by PENG Peng
China's passenger-car market saw retail sales fall 8.1% year on year to 2.225 million units in November, marking the first year-on-year decline for November since 2023, according to data released on December 8 by the China Passenger Car Association (CPCA). Month on month, the market slipped 1.1%. The downturn also widened from October's modest 0.5% contraction, reinforcing signs of cooling demand as the year closes.
Across segments, sedans saw retail sales of 1.007 million units, down 10% from a year earlier. SUVs remained the largest category at 1.132 million units, but still dipped 5.6% year on year. MPV sales totaled 86,000 units, marking a steeper 16.8% decline, though the segment posted a slight 1% increase from October. The data indicates that all major categories came under pressure in November, contributing to the broader market pullback.
From January to November, China recorded 21.48 million passenger-car sales. The pace of expansion has clearly decelerated: retail growth reached 1.2% in the first two months of the year, accelerated to 15% between March and June, then softened to about 6% in the third quarter before slipping into low-growth territory in October and November. Analysts now expect little chance of a typical "year-end surge" in retail activity.
Brand performance also reflected the shifting market. Independent Chinese brands sold 1.49 million units in November, down 4% year on year and 3.5% month on month, holding a 67% domestic retail share. Mainstream joint ventures recorded 490,000 units, a sharper 19% year-on-year decline. Among individual automakers, BYD led with 307,000 units, though sales fell 26.5% year on year and its market share settled at 13.8%. Geely ranked second with 268,000 units, up 23.5% and accounting for 12.1% of the market. FAW-Volkswagen followed with 138,000 units, down 6.5%, while Chery and Changan posted drops of 25.7% and 24.6% respectively.
The CPCA emphasized that last November's unusually high base and strong early-year expansion make this year's negative print statistically reasonable; compared with November 2022, retail sales still rose about 5%.
A major dynamic shaping 2025 has been the national "trade-in" subsidy program. By October 22, applications under the policy had exceeded 10 million, and by end-November reached 11.2 million. As local subsidies were gradually paused, November's average daily subsidy volume fell to roughly 30,000 vehicles, reducing the policy-driven lift that supported earlier growth.
Despite the overall decline, new-energy vehicles outperformed. NEV retail reached 1.321 million units in November, rising 4.2% year on year and 3% month on month. Conventional fuel vehicles weakened sharply in contrast, with sales dropping 22% year on year to 900,000 units and sliding 7% from October.
Looking ahead, the CPCA noted that December's longer working schedule may give the market slightly more breathing room. The expiry of this year's purchase‑tax incentives could also prompt some buyers to bring forward purchases. Still, the association emphasized that these are short-term timing effects rather than indicators of a structural rebound, and that NEVs are likely to remain the main source of resilience as consumer preferences continue to shift.
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