2026 年新能源汽车需求仍具韧性_ EV demand resilience into 2026e

16 December 2025 China EV Tracker Equities EV demand resilience into 2026e China EV outpaced overall auto demand in Nov – a sign of EV consumption supporting continuity into 2026. China passenger car market recorded 2.22mn units' sales in November, representing an 8% y-o-y decline from last year's high base, and 1% decrease m-o-m. The result fell short of our expectations, primarily due to earlier-than- anticipated tightening or exit of trade-in subsidy programmes across several regions as funding was exhau ...