Although major automakers still post rosy monthly sales reports, stripping out exports reveals a less comfortable picture: even in the traditional "golden September, silver October" peak season, the domestic NEV market is showing fatigue, with year-on-year declines. Data shows September domestic NEV passenger-vehicle sales were 1.076 million units — up 10.4% month on month but down 16.2% year on year. The downtrend continued into October.
According to the China Passenger Car Association, from October 1 to 11 national NEV retail was 281,000 units, down 13% year on year and 7% from the prior month. Year to date, NEV cumulative retail reached 8.039 million units, down 13%. The cooling is not a short-term fluctuation but a phenomenon persisting over a considerable period.
The divergence among powertrains is striking: pure-electric sales were 758,000 units, down only 9%, showing resilience, while plug-in hybrids and range extenders fell 32% and 18% respectively. Analysts say consumers are tightening their belts and waiting on the sidelines; the price-sensitive users who once fueled PHEV and EREV growth are the first to close their wallets, while pure electrics are propped up by ride-hailing, commuting and high-end upgrade demand.
Interestingly, while retail fell, wholesale stayed positive — NEV wholesale was 301,000 units in the first 11 days, up 6% year on year. The "wholesale up, retail down" pattern signals blockage in the chain from factories to dealers and rising inventory pressure. With domestic demand weak, the bright growth figures of leading firms come mainly from overseas markets.
Source: Tencent News / Hua Shan Lun Jian
