China Auto Dealers’ VIA Index Climbs to 55.6% in Nov as Market Pressure Mounts

In November, VIA for premium/import and joint-venture brands increased month-on-month to 59.7% and 59%, while domestic brands declined to 51.5%.

On November 30, the China Automobile Dealers Association released the latest Vehicle Inventory Alert Index (VIA).

The data show that the VIA index for November 2025 stood at 55.6%, up 3.8 percentage points year-on-year and 3.0 percentage points month-on-month.

The index remains above the industry boom-and-bust line of 50%, indicating weakening market sentiment and mounting pressure at the retail end.

The auto market entered the year-end sprint phase in November, presenting a “low-to-high” trajectory.

Sales performance in the first half of the month was subdued, driven by demand pull-forward from the “Golden September, Silver October” period and by early tax-guarantee policies rolled out by certain NEV brands for early 2026.

According to the survey, 80% of dealers reported that November performance fell short of expectations, and the anticipated rebound failed to materialize.

In the latter half of the month, retail demand began to recover, boosted by Double-11 promotional campaigns, strong traffic at the Auto Guangzhou 2025, and the launch of several new NEV models.

With the purchase-tax exemption policy nearing expiration and price incentives expanding, demand began to release.

At the same time, dealers accelerated replenishment toward year-end to meet sales targets. The Association estimates terminal passenger-vehicle sales in November to reach approximately 2.15 million units.

However, the improvement in transaction volume has not eased operating pressure. Dealers continue to face reduced showroom traffic, heightened consumer wait-and-see sentiment, and narrowing margins.

Inventory, market demand, average daily sales, staffing and operating performance sub-indices all declined month-on-month.

Regionally, the national index stood at 55.6%, with the North at 57.1%, East at 56.8%, West at 55.2%, and South at 52.0%.

By brand category, November VIA for premium/import and joint-venture brands increased month-on-month to 59.7% and 59%, while domestic brands declined to 51.5%.

Looking ahead to December, most dealers expect sequential improvements in demand and sales, although sentiment remains cautious.

The Association forecasts that intensified year-end promotions and easing inventory pressure may drive a market uptick in December.

For the 2026 market outlook, expectations lean toward modest growth. 25.4% of dealers expect passenger-vehicle sales to increase within 5% year-on-year, while 20.8% anticipate a decline within 5%.