Cui Dongshu: The policy of trading in old cars for new ones has had a good impact on the passenger car market, especially during the policy implementation period.

Chenglian branch president Cui Dongshu stated that in 2025, the macro economy will maintain strong growth, and the automotive market will continue to grow strongly under the promotion policy of the country. The overall trend of the national automotive market will be strong in 2025, with the truck and passenger car markets showing significant signs of recovery. Due to the strong policy measures last year, there was a significant policy contraction this year, resulting in a substantial increase in retail sales compared to wholesale in December 2024, leading to negative growth in passenger car retail sales in December this year. However, due to exports and inventory growth, manufacturer's sales in December are relatively good. The trend of new energy vehicles in December is strong, and the export market for automobiles remains strong. There have been significant changes in manufacturer's inventory, and the industry still faces significant pressure. In 2025, the commercial vehicle market will experience structural growth driven by equipment upgrade subsidies, with high subsidies accelerating the electrification of logistics transportation, leading to a high level of activity in the commercial vehicle market. In recent years, there has been a clear differentiation between passenger and commercial vehicles. Commercial vehicles have weakened as real estate continues to decline, while passenger vehicle consumption has improved. In 2025, the market is driven by policy factors, with passenger car growth at 9% relatively good, and commercial vehicles benefiting from electrification, with the trend of new energy commercial vehicles significantly stronger than last year, including strong growth in the passenger car market, including microvans. The policy of trading in old vehicles for new ones has had a good impact on passenger cars, especially during the policy entry period. Most subsidies have been temporarily suspended, and the industry's comprehensive governance efforts have made positive progress, leading to a slowdown in the overall trend of the automotive market.