariffs, which have resulted in billions in potential headwinds, impacting its quarterly results and overall performance [1]. Group 1: Company Performance - Mazda reported a steep decline in its Growth score, dropping from 90.49 to 50.37 within a week following its fiscal second-quarter results, indicating underperformance in earnings and revenue growth [4]. - The company experienced year-over-year declines in sales and profits, attributing these losses to the tariffs, despite some reductions in tariffs ahead of a U.S.-Japan trade deal [4]. - Mazda suffered an operating loss during the quarter but remains hopeful for a turnaround in the second half of the year [4]. Group 2: Market Impact - The North American region is Mazda's largest market by volume, making it particularly vulnerable to trade and tariff policies [1]. - The stock has remained flat year-to-date but has decreased by 4.19% over the past month following disappointing earnings performance [5].

Core Insights - Tata Motors' commercial vehicle shares were listed on the Indian stock market following a demerger that took effect on October 1, with the new entity named Tata Motors Limited [1] - The Chairperson of Tata Motors, N Chandrasekaran, emphasized the necessity of the demerger to allow both commercial and passenger vehicle segments to pursue distinct business models and ambitions [2][4] - The commercial vehicle business is recognized for its profitability, contrasting with the passenger vehicle segment, which has historically required support from the commercial side [2][4] Business Strategy - The demerger allows Tata Motors' commercial vehicle segment to cater to a different set of investors, customers, and dealer partners, establishing a changed business pathway [3] - The company aims to introduce the latest technologies in the commercial vehicle segment, focusing on electrification, hydrogen trucks, and new energy buses [5][6] - The company has achieved a debt-free status, which positions it to invest boldly in new technologies and transformations necessary for sustainable mobility [6] Market Position - Tata Motors' commercial vehicles are described as the backbone of the Indian economy, with a strong presence in both heavy and light commercial vehicles [6] - The company is set to close a transaction with Iveco in the coming months, which is expected to further enhance its market position [6]

Core Viewpoint - The article discusses the structural changes in the Chinese automotive market, highlighting the strong growth in the northern regions compared to the southern regions, driven by government policies and consumer preferences for economical and electric vehicles [2][5]. Group 1: Regional Market Trends - The automotive market is characterized by a "strong north, weak south" trend, with northern markets showing significant growth, particularly in Northeast and Central regions [3][5]. - In September 2025, the northern market's share increased by 0.2 percentage points compared to the previous year, and by 5.7 percentage points compared to 2022 [4][5]. - The Northeast region has shown continuous growth, maintaining a high market share of 6.4% in September 2025 [4][5]. Group 2: Policy Impact on Market Structure - Government subsidies have encouraged the growth of low-end and economical vehicles, particularly benefiting A00 and A0 class electric vehicles in northern regions [2][5]. - The "Two New" subsidy policy has been effective in promoting the adoption of small electric vehicles, reflecting the policy's fairness [2][5]. Group 3: Vehicle Category Market Structure Changes - The SUV segment has seen strong growth, especially in the central and western regions, while the eastern regions show weaker demand for SUVs [8][9]. - The demand for traditional fuel vehicles remains high in the northern and central regions, with fuel vehicles accounting for about 60% of the market [9][10]. Group 4: New Energy Vehicle Structure Analysis - New energy vehicles, particularly pure electric and plug-in hybrids, have shown strong performance, with significant growth in the northern regions [9][10]. - In regions like Hainan and Guangxi, the penetration rate of new energy vehicles has reached around 60%, indicating robust growth [10][11]. Group 5: Economic Vehicle Structure Changes - The article notes that the majority of regions benefit from subsidies for economical vehicles, which have become the mainstay of the market due to their affordability [11][12]. - The structure of vehicle categories is shifting towards more economical options, with a notable increase in the share of A0 and A class vehicles [11][12].

Group 1: Market Overview - In the period from September 1 to 27, 2025, the national retail sales of passenger cars reached 1.776 million units, showing a year-on-year growth of 0% and a month-on-month increase of 12% [1] - Cumulative retail sales for the year reached 16.54 million units, reflecting an 8% year-on-year increase [1] - For the same period, wholesale sales of passenger cars amounted to 2.103 million units, with a year-on-year growth of 1% and a month-on-month increase of 16% [1] Group 2: New Energy Vehicles - Retail sales of new energy vehicles from September 1 to 27 reached 1.039 million units, marking a 9% year-on-year increase and a 17% month-on-month increase [1] - The penetration rate of new energy vehicle retail sales was 58.5%, with cumulative retail sales for the year at 8.609 million units, a 24% year-on-year growth [1] - Wholesale sales of new energy vehicles during the same period were 1.154 million units, reflecting a 12% year-on-year increase and a 21% month-on-month increase [1] Group 3: Sales Trends - The first week of September saw an average daily retail of 43,885 units, a 10% year-on-year decline [3] - The second week recorded an average daily retail of 48,652 units, showing a 1% year-on-year increase [3] - The third week had an average daily retail of 59,236 units, with a 9% year-on-year growth [4] Group 4: Wholesale Trends - The first week of September had an average daily wholesale of 44,984 units, a 5% year-on-year decline [8] - The second week recorded an average daily wholesale of 67,580 units, a 1% year-on-year decline [8] - The fourth week saw an average daily wholesale of 132,397 units, reflecting a 2% year-on-year increase [8] Group 5: Export Performance - In August 2025, China exported 764,000 vehicles, a 25% year-on-year increase, with cumulative exports from January to August reaching 4.94 million units, a 21% year-on-year growth [4] - The top ten countries for vehicle exports included Russia, UAE, and Mexico, with significant increases in exports to Australia and Algeria [10] - The export of new energy vehicles showed strong performance, particularly in markets like Belgium and the Philippines [12] Group 6: Market Dynamics - The introduction of new models at the Chengdu Auto Show has led to increased sales, although the overall contribution of new models has been below expectations due to a lack of entry-level popular models [5] - The traditional peak season of "Golden September and Silver October" is expected to boost sales, aided by national and local subsidies [6] - The market is experiencing a shift towards larger family vehicles, driven by changing family structures and increased demand for comfort and space [13]

Core Viewpoint - The overall passenger car market in June 2025 shows a decline in both transaction prices and discounts, indicating a competitive market environment with varying trends across different vehicle segments [4][12]. Group 1: Overall Market Price Changes - The overall market price change index for June is -2.13, with an average transaction price of 155,200 yuan, reflecting a month-on-month decrease of 1,959 yuan or 1.2% [4]. - The car market specifically saw a more significant decline, with a price drop of 3,278 yuan or 2.47% [5]. Group 2: Discounts in the Market - The overall discount change index for June is 1.46, with an average discount of 30,100 yuan, which is an increase of 497 yuan or 1.68% from the previous month [4]. - Discounts in the car market have been increasing, with a notable rise of 3.9% [6]. Group 3: Segment-Specific Price Changes - In the SUV market, the price index is -1.88, with an average transaction price of 168,900 yuan, reflecting a decrease of 1,362 yuan or 0.8% [11]. - The MPV market shows a price increase, with an index of 0.1 and an average price of 274,300 yuan, up by 3,959 yuan or 1.46% [11]. Group 4: New Energy Vehicle Market - The overall price change index for the new energy market is -3.36, with an average transaction price of 157,500 yuan, indicating a decrease of 1,869 yuan or 1.17% [12]. - The new energy sedan market experienced a significant price drop of 4,136 yuan or 3.45% [16]. Group 5: Segment-Specific Discounts in New Energy Vehicles - The overall discount change index for the new energy market is 0.83, with an average discount of 11,400 yuan, which is a decrease of 138 yuan or 1.19% from the previous month [13]. - Discounts in the new energy sedan market have increased significantly, particularly in lower segments, with A00 level discounts rising by 35.4% [16].

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the impact of additional tariffs imposed by the US on Japanese exports, particularly in the automotive sector, and its implications for Japan's economy and corporate profits [4][7][27]. Core Insights and Arguments 1. **Tariff Burden Distribution**: The question of who bears the burden of additional tariffs is crucial for market participants, affecting inflation trends in the US and Japan's export volumes and corporate earnings [4][6]. 2. **Decline in Export Prices**: Japan's passenger car export prices to the US fell by approximately 20% in April-June 2025, indicating that Japanese automakers are absorbing a significant portion of the 25 percentage point tariff [4][8][20]. 3. **Impact on Corporate Profits**: If the trend of absorbing tariffs spreads across various industries, it could lead to a decline in corporate profits and nominal GDP in Japan, potentially falling below forecasts [4][32]. 4. **Pricing Behavior Variability**: While passenger car prices have declined, no significant price drops were noted for auto parts, suggesting different pricing strategies and market dynamics within the automotive sector [4][21][27]. 5. **Limited Industry Impact**: The trend of exporters absorbing tariffs appears limited to specific industries, primarily passenger cars and iron/aluminum, while other sectors show only slight price declines that are statistically insignificant [4][25][27]. 6. **Future Price Adjustments**: There is uncertainty regarding whether Japanese exporters can fully pass on the tariff burden to US selling prices in the long run, with potential price increases expected as negotiations between Japan and the US progress [4][28][30]. Additional Important Points 1. **Economic Forecasts**: The June BOJ Tankan survey indicated a marked deterioration in the profit outlook for the auto manufacturing industry, contrasting with more stable forecasts for other sectors like chemicals [32]. 2. **Real GDP Impact**: The impact on Japan's real GDP remains uncertain, as the limited increase in US selling prices may help maintain export volumes, but corporate profit declines could reduce domestic demand [32][33]. 3. **Monitoring Future Trends**: Continuous monitoring of price trends is necessary to assess the long-term validity of the current pricing behavior and its implications for Japan's economy [29][39]. Conclusion - The conference call highlights the complexities of tariff impacts on the Japanese economy, particularly in the automotive sector, and underscores the need for ongoing analysis as conditions evolve.