Overview
- Official data show monthly production topped 3.5 million vehicles for the first time in November, with January–November production and sales both exceeding 31 million and rising more than 10% year on year.
- New energy vehicles approached 15 million units in January–November for both production and sales, growing more than 30% year on year, while NEV exports reached 2.315 million, roughly doubling from a year earlier.
- Passenger-car retail sales in November totaled 2.225 million, down 8.1% from a year earlier and 1.1% from October, according to the China Passenger Car Association.
- Year to date, retail sales rose 6.1% to 21.483 million units, with NEV retail up 19.6% to 11.472 million and conventional fuel retail down 6% to 10.01 million.
- CPCA secretary-general Cui Dongshu estimates 2025 auto trade-in subsidies will exceed RMB 180 billion and total tax and subsidy support will near RMB 400 billion, and he warns a potential cut of NEV purchase-tax relief to 5% in 2026 could remove over RMB 100 billion in support and pressure growth.