NEV retail penetration in October reached 58.7%, while NEV wholesale penetration stood at 55.2%.
According to preliminary data from the China Passenger Car Association (CPCA), nationwide passenger vehicle retail sales reached 2.387 million units in October, rising 6% year-on-year (YoY) and 7% month-on-month (MoM).
New energy vehicles (NEVs) remained the main growth driver at the retail end. October NEV retail volume reached 1.4 million units, up 17% YoY and 8% MoM. NEV retail penetration reached 58.7% nationwide. Cumulative NEV retail from January to October totaled 10.27 million units, up 23% YoY.
| Year / Metric | 1–8 Oct | 9–12 Oct | 13–19 Oct | 20–26 Oct | 27–31 Oct | 1–26 Oct | Full month |
|---|---|---|---|---|---|---|---|
| 2023 | 52,546 | 53,624 | 57,039 | 77,625 | 91,143 | 60,674 | 65,588 |
| 2024 | 53,363 | 79,225 | 65,279 | 76,091 | 105,172 | 66,669 | 72,879 |
| 2025 | 47,630 | 84,502 | 63,169 | 69,771 | 154,796 | 62,605 | 77,079 |
| YoY vs last year | -18% | 48% | 11% | -10% | 70% | -7% | 17% |
| MoM vs last month | -5% | 38% | -2% | -22% | -10% | -4% | -4% |
On a weekly basis, sales showed a “high start, soft finish” pattern. Holiday travel weighed on early demand, with average daily retail from October 1–8 hitting 44,000 units, down 18% YoY.
With the “trade-in” policy and quarter-end push boosting September sales, part of October’s early demand was pulled forward.
The market recovered in the second week to 85,000 units per day, before easing to 63,000 and 69,000 units in the third and fourth weeks.
In the fifth week, month-end promotions pushed average daily retail to 155,000 units, up 47% YoY, helping lift overall performance.
At the wholesale level, OEM shipments reached 2.922 million units in October, up 7% YoY and 4% MoM. Cumulative wholesale volume from January to October reached 23.769 million units, up 12% YoY.
| Year / Metric | 1–8 Oct | 9–12 Oct | 13–19 Oct | 20–26 Oct | 27–31 Oct | 1–26 Oct | Full month |
|---|---|---|---|---|---|---|---|
| 2023 | 40,065 | 54,832 | 64,919 | 109,380 | 137,052 | 67,690 | 78,877 |
| 2024 | 38,170 | 76,712 | 85,611 | 94,934 | 169,519 | 72,397 | 88,082 |
| 2025 | 30,065 | 76,306 | 87,011 | 102,397 | 210,099 | 71,963 | 92,340 |
| YoY vs last year | -21% | -1% | 1% | -12% | 24% | -5% | 4% |
| MoM vs last month | -36% | 15% | 18% | -12% | 27% | -5% | -4% |
Wholesale NEV volume totaled 1.614 million units in October, up 16% YoY and 8% MoM. NEV wholesale penetration reached 55.2%. Cumulative wholesale NEV volume totaled 12.061 million units from January to October, up 30% YoY.
The wholesale rhythm tracked retail trends, remaining sluggish in the first two weeks before accelerating toward month-end.
By late October, OEM average daily wholesale reached 210,000 units, up 24% YoY, indicating manufacturers continued to operate at a strong pace, with products and channels still absorbing capacity ahead of year-end.
Overall, the passenger vehicle market sustained growth in October amid policy shifts and seasonality, with NEV penetration continuing to rise.
Despite seasonal tailwinds from the traditional “Gold September, Silver October,” retail growth in October did not fully carry the momentum from September due to Mid-Autumn holiday timing and tightened local subsidies. Still, the upcoming expiry of purchase tax incentives helped sustain buying interest.
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