The CPCA reported on November 9 that October national passenger-car retail reached 1.643 million units, down 27.1% year on year and up 1.5% month on month. NEV retail was 1.109 million units, down 13.7%, while NEV retail penetration climbed to 67.5% and wholesale penetration reached 67.3%, both record highs.
Cui Dongshu said the traditional "golden September, silver October" peak is fading as the market enters a stock-replacement era with a shrinking first-time buyer base. Against the weak domestic backdrop, exports stand out: October passenger-car exports (including complete vehicles and CKD) hit 928,000 units, up 68.5%, with exports reaching 35% of makers' sales versus 19% a year earlier. NEV passenger-car exports of 582,000 units rose 144.7%, and A00+A0 models took 56.4% of BEV exports.
Analysts say the domestic-and-overseas divergence shows two distinct demand systems: China leans large and premium while overseas prefers compact, affordable cars, reshaping the competitive order among local brands.
Source: National Business Daily / CPCA
