China Passenger Car Association's November nationwide forecast for the passenger car market: Manufacturers' sales volume will still show strong performance.

The China Passenger Car Association released the national passenger car market outlook for November 2025: There are a total of 20 working days in November 2025, one day less than the same period last year, and one day more than October's 19 working days, making the production and sales period relatively shorter. Policies are expected to drive growth at the year-end. Due to the expiration of the tax exemption for new energy vehicle purchases this year and the policy next year to increase vehicle purchase tax by 5 percentage points, consumers feel more urgency to buy cars at the end of the year, thus choosing models based on faster delivery progress. To cope with the rising consumer purchasing costs caused by extended delivery periods, car companies have introduced purchase tax subsidy schemes. This safety net approach is only temporary for the end of this year and cannot be sustained in the future. Consumer car purchases are greatly influenced by the overall atmosphere, with many consumers turning to non-popular models due to waiting lists for popular models, which will continue to boost consumer enthusiasm for the car market and further increase sales. Seasonal factors will drive stronger sales at the end of the year. With colder weather and migrant workers returning to their hometowns at the end of the year, the enthusiasm for car purchases in rural areas will gradually increase, and the market for new energy and low- to mid-range fuel vehicles will also gradually heat up. Adequate inventory is a basic requirement for ensuring car choices, and the period from December to Chinese New Year requires sufficient inventory, making November the best time to build up inventory. Therefore, manufacturers' sales in November will still show strong performance. Exports continue to show strong growth. Since the second half of the year, China's automobile export situation has continued to improve, with overseas markets recognizing the acceptance of domestic new energy vehicles, rapidly expanding overseas marketing networks, and some overseas markets showing strong growth. With the emergence of the unstable phenomenon in the international supply chain such as in chips, the advantages of the Chinese automobile industry chain are further highlighted, and the growth trend of Chinese automobile exports will continue. Although the external trade environment is more complex, the pressure to reduce inventory in Russia has decreased, thereby reducing the negative growth pressure on China's automobile exports to Russia and the Central Asian region.