On January 9, the China Passenger Car Association (CPCA) released its analysis of the national passenger vehicle market for December 2025. Retail sales of passenger vehicles nationwide in December reached 2.261 million units, representing a decrease of 14.0% compared to the same period last year, but an increase of 1.6% compared to the previous month. Cumulative retail sales for the year reached 23.744 million units, an increase of 3.8% year-on-year. In 2025, national passenger vehicle wholesale sales grew by 8.8%, while new energy passenger vehicle wholesale sales grew by 25.2%, successfully meeting the new energy vehicle market growth expectations outlined in the "14th Five-Year Plan." Although the market was expected to enter a year-end rush-buying phase due to the expiration of the new energy vehicle purchase tax exemption policy at the end of the year, the exhaustion of budget funds for most provincial and municipal vehicle replacement programs created a hedging effect against purchase incentives. Coupled with adjustments to the vehicle replacement policies, market trends showed significant divergence. Recently, most provinces across the country have implemented varying degrees of deep adjustments to replacement and trade-in subsidies, which has intensified consumer wait-and-see sentiment and also contributed to a significant slowdown in the December market as potential energy accumulated. With upstream speculation driving up lithium carbonate prices and widespread increases in non-ferrous metal raw material costs, coupled with weak downstream demand, the survival pressure on vehicle manufacturers is intensifying. Some manufacturers have promptly adjusted their production pace downward to reduce inventory, accumulating momentum for a strong start to the "16th Five-Year Plan" period.
The characteristics of the passenger vehicle market in December 2025 are as follows: First, production and wholesale trends for passenger vehicle manufacturers in December were steady, with mainstream manufacturers proactively reducing pressure. Second, the expiration of the vehicle purchase tax exemption drove outstanding performance in new energy retail sales for automakers, with new energy retail sales hitting a record high. Third, the batch launch of new models this year, combined with the advancement of "anti-involution" efforts curbing disorderly price cuts, kept new energy promotions at around 10% in December, without a clear trend of trading price for volume. Fourth, domestic retail sales of internal combustion engine vehicles in December fell by 30% year-on-year; retail sales in the pure electric market increased by 2.5% year-on-year; extended-range electric vehicles grew by 15.4% year-on-year; and plug-in hybrid electric vehicles decreased by 1.1% year-on-year. The structural share of pure electric versus extended-range among new automakers shifted from 59%:41% last year to 71%:29%. Fifth, the domestic retail penetration rate of new energy vehicles in December reached 59.1%. As the new energy vehicle purchase tax exemption policy was about to expire, new energy vehicles showed a strong growth trend, 32.6 percentage points higher than that of internal combustion engine vehicles. A penetration rate nearing 60% also signifies the market's entry into a new "new energy-dominated" phase, necessitating timely policy adjustments to promote harmonious and high-quality development in the industry. Sixth, from January to December 2025, exports of self-owned brand internal combustion engine passenger vehicles reached 2.87 million, down 7%, while exports of self-owned brand new energy vehicles reached 2.04 million, up 139%. New energy vehicles accounted for 49.5% of self-owned brand exports. With the growth of CKD exports, China's passenger vehicle exports have extended from "simply selling cars" to "exporting the industrial chain," upgrading from rapid "volume" growth to a qualitative leap.
Retail sales of self-owned brands in December reached 1.46 million units, down 11% year-on-year and down 2.1% month-on-month. The domestic retail share of self-owned brands for the month was 64.3%, an increase of 2.2 percentage points year-on-year. From January to December, the retail market share of self-owned brands was 65%, an increase of 4.8 percentage points compared to the same period last year. Self-owned brands gained significant volume in both the new energy vehicle market and the export market. Leading traditional automakers performed excellently in their transformation and upgrading, with brands like Geely Auto, Chongqing Changan Automobile, and Great Wall Motor showing significant share gains. Retail sales of mainstream joint venture brands in December were 510,000 units, down 27% year-on-year but up 5% month-on-month. The retail share of German brands in December was 14.9%, down 1.3 percentage points year-on-year; the retail share of Japanese brands was 12.1%, down 1.3 percentage points year-on-year. The retail market share of American brands was 6.8%, up 0.2 percentage points year-on-year. The retail shares of Korean and other European brands saw slight increases. Retail sales of luxury vehicles in December were 290,000 units, down 1% year-on-year but up 17% month-on-month. The retail share of luxury brands in December was 12.8%, an increase of 2 percentage points year-on-year.
Regarding exports: According to CPCA data, passenger vehicle exports (including complete vehicles and CKD) in December reached 588,000 units, an increase of 46.2% year-on-year but a decrease of 2% month-on-month. From January to December, passenger vehicle manufacturer exports reached 5.739 million units, an increase of 19.7% year-on-year. New energy vehicles accounted for 46.4% of total exports in December, an increase of 15.6 percentage points compared to the same period. Exports of self-owned brands reached 515,000 units in December, up 50% year-on-year but down 2% month-on-month; exports of joint venture and luxury brands were 73,000 units, up 25% year-on-year.
Regarding production: Passenger vehicle production in December was 2.791 million units, down 4.6% year-on-year and down 10.1% month-on-month. From January to December, passenger vehicle production reached 29.633 million units, a cumulative increase of 10.4% year-on-year. December production decreased by 135,000 units compared to December 2024's 2.926 million units, indicating a significant production cut. Luxury brand production in December increased by 5% year-on-year but decreased by 8% month-on-month; joint venture brand production decreased by 20% year-on-year and 13% month-on-month; self-owned brand production decreased by 1% year-on-year and 10% month-on-month.
Regarding wholesale: National passenger vehicle manufacturer wholesale volume in December was 2.789 million units, down 9.0% year-on-year and down 7.0% month-on-month. From January to December, national passenger vehicle manufacturer wholesale volume reached 29.554 million units, an increase of 8.8% year-on-year. Affected by retail adjustments, the year-on-year growth rate of passenger vehicle wholesale in December was 5 percentage points higher than the retail growth rate. Wholesale volume from self-owned automakers in December was 1.912 million units, down 5% year-on-year and down 11% month-on-month. Wholesale volume from mainstream joint venture automakers was 574,000 units, down 21% year-on-year and down 1% month-on-month. Luxury vehicle wholesale volume was 302,000 units, down 5% year-on-year but up 8% month-on-month. The overall wholesale landscape for major passenger vehicle manufacturers continued to change in December, with signs of gradual emergence among some mid-tier companies. Automakers like Tesla (TSLA.US), GAC Honda, NIO (09866), and Li Auto (02015) showed relatively strong month-on-month performance. In December, there were 6 passenger vehicle manufacturers with wholesale volumes exceeding 100,000 units (compared to 8 in November and 9 in the same period last year), accounting for 45.6% of the total market share (57% last month, 59% same period last year). Manufacturers with wholesale volumes between 50,000 and 100,000 units accounted for 28.1% of the share (22% last month, 24% same period last year), while those with wholesale volumes between 10,000 and 50,000 units accounted for 24% (18% last month, 14% same period last year).
Regarding inventory: As manufacturer production trends were relatively stable in December, manufacturer wholesale volume was basically flat with production. However, monthly domestic wholesale volume from manufacturers was 60,000 units lower than retail sales, leading to an overall industry inventory decrease of 60,000 units in December (compared to a decrease of 100,000 units in the same period last year). This December's inventory reduction was initiated by automakers, whereas last year's was driven by retail sales. From January to December this year, overall industry inventory increased by 120,000 units (compared to a decrease of 860,000 units from Jan-Dec last year, an increase of 40,000 in 2023, and an increase of 500,000 in 2022).
Regarding new energy: Production of new energy passenger vehicles in December reached 1.560 million units, an increase of 7.6% year-on-year but a decrease of 11.2% month-on-month. Cumulative production from January to December reached 15.348 million units, an increase of 26.1%. Wholesale sales of new energy passenger vehicles in December reached 1.563 million units, an increase of 3.3% year-on-year but a decrease of 8.4% month-on-month. Cumulative wholesale sales from January to December reached 15.319 million units, an increase of 25.2%. Wholesale sales of conventional internal combustion engine passenger vehicles in December reached 1.230 million units, down 21% year-on-year and down 5% month-on-month. Cumulative wholesale sales from January to December reached 14.230 million units, down 5%. Retail sales in the new energy passenger vehicle market in December reached 1.337 million units, an increase of 2.6% year-on-year and an increase of 1.2% month-on-month. Cumulative retail sales from January to December reached 12.809 million units, an increase of 17.6%. Retail sales of conventional internal combustion engine passenger vehicles in December were 920,000 units, down 30% year-on-year but up 2% month-on-month. Cumulative retail sales from January to December reached 10.940 million units, down 9%. Exports of new energy passenger vehicles by manufacturers in December reached 273,000 units, a surge of 119.8% year-on-year but a decrease of 4.0% month-on-month. Cumulative exports from January to December reached 2.422 million units, an increase of 86.2%. Exports of conventional internal combustion engine passenger vehicles in December were 315,000 units, up 13% year-on-year but down 0.4% month-on-month. Cumulative exports from January to December reached 3.320 million units, down 5%.
1) Wholesale: The wholesale penetration rate of new energy vehicles in December was 56.0%, an increase of 6.6 percentage points compared to December 2024. In December, the penetration rate of new energy vehicles among self-owned brands was 72.8%; the penetration rate of new energy vehicles within the luxury segment was 42.5%; while the penetration rate for mainstream joint venture brands was only 7.2%. Wholesale sales of pure electric vehicles in December were 940,000 units, up 5.8% year-on-year but down 9.4% month-on-month. Wholesale sales of standard plug-in hybrid vehicles in December were 476,000 units, down 3.8% year-on-year and down 9.2% month-on-month. Wholesale sales of extended-range electric vehicles in December were 147,000 units, up 13.4% year-on-year and up 1.6% month-on-month. The structure of new energy wholesale in December was: pure electric 60.2% (up 1.5% year-on-year, down 0.6% month-on-month), standard plug-in hybrid 30.4% (down 2.3% year-on-year, down 0.3% month-on-month), extended-range 9.4% (up 0.8% year-on-year, up 0.9% month-on-month). The structure of new energy wholesale from January to December 2025 was: pure electric 61.8% (up 3.6% year-on-year), standard plug-in hybrid 29.5% (down 2.5% year-on-year), extended-range 8.7% (down 1.1% year-on-year). Wholesale of B-segment electric vehicles in December was 303,000 units, up 5% year-on-year and up 7% month-on-month, accounting for 32.2% of the pure electric share, down 0.5 percentage points compared to the same period last year. The market for economical A00 and A0 segment pure electric vehicles performed relatively well. Among these, A00 segment wholesale sales were 117,000 units, down 33% year-on-year and down 34% month-on-month, accounting for a 12.4% share of pure electric, down 7.2 percentage points year-on-year. A0 segment wholesale sales were 244,000 units, accounting for a 26% share of pure electric, up 2.6 percentage points year-on-year. A-segment electric vehicles reached 214,000 units, accounting for a 22.8% share of pure electric, up 0.1 percentage points year-on-year. The growth of economical electric vehicles is extremely important, as only the popularization of economical electric vehicles can truly drive incremental growth in the automotive market.
In December, there were 27 models with wholesale sales exceeding 20,000 units (32 in the previous month), including Model Y (66,189 units), BYD Song (55,107 units), BYD Seagull (44,627 units), Geely Xingyuan (41,619 units), Xiaomi YU7 (39,089 units), BYD Qin (37,252 units), Fang Cheng Bao Titanium 7 (34,088 units), BYD Sea Lion 06 (32,168 units), Chery Explore 06 (31,277 units), Model 3 (30,982 units), AITO M7 (28,877 units), Honda Accord (28,676 units), BYD Yuan UP (27,129 units), Wuling Bingo (25,652 units), Honda CR-V (25,140 units), BYD Dolphin (24,417 units), BYD Seal 06 (24,055 units), BYD Qin L (23,415 units), Nissan Sylphy (23,221 units), Chery Tiggo 8 (22,896 units), NIO ES8 (22,276 units), Toyota Corolla Cross (22,223 units), Volkswagen Tiguan (21,591 units), Toyota Camry (21,455 units), Chery Tiggo 7 (20,995 units), Geely Boyue (20,821 units), and Volkswagen Magotan (20,361 units). Among these, 17 were new energy models. Mainstream internal combustion engine models like the Accord, CR-V, Audi Q5, OMODA 5, and BMW 5 Series showed strong domestic performance this month.
2) Retail: The retail penetration rate of new energy vehicles in the overall domestic passenger vehicle market in December was 59.1%, an increase of 9.6 percentage points compared to the same period last year. In December's domestic retail, the penetration rate of new energy vehicles within self-owned brands was 80.9%; the penetration rate within the luxury segment was 39.1%; while the penetration rate within mainstream joint venture brands was only 8.2%. Looking at the monthly domestic retail share of new energy vehicles, the share of self-owned brand new energy vehicles in December was 64.4%, down 6.7 percentage points year-on-year; the share of mainstream joint venture brand new energy vehicles was 3.7%, up 0.9 percentage points year-on-year; the share of new automakers was 23.5%, with brands like XPeng Motors, Leapmotor, and Xiaomi Auto driving a 4.9 percentage point year-on-year increase in the new automaker share; Tesla's share was 7.0%, up 0.6 percentage points year-on-year.
3) Exports: Exports of new energy passenger vehicles in December reached 273,000 units, a surge of 119.8% year-on-year but a decrease of 4.0% month-on-month, accounting for 46.4% of passenger vehicle exports, an increase of 15.4 percentage points compared to the same period last year. Pure electric vehicles accounted for 57.9% of new energy exports (62.5% in the same period last year), with the core focus on A00+A0 segment pure electric vehicle exports accounting for 68% of pure electric exports (52% in the same period last year). As the scale advantages of Chinese new energy vehicles become apparent and market expansion demands grow, Chinese-made new energy brand products are increasingly going global, with continuously rising recognition overseas. Plug-in hybrids accounted for 40% of new energy exports (37% in the same period last year). Although recently subject to some external interference, exports of self-owned plug-in hybrids to developing countries are growing rapidly, with bright prospects. The top performers in manufacturer new energy exports in December were: BYD Auto (131,637 units), Chery Auto (40,410 units), Geely Auto (18,275 units), Leapmotor (13,367 units), SAIC Motor Passenger Vehicle (12,077 units), SAIC-GM-Wuling (8,995 units), Volvo Asia Pacific (7,110 units), Great Wall Motor (5,997 units), Polestar (5,747 units), XPeng Motors (5,235 units), Tesla China (3,328 units), Beijing Automobile Works (2,878 units), Chongqing Changan Automobile (2,724 units), Spotlight Automotive (1,898 units), GAC Aion (1,859 units), Zhimaoda Auto (1,560 units), Dongfeng Honda (1,440 units), LinkTour Auto (1,408 units), and FAW Besturn (1,396 units). Other automakers also had a certain scale of new energy exports. In terms of overseas system development, some self-owned brands have a relatively high proportion of CKD exports. Great Wall Motor's CKD export proportion was 53.2%, and SAIC-GM-Wuling's CKD export proportion was 38%. Both Great Wall Motor and SAIC-GM-Wuling have performed excellently in transitioning from complete vehicle exports to CKD exports and the construction of localized production systems overseas.
4) Automakers: Overall trends for new energy passenger vehicle enterprises were strong in December. BYD's dual-drive strategy of pure electric and plug-in hybrid solidified its leading position among self-owned brands in new energy. Standard plug-in hybrid performance remained strong, represented by BYD Auto, Geely Auto, Chery Auto, etc. In terms of product launches, with the implementation of the "multi-pronged" strategy by self-owned automakers in their new energy routes, the market base continued to expand. The number of manufacturers with monthly new energy wholesale sales exceeding 10,000 units reached 24 (an increase of 6 year-on-year, an increase of 2 month-on-month), accounting for 94.8% of the total new energy passenger vehicle volume (94.2% last month, 93.8% same period last year). These included: BYD (414,784 units), Geely Auto (154,264 units), Tesla China (97,171 units), Chongqing Changan Automobile (93,986 units), Chery Auto (81,760 units), SAIC-GM-Wuling (62,957 units), Leapmotor (60,423 units), Seres (53,654 units), Xiaomi Auto (50,212 units), NIO (48,135 units), Li Auto (44,246 units), GAC Aion (42,140 units), Great Wall Motor (38,858 units), Dongfeng Motor (38,442 units), SAIC Motor Passenger Vehicle (38,349 units), XPeng Motors (37,508 units), Arcfox (24,834 units), FAW Besturn (20,493 units), FAW Hongqi (17,814 units), GAC Toyota (13,999 units), Volvo Asia Pacific (13,937 units), IM Motors (11,818 units), Dongfeng Nissan (11,371 units), and BAIC BluePark (10,000 units). Enterprises with domestic new energy passenger vehicle retail sales exceeding 20,000 units were: BYD Auto (339,854 units), Geely Auto (135,989 units), Tesla China (93,843 units), Harmony Intelligent Driving (89,611 units), SAIC-GM-Wuling (68,777 units), Chongqing Changan Automobile (61,630 units), Chery Auto (51,723 units), Xiaomi Auto (50,212 units), NIO (47,385 units), Leapmotor (47,056 units), Li Auto (44,246 units), Dongfeng Motor (37,300 units), GAC Aion (35,489 units), Great Wall Motor (32,861 units), XPeng Motors (32,273 units), SAIC Motor Passenger Vehicle (27,648 units), and Arcfox (24,834 units). New energy sales of self-owned mainstream automakers are increasingly strengthening, with Geely Auto, Harmony Intelligent Driving, SAIC-GM-Wuling, Chongqing Changan Automobile, Xiaomi Auto, and Leapmotor performing very well in domestic new energy retail.
5) New Automakers: The retail share of new automakers in December was 23.5%, an increase of 4.9 percentage points year-on-year. The share of pure electric vehicle sales among new automaker models was 70.9%, significantly higher than the 59.4% share in the same period; the share of sales in the 100,000-150,000 RMB segment within new automaker pure electric vehicles increased substantially. Independent new energy brands under self-owned traditional automakers, as "second-generation" ventures, performed strongly, with a share of 16.17%, an increase of 2.7 percentage points year-on-year. Self-created new energy brands under large domestic groups, such as Deepal, VOYAH, Zeekr, Arcfox, and Voyah, performed excellently.
6) Standard Hybrids: Wholesale sales of standard hybrid passenger vehicles in December were 90,000 units, down 18% year-on-year but up 3% month-on-month. These included FAW Toyota (42,246 units), GAC Toyota (36,357 units), Dongfeng Honda (4,162 units), Changan Ford (3,923 units), and GAC Honda (3,070 units). The standard hybrid market is relatively stable, while the overseas market for self-owned standard hybrids shows strong momentum.
Outlook for the National Passenger Vehicle Market in January 2026. There are 20 working days in January 2026, one more than the same period last year but three fewer than the 23 working days in December. As the 2026 Spring Festival falls on February 16th, and considering the early holiday last year, production and sales time in January this year is relatively ample. National car ownership reached 346 million vehicles in 2024. Compared to a national population of 1.4 billion, the per-thousand-people car ownership reached 219 vehicles. In 2024, the migrant worker population was 300 million, of which 180 million migrant workers working away from home were expected to return at year-end. With decreased employment in construction and increased employment in manufacturing and services, the car purchase volume among groups returning later should be larger. Domestic automotive consumption is still primarily focused on pre-Spring Festival spending, so the timing of the Spring Festival has a particularly significant impact on consumption. First-time buyers have stronger purchasing power at year-end, forming the strong pre-Spring Festival retail trend seen annually. With production智能化, aging population, and demographic structural changes towards fewer children, employment pressure for migrant workers working away from home is significant. County and township markets should still have strong car demand and growth potential. However, the share of car purchases in county and township markets declined significantly in the fourth quarter of last year, and the extent of consumption recovery in January remains uncertain. The complex impacts brought by changes in the external environment are deepening, inflationary pressures are resurfacing, world economic growth momentum is diverging, and the domestic economic structure is undergoing deep adjustment. Against the backdrop of high debt pressure, the willingness for fiscal expansion is strong. China's economic operation remains generally stable with progress, and high-quality development is solidly advancing, but it still faces difficulties and challenges such as insufficient domestic demand and numerous risk hazards. The national scrappage renewal and various local trade-in policies promoting auto consumption in 2025 have achieved good results, but passenger vehicle retail growth turned negative at -5% in the fourth quarter. The wait-and-see attitude of some consumers for year-end car purchases intensified, but this also accumulated some momentum for the automotive market at the beginning of 2026. Although the subsidy intensity of the 2026 trade-in policy will form a gradient phase-out, it starts earlier compared to last year. Overall, this is conducive to stabilizing consumption expectations and favorable for a "strong start" in January. Achieving a "strong start" in January has been a goal jointly pursued by local governments and automakers for years. Combined with the impact of the Spring Festival in February, a certain amount of wholesale transfer volume is formed in January. Considering the current market pre-order model, some enterprises still have a considerable number of orders awaiting delivery. As the beginning of the "16th Five-Year Plan" period and given that this is a big year for auto consumption, a slight year-on-year sales increase is expected for January. On December 30th, the National Development and Reform Commission issued the "Notice on Implementing Large-Scale Equipment Updates and Consumer Goods Trade-in Policies in 2026," which will certainly continue to promote the growth of domestic auto consumption, adding impetus to January car sales. The "Safety Requirements for Power Batteries for Electric Vehicles (GB38031-2025)" will be implemented in July, leading some automakers to提前消化 inventory of vehicles that do not comply with the regulations. Meanwhile, models compliant with the new national standard,凭借 higher safety standards and energy density, may become the preferred choice for replacement buyers, driving growth in the mid-to-high-end market.
The national automotive market trend in 2025 presented an "inverted U-shape with low beginning, high middle, and low end." The release of replacement demand continuously promoted from 2024 to 2025 was relatively full. The original forecast was for 2% growth in domestic automotive retail in 2025, but the actual growth was 4%. New energy passenger vehicle retail was expected to grow 20% in 2025 with a penetration rate of 57%, and the actual trend was similar. In 2026, policy encouragement for commercial vehicle renewal subsidies will remain unchanged, while passenger vehicle scrappage renewal is estimated to decrease by 20% based on the 2025 structure, and the maximum estimated decrease for trade-ins is 30%. The growth effect for commercial vehicles in 2026 is expected to be better than for passenger vehicles. The passenger vehicle market in 2026 is预计 to follow a "U-shaped trend with high beginning, low middle, and high end," with overall market sales volume持平于 the 2025 domestic retail volume. Exports are expected to maintain medium-to-high growth above 10%, but domestic inventory reduction pressure remains significant. Therefore, the overall passenger vehicle manufacturer wholesale forecast is for 1% growth.
China's Automobile Exports from January to November 2025: 7.33 Million Units. China's automobile exports in November 2025 reached 810,000 units, an increase of 48% year-on-year but a decrease of 2% month-on-month. From January to November, China's automobile exports reached 7.33 million units, with a year-on-year growth rate of 25%, showing overall strength. China's new energy automobile exports in November 2025 were 350,000 units, a surge of 156% year-on-year, performing very well. From January to November 2025, new energy automobile exports reached 3.01 million units, an increase of 62% year-on-year, with超高的 growth recently. The top 10 countries for China's automobile exports by volume in November 2025 were: Mexico (90,212 units), Russia (61,881 units), UAE (53,114 units), Brazil (29,231 units), Australia (26,121 units), UK (24,441 units), Algeria (21,532 units), Kyrgyzstan (21,372 units), Indonesia (20,915 units), and Kazakhstan (20,213 units). The top five countries in terms of incremental growth compared to the same period were: Mexico (54,705 units), UAE (22,877 units), Algeria (19,213 units), Brazil (18,620 units), and Australia (13,252 units). Chinese automakers' risk awareness in the Russian market has increased. Although domestic sales in Russia from January to November did not decline significantly, exports to Russia from January to November 2025 declined substantially. The top 10 countries for China's automobile exports by volume from January to November 2025 were: Mexico (573,453 units), Russia (513,078 units), UAE (465,539 units), Brazil (285,122 units), UK (280,760 units), Australia (278,381 units), Belgium (275,764 units), Saudi Arabia (265,762 units), Philippines (236,466 units), and Kazakhstan (188,218 units). The top five countries in terms of incremental growth compared to the same period were: UAE (173,897 units), Mexico (151,480 units), Australia (115,667 units), Algeria (107,815 units), and UK (99,945 units).
In China's automobile exports in November 2025, pure electric vehicles accounted for 26% (6% in the same period last year), plug-in hybrids accounted for 17% (up 13 percentage points year-on-year), standard hybrids accounted for 6% (up 1 percentage point year-on-year), and pure internal combustion engine vehicles accounted for 40% (down 19 percentage points year-on-year). From January to November 2025, pure electric vehicles accounted for 28% (2% in the same period last year) of China's automobile exports, plug-in hybrids accounted for 13% (up 8 percentage points year-on-year), standard hybrids accounted for 6% (up 2 percentage points year-on-year), and pure internal combustion engine vehicles accounted for 43% (down 11 percentage points year-on-year). The top 10 countries for China's new energy automobile exports by volume in November 2025 were: Mexico (48,172 units), UAE (25,895 units), UK (19,191 units), Indonesia (18,337 units), Brazil (15,709 units), Philippines (14,486 units), Thailand (14,420 units), Australia (10,908 units), Israel (10,905 units), and Belgium (10,809 units). The top five countries in terms of incremental growth compared to the same period were: Mexico (44,295 units), UAE (19,648 units), UK (14,132 units), Indonesia (13,888 units), and Brazil (10,922 units). The top 10 countries for China's new energy automobile exports by volume from January to November 2025 were: Belgium (262,248 units), Mexico (199,041 units), UK (194,473 units), Philippines (185,834 units), Brazil (179,302 units), UAE (138,620 units), Australia (135,030 units), Thailand (126,728 units), Indonesia (106,568 units), and India (96,971 units). The top five countries in terms of incremental growth compared to the same period were: Mexico (122,896 units), UK (82,641 units), Philippines (80,163 units), UAE (71,416 units), and Australia (66,154 units). China's new energy vehicle exports from January to November 2025 performed better than expected, mainly because plug-in hybrids and standard hybrids replaced pure electric vehicles as new growth points for export growth, especially strong exports of plug-in hybrid pickup trucks, which became a highlight of new energy commercial vehicle exports. China's new energy vehicle exports are moving towards high-quality development in Middle Eastern and developed country markets, primarily exporting to Western Europe and Asian markets. The decline in the Russian internal combustion engine vehicle market is fully evident, while the retail sales volume we monitor in the Russian market declined slightly. Key Chinese automakers like Geely Auto (00175), Chongqing Changan Automobile (000625.SZ), Chery Auto (09973), and BYD Auto (01211) still performed quite well there.
China's Automobile Imports from January to November 2025: 450,000 Units. With the rise of self-owned brands and new energy offering more perspectives for car selection, the溢价 ability of traditional vehicles has significantly declined, leading to持续剧烈下行 pressure on imported vehicles. From January to November 2025, national automobile imports were 450,000 units, a decrease of 30% year-on-year, a rare巨大下滑 for the Jan-Nov period in recent times. Imports in November were 43,000 units, down 29% year-on-year and down 2% month-on-month. Imported vehicles peaked at 1.43 million units in 2014 and have been declining since. The import scale continued to锐减 in 2024, with annual imports of only 700,000 units, down 12% year-on-year. The pressure for import decline remained significant in November 2025. The top 10 source countries for imports in November 2025 were: Japan (24,312 units), Germany (8,705 units), Slovakia (2,490 units), UK (2,112 units), Sweden (1,746 units), USA (1,597 units), Mexico (314 units), South Korea (248 units), Austria (199 units), and Italy (170 units). The top five countries in terms of incremental growth compared to the same period were: Japan (5,058 units), Finland (165 units), India (123 units), South Africa (93 units), and South Korea (61 units). The top 10 source countries for imports from January to November 2025 were: Japan (192,982 units), Germany (179,289 units), USA (99,945 units), Slovakia (59,783 units), UK (42,351 units), Sweden (19,943 units), Austria (10,213 units), Hungary (7,633 units), Mexico (6,749 units), and South Korea (4,520 units). The top five countries in terms of incremental growth compared to the same period were: Germany (83,081 units), USA (55,883 units), Slovakia (10,837 units), Austria (7,624 units), and Sweden (6,994 units). The ultra-luxury vehicle market saw some recovery this November, with异常回升 in sales of imported cars like Maserati and Lamborghini. Demand for ultra-luxury vehicles明显回升 in Shanghai. In the luxury vehicle market, traditional markets like Suzhou, Hangzhou, Chengdu, Shanghai, and Beijing faced significant pressure.
Automobile Industry Profit Margin from January to November 2025: 4.4%. From January to November, the effects of the "Two New" policies continued to显现, the national unified large market advanced in depth, and叠加 the low base from the same period last year among other factors, automobile production from January to November 2025 reached 31.09 million units, an increase of 11% year-on-year. Automobile industry revenue from January to November 2025 was 10,022.3 billion yuan, an increase of 8.1% year-on-year; costs were 8,840.5 billion yuan, up 9%; profits were 440.3 billion yuan, an increase of 7.5% year-on-year; the automobile industry profit margin was 4.4%. Compared to the average profit margin level of 6% for downstream industrial enterprises, the automobile industry remains relatively low. In November, automobile industry revenue was 1,144.5 billion yuan, up 9.7% year-on-year; costs were 1,016.2 billion yuan, up 11.4%; profits were 50.8 billion yuan, a surge of 39.2% year-on-year; the automobile industry profit margin was 4.4%, showing a significant month-on-month rebound and a large improvement compared to 3.3% in November last year. At the end of November, accounts receivable of industrial enterprises above designated size were 28.40 trillion yuan, up 5.5% year-on-year; finished product inventory was 6.92 trillion yuan, up 4.6%. Inventory reduction and improvement in payment terms in the automobile industry should be better than the overall level of industrial enterprises. Various regions have vigorously promoted the implementation of the "Two New" policies, effectively releasing domestic demand vitality. The effect of strengthening and expanding the scope of the consumer goods trade-in policy is obvious, but the improvement in the效益 of the automobile industry has明显落后 behind other consumer goods. With the continuous advancement of national "anti-involution" work, the profit margin of the non-ferrous metal mining industry was 30.4%, profits in the upstream steel industry improved significantly, and the automobile industry's effect on improving产业链利润 is quite good. It is期待 that achieving "equal rights for oil and electricity" in the automotive market will promote "equal strength for oil and electricity." The overall situation of the automobile industry is bound to continue stable with a positive trend in the future.
China's Share of World Automobile Market in November 2025: 40%. World automobile sales in November 2025 reached 8.59 million units, an increase of 1% year-on-year and 1% month-on-month. With the relative slowdown of the Chinese and US automotive markets, world automotive sales growth slowed in November 2025. Sales from January to November 2025 were 87.66 million units, an increase of 6% year-on-year. Global automobile sales from January to November 2025 grew by 6%. Among them, China's automobile sales were 31.08 million units, up 11%; US sales were 15.18 million units, up 2%; Indian sales were 5.07 million units, up 5%; Japanese sales were 4.22 million units, up 3%; German sales were 2.89 million units, flat compared to the previous year. Currently, the Chinese market appears the most vibrant with fast growth. The Russian market declined severely, growth in Mexico slowed, while markets like Argentina in South America performed well. China's share of the world automobile market continues to rise. In November, China's world share rebounded to a good level of 40%, an increase of 1 percentage point compared to last year. China's automotive market share reached 34.2% in 2024. From January to November 2025, China's automotive market share reached 35.4% of the world, an increase of 1.2 percentage points compared to the same period. Among the world's top 10 automakers this year, the share of 3 Chinese automakers rose strongly: BYD reached 6th place globally, Geely 8th, and Chery 10th. Except for the temporarily异常 strong US market and factors promoting good performance in markets like India for Suzuki, the shares of other international brands experienced comprehensive and significant declines.
China's Share of World New Energy Vehicle Market from January to November 2025: 68%. World automobile sales from January to November 2025 reached 87.66 million units. New energy vehicles reached 20.33 million units. The sales proportion of广义 new energy vehicles reached 30% of world automobile sales, an increase of 3.7 percentage points compared to the full year of 2024. The share of new energy vehicles from January to November 2025 reached 23.2%,其中 the share of pure electric vehicles reached 15.3%, and plug-in hybrids reached 7.9% of the automobile proportion, showing excellent performance. From January to November this year, US new energy vehicle sales were 1.41 million units, with 6% growth, relatively good compared to recent years. Due to factors like high tariffs and price increases following the cancellation of new energy subsidies, US new energy vehicle sales in November were 78,000 units, down 41% year-on-year and down 10% month-on-month. European new energy passenger vehicle sales from January to November this year were 3.32 million units, an increase of 760,000 units compared to the same period last year, growth of 30%. Preliminary statistics show European new energy passenger vehicle sales in November were 338,000 units, up 28% year-on-year. China's share of the world new energy passenger vehicle market in 2025 was 68.4%,其中 in November, China's share reached 73.7%. In terms of contribution to the global new energy increment from January to November 2025, China accounted for 68%, Germany accounted for 5% of the increment, and India accounted for a 4% contribution. China's share of the world pure electric vehicle market from January to November 2025 was 64.3%, a slight increase of 1 percentage point compared to 2024. China's share of the world plug-in hybrid market from January to November 2025 reached a超高水平 of 76.4%, demonstrating超强的 performance in the global plug-in hybrid market. The overseas market sales share of self-owned new energy passenger vehicles in November 2025 was 20%, up 1.3 percentage points month-on-month. Due to the strong performance of self-owned new energy exports and significant changes in the US, the overseas market sales share of self-owned new energy passenger vehicles rose from 9.9% in 2024 to 15.4% from January to November this year, a significant increase.
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