According to preliminary statistics from the China Passenger Car Association (CPCA), national passenger car market retail sales reached 2.239 million units from September 1-30, representing a 6% increase compared to September last year and an 11% increase from the previous month. Cumulative retail sales for this year reached 17.004 million units, up 9% year-over-year.

For wholesale figures, national passenger car manufacturers recorded 2.770 million units from September 1-30, up 11% compared to September last year and 12% from the previous month. Cumulative wholesale sales for this year totaled 20.812 million units, up 13% year-over-year.

Regarding new energy vehicle retail sales, the national passenger car new energy market achieved 1.307 million units in September, up 16% compared to September last year and 17% from the previous month. The national passenger car new energy retail penetration rate reached 58.5%. Cumulative retail sales for this year totaled 8.878 million units, up 24% year-over-year.

For new energy wholesale figures, national passenger car manufacturers recorded 1.489 million units from September 1-30, up 21% compared to September last year and 15% from the previous month. The national passenger car manufacturer new energy wholesale penetration rate reached 53.8%. Cumulative wholesale sales for this year totaled 10.433 million units, up 32% year-over-year.

**September 2025 National Passenger Car Market Retail Sales Trends**

The first week of September saw daily average retail sales of 43,000 units, down 10% compared to the same period last September and down 4% from the previous month's same period.

The second week recorded daily average retail sales of 61,000 units, up 1% compared to the same period last September and up 15% from the previous month's same period.

The third week achieved daily average retail sales of 65,000 units, up 9% compared to the same period last September and up 10% from the previous month's same period.

The fourth week reached daily average retail sales of 98,000 units, down 2% compared to the same period last September but up 19% from the previous month's same period.

The fifth week recorded daily average retail sales of 155,000 units, up 43% compared to the same period last September and up 48% from the previous month's same period.

The car market retail trend at the beginning of September 2025 was stable, basically flat compared to 2023 but weaker than early September 2024 performance. Due to the national trade-in policy that began strengthening and expanding at the end of July 2024, August retail sales exceeded expectations. However, manufacturers' August targets were not high, so some dealers shifted late August sales to early September to achieve more balanced monthly sales progress. This affected early September car market performance with some negative growth, especially as some regional trade-in subsidy policies considered sustainability, resulting in slower sales trends in some areas.

Since September 17 last year was the Mid-Autumn Festival, the weekly sales base was relatively low, making the third week's year-over-year performance better, though growth did not exceed weekly daily average contributions, and market trends remained relatively stable.

September entered the traditional peak season of "Golden September, Silver October," combined with comprehensive implementation of national subsidy funds and intensive follow-up of local car purchase subsidies. With first-come-first-served subsidies in some areas, consumer car-buying enthusiasm was released. Current local subsidy policies favor high-priced vehicle models, with some regions introducing tiered subsidy policies that are unfavorable to mainstream car market development and vehicle market penetration in small cities and counties.

The promotional effect before the expiration of the vehicle purchase tax exemption policy at the end of September gradually materialized.

**September 2025 National Passenger Car Manufacturer Wholesale Sales Trends**

The first week of September saw daily average wholesale of 44,000 units, down 5% compared to the same period last September but up 9% from the previous month's same period.

The second week recorded daily average wholesale of 67,000 units, down 1% compared to the same period last September but up 26% from the previous month's same period.

The third week achieved daily average wholesale of 76,000 units, up 6% compared to the same period last September and up 13% from the previous month's same period.

The fourth week reached daily average wholesale of 132,000 units, up 2% compared to the same period last September and up 13% from the previous month's same period.

The fifth week recorded daily average wholesale of 222,000 units, up 57% compared to the same period last September and up 37% from the previous month's same period.

As anti-involution efforts continue to deepen, leading automotive companies are working to maintain relatively stable market prices and ensure gradual improvement in supply chain funding, reducing dealer inventory pressure. Therefore, their own profitability pressure remains significant, and manufacturers are more cautious about domestic sales growth.

With steady domestic performance and strong exports, China's automotive export situation has improved since the second quarter, with good growth in some overseas markets. In July, domestic new energy overseas market share increased to 16%. Russia's August retail performance was good with reduced destocking pressure, driving continued export growth.

As China increases exports of plug-in hybrid and regular hybrid vehicles, the impact of domestic brands on international brands in overseas markets will gradually become apparent. Based on nearly 20 years of strong export growth experience in China's durable consumer goods, the construction of domestic new vehicle and overseas marketing systems will drive continued strength of Chinese domestic brands in international markets.

With the influx of month-end overseas sales and other sales channel data, the final week showed strong performance.

**Automotive Industry Profit Margin 4.5% for January-August, Industry Revenue Reaches 6.8 Trillion Yuan**

From January to August, under the combined effects of continued policy effects from "two new" policies, deepening progress of the unified national market, and low base from the same period last year, profits of above-scale industrial enterprises increased 0.9% year-over-year, driving improvement in benefits for related product industries and chain industries.

Driven by automotive replacement and renewal subsidy policies, automotive production reached 20.83 million units from January to August 2025, up 11% year-over-year.

From January to August 2025, automotive industry revenue was 680.49 billion yuan, up 8% year-over-year; costs were 598.89 billion yuan, up 8.2%; profits were 30.35 billion yuan, down 0.3% year-over-year. The automotive industry profit margin was 4.5%, still lower than the downstream industrial enterprise average profit margin of 6%.

In August, automotive industry revenue was 88.56 billion yuan, up 7.5% year-over-year; costs were 78.32 billion yuan, up 7.5%; profits were 2.98 billion yuan, down 10% year-over-year. The automotive industry profit margin was 3.4%, a significant month-over-month decline and still down from 3.6% in August last year, at a historical low for the same period.

**China Accounts for 34% of World Automotive Share in January-August 2025**

World automotive sales reached 7.6 million units in August 2025, up 6% year-over-year and down 1% month-over-month. With China's car market continuing to strengthen, the world car market in August 2025 significantly exceeded the August 2018 peak, reaching peak levels for August in history.

Sales from January to August 2025 reached 61.98 million units, up 6% year-over-year.

Global automotive sales growth was 6% from January to August 2025, with China automotive sales at 21.10 million units, up 12%; US sales at 11.25 million units, up 3%; India sales at 3.29 million units, down 6%; Japan sales at 3.03 million units, up 6%; Germany sales at 2.07 million units, down 3%.

Currently, the Chinese market is the most vibrant with fast growth rates. The Russian market declined severely, Mexico's growth slowed, while South American markets like Argentina performed well.

The world market further differentiated in 2025, with China's car market reaching 34% of world automotive share from January to August. At the beginning of 2025, with super-strong support from "two new" subsidy policies promoting China's automotive sales recovery, China's world share in August rebounded to a good level of 38%, up 4 percentage points from last year.

Chinese domestic brands comprehensively improved world share. Byd Company Limited (002594.SZ), GEELY AUTO (00175), CHERY AUTO (09973), and Chongqing Changan Automobile Company Limited (000625.SZ) and other domestic brands performed strongly. With rapid recent new energy development, Chinese domestic automotive companies showed strong trends, with Byd Company Limited reaching world 6th place, GEELY AUTO 9th place, and CHERY AUTO 11th place.

**China Accounts for 68% of World New Energy Vehicle Share in January-August 2025**

From January to August 2025, world broadly-defined new energy vehicle sales reached 28.2% of world automotive sales, up 1.9 percentage points from 2024 full year, while narrowly-defined new energy vehicles reached 22.3%, with pure electric vehicles accounting for 15% and plug-in hybrids reaching 7.3% of automotive proportion, showing excellent new energy performance.

World new energy passenger vehicle sales reached 13.33 million units from January to August 2025, up 32% year-over-year. August world new energy passenger vehicle sales reached 1.829 million units, up 26% year-over-year and up 4% month-over-month.

World new energy vehicle penetration rates generally showed rapid growth trends, reaching 13% in 2022, 16% in 2023, 19.9% in 2024, and 24.4% in Q3 2025.

In August 2025 new energy penetration rates, China's new energy penetration rate reached 48.2%, Germany reached 26.4%, Norway reached 80.2%, UK 31.9%, while the US only had 11.1% and Japan only 1.8%, showing extremely obvious imbalanced development of world new energy.

US new energy sales were 1.04 million units from January to August this year, with 9% growth rate, the lowest in recent years. Due to concerns about upcoming high tariffs and price increases from imminent cancellation of new energy subsidies, US new energy vehicle sales in August were 164,000 units, up 22% year-over-year and 22% month-over-month.

European new energy passenger vehicle sales were 2.26 million units from January to August this year, an increase of 470,000 units compared to the same period last year, up 26%. Preliminary statistics show European new energy passenger vehicle sales in August were 224,000 units, up 29%.

Domestic new energy passenger vehicle overseas market sales share reached 20.8% in August 2025. Due to good domestic new energy export performance, domestic new energy passenger vehicle overseas market sales share increased from 14.7% in 2024 to 18.8% from January to August this year.

As China's new energy vehicle penetration reaches 50%, other countries' new energy catch-up will gradually materialize.

China's new energy passenger vehicle world share was 67.6% in 2025, with August China new energy passenger vehicle world share continuing to maintain a high 68.7% share, basically flat compared to the same period.

China's world pure electric vehicle market share was 64.3% from January to August 2025, basically flat compared to 2024.

China's world plug-in hybrid share reached an ultra-high level of 75.7% from January to August 2025, with China showing super-strong performance in the world plug-in hybrid market.