CPCA: October narrow passenger vehicle retail sales estimated at 1.6 million units, down 28.9% year-on-year; new energy vehicles estimated at 1.07 million units

Zhitong Finance APP has learned that, according to the China Passenger Car Association (CPCA) survey of automakers in early October, most leading automakers are cautious about the sales pace in the fourth quarter. In the first three quarters, the annual target completion rate of most automakers was less than 60%, leaving considerable room for a sales push in the fourth quarter; however, "anti-involution" and terminal profitability pressure have constrained the room for trading price for volume. Overall, inventory strategies of automakers in October are trending toward prudence. Based on a comprehensive assessment of weekly trends, the retail market size of narrow passenger vehicles in October is approximately 1.6 million units, down 1.1% month-on-month and down 28.9% year-on-year. By energy type, new energy vehicles, supported by earlier orders, are expected to reach about 1.07 million units, with a retail penetration rate of about 66.9%, slightly lower than the quarter-end high in September, in line with normal seasonal trends.