Hong Kong-listed auto shares extended losses on October 22, with XPeng down 4.33%, Li Auto down 4.32% and Great Wall Motor down 2.86%, as data pointed to weak domestic demand, Smart Finance reported. Data from the China Automobile Dealers Association show that October 1-18 national passenger-car retail reached 789,000 units, down 26% year on year, while wholesale was 853,000 units, down 20%; NEV retail was 520,000 units, down 13%.
The "Golden September" was also lackluster: the September dealer inventory warning index stood at 63.2%, above the boom-bust line for months, and 54.2% of dealers said the peak season was clearly weaker than in past years. Zhongyuan Securities described the September picture as "soft domestic demand, surging exports, channel stockpiling and structural divergence."
On the channel side, the September dealer inventory coefficient rose to 1.68, a recent high for the period, reflecting the growing tension between manufacturers pushing stock in peak season and weak terminal absorption. Exports, by contrast, held above one million units for four straight months, with NEV export share up to 54.2% — making overseas the industry's strongest engine.
Analysts say the divergence underscores that the sector's next phase hinges on balancing scale growth against sustainable operations and genuine user value rather than price competition alone.
Source: Smart Finance / Zhitong Finance
