From November 1 to 23, China's passenger vehicle retail sales reached 1.384 million units, marking an 11% year-on-year decline compared to the same period last November and a 2% drop from the previous month. Cumulative retail sales for the year stand at 20.64 million units, up 6% year-on-year.
During the same period, wholesale deliveries by automakers totaled 1.69 million units, down 8% year-on-year but up 8% month-on-month. Year-to-date wholesale figures reached 25.464 million units, reflecting an 11% increase.
**New Energy Vehicle (NEV) Performance** NEV retail sales from November 1–23 rose 3% year-on-year to 849,000 units, with an 8% monthly increase. Cumulative NEV retail sales for 2025 hit 10.998 million units, up 20% year-on-year. Wholesale NEV deliveries grew 4% YoY to 995,000 units, surging 13% month-on-month, bringing the annual total to 13.051 million units—a 27% YoY gain.
NEV penetration rates stood at 61.3% for retail and 58.8% for wholesale during this period.
**Production Trends** Pure fuel-powered light vehicle production fell 12% YoY to 831,000 units in the first three weeks of November, though up 16% from October. Hybrid and plug-in hybrid vehicle production dropped 11% YoY to 491,000 units but rose 9% month-on-month.
**Weekly Retail Sales Breakdown** - **Week 1**: Daily average retail sales of 46,000 units, down 19% YoY and 4% MoM. - **Week 2**: Daily average of 67,000 units, down 9% YoY and 7% MoM. - **Week 3**: Daily average of 71,000 units, down 7% YoY but up 7% MoM.
Despite sluggish early-month sales due to policy subsidy tightening and consumer caution, a late-month rebound is expected to narrow the decline.
**Wholesale Dynamics** - **Week 1**: Daily average wholesale sales of 52,000 units, down 22% YoY but up 48% MoM. - **Week 2**: Daily average of 79,000 units, down 5% YoY and 4% MoM. - **Week 3**: Daily average of 95,000 units, up 2% YoY but flat MoM.
Strong export performance, particularly for NEVs, and reduced inventory pressure in markets like Russia have bolstered wholesale growth.
**Inventory Levels** As of October 2025, passenger vehicle inventory reached 3.41 million units, up 130,000 units from September and 440,000 units YoY. NEV inventory rose to 730,000 units in October but remained 150,000 units below peak levels.
**Battery Market Insights** October saw robust battery production, with total output of 171 GWh (+49% YoY). Year-to-date output reached 1,293 GWh (+45%). CATL (300750.SZ) and BYD dominated the market, while Eve Energy (300014.SZ) and CALB (03931) showed strong momentum.
**Russian Market Update** October sales in Russia fell 8% YoY to 183,000 units but surged 35% MoM. Chinese automakers accounted for 152% of exports to Russia, signaling successful inventory reduction strategies amid geopolitical challenges.
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