Passenger Link Branch: From November 1 to 8, retail sales of 293,000 vehicles in the national passenger car market increased by 2% over the same period last month

The Zhitong Finance App learned that from November 1 to 8, the passenger car market retailed 293,000 vehicles in the national passenger car market, down 21% from the same period last year and up 2% from the same period last month; from November 1 to 8, passenger car manufacturers sold 333,000 vehicles across the country, down 20% from the same period in November last year, and up 63% from the same period last month.

In terms of new energy, the national passenger car market retailed 219,000 new energy vehicles from November 1 to 8, down 7% from the same period last year, up 27% from the same period last month; from November 1 to 8, passenger car manufacturers sold 262,000 new energy vehicles across the country, down 3% from the same period in November last year, and up 63% from the same period last month.

Penetration rate: On November 1-8, the penetration rate of NEV retail sales in the national passenger car market was 74.9%; on November 1-8, the NEV wholesale penetration rate of passenger car manufacturers nationwide was 78.7%.

Retail sales trend in the national passenger car market in November 2026

In the first week of November, the national passenger car market sold 37,000 vehicles per day, down 21% from the same period in November last year, and up 2% from the same period last month.

On November 1-8, the national passenger car market retailed 293,000 vehicles, down 21% from the same period in November last year, and up 2% from the same period last month; since this year, 15.27 million vehicles have been sold, down 22% year on year.

The auto market, which started in November, showed weak repair characteristics of “year-on-year pressure and month-on-month stabilization”. From 1-8, 293,000 passenger cars were sold, down 21% year on year, but slightly increased by 2% month on month. A total of 15.27 million vehicles have been sold since this year, down 22% from the previous year, indicating that the market is still in a downward channel, but it showed signs of stabilization amid the bottom shock.

The core reason: The first purchase was blocked, and the backrest was replaced. Continued high international oil prices combined with the recent rise in domestic oil prices have led to a slump in fuel vehicle consumption that has exceeded expectations and accelerated the replacement of oil and electricity. At the same time, due to K-type consumption differentiation, the increase in first-time purchases among young people was temporarily blocked. Currently, the core support of the car market has shifted to replacing stocks, and trade-in, scrapping and renewal policies, and local subsidies have effectively supported the basic market.

Future market outlook: Smooth operation, difficult to show strong momentum. Looking ahead to the next few weeks, the overall car market will remain stable under the combined impetus of local subsidies and car companies' year-end promotions. However, due to the high base effect in the same period last year, it is difficult to reverse the negative year-on-year growth trend in November. The “tipping” market is likely to be absent at the end of the year, and the market is fully transitioning into a stable period of stock games.

Wholesale sales trend of national passenger car manufacturers in November 2026

In the first week of November, passenger car manufacturers across the country sold 42,000 vehicles per day, down 20% from the same period in November last year, and up 63% from the same period last month.

From November 1 to 8, passenger car manufacturers across the country sold 333,000 vehicles, down 20% from the same period last year, and up 63% from the same period last month; a total of 22.704 million vehicles have been sold since this year, down 6% from the previous year.

Traditional fuel vehicles are being suppressed by high fuel prices, and demand for first-time purchases has seriously shrunk in autumn and winter, leading to a sharp drop in domestic wholesale sales, and inventories have only improved slightly due to volume reductions. New energy vehicles, on the other hand, are facing the embarrassment of “lack of explosions,” but in order to maintain the operation of the huge industrial chain and production and sales targets, manufacturers are unable to schedule production according to orders, and have completely switched to “target sales” and forced storage. As a result, NEV retail has increased slightly but channel inventories have risen.

Overall, the current car market shows the characteristics of “strong and weak manufacturers, ordering sales through production.” In order to sprint to the target for the whole year, manufacturers had to shift inventory pressure to channels. Against the backdrop of weak recovery in real demand, year-end impulses will be highly dependent on strong vendor deposits and terminal promotions, and dealer capital chains and inventory risks need to be watched out urgently.

Automobile exports of 9.74 million from January to October 2026, estimated at 12 million for the whole year

Data show that from January to October 2026, China's total automobile exports (including chassis) reached 9.736 million units, a year-on-year increase of 49.6%; the total export amount reached 1,163.97 billion yuan, an increase of 45.8% over the previous year. Among them, the monthly export volume reached 1.108 million vehicles in October, with a monthly amount of 133.39 billion yuan, a record high. Based on the cumulative amount and quantity, the average export price of a bicycle is about 119,600 yuan. This set of data clearly shows that in the context of the phased pressure on the domestic car market, exports have completely changed from “supplementary growth” to the absolute main force supporting the industrial market, and the main models are highly concentrated in the mainstream cost performance range of 100,000 yuan to 150,000 yuan.

The growth rate of parts is lagging behind significantly, reflecting a new trend of “going overseas with production capacity” to replace “pure trade exports.” In stark contrast to the explosive growth of nearly 50% in total vehicles, the cumulative export value of auto parts from January to October was 609.85 billion yuan, an increase of only 7.4% over the previous year, showing a huge “scissor gap”. This disconnect is not due to a contraction in overseas demand, but to a qualitative change in the overseas mode of Chinese car companies. As leading car companies such as BYD (002594.SZ) and Chery (09973) accelerate the construction of KD plants or wholly-owned factories in Thailand, Brazil, Europe, etc., a large number of parts are no longer sold overseas in the form of simple “trade exports”, but are assembled locally with automakers. This “entire industrial chain going overseas” directly diverts the growth rate of pure parts exports.