New energy vehicle production and sales hit a historical high, domestic brand passenger car sales share increased by 11.3 percentage points year-on-year, and car exports grew by more than 20% year-on-year... The September car market is full of highlights, and the "Golden September" effect continues to show. Industry insiders said that driven by a series of favorable factors such as the policy of trading in old cars for new ones and the dense launch of new products by various car companies, China's car market, especially the new energy vehicle market, has performed well, and the "Golden September" effect continues to show, and the "Silver October" sales are worth looking forward to.

According to data from the China Association of Automobile Manufacturers (hereinafter referred to as "CAAM"), in September, the production and sales of new energy vehicles were 1.307 million and 1.287 million respectively, a year-on-year increase of 48.8% and 42.3% respectively, and the sales volume of new energy vehicles accounted for 45.8% of the total sales volume of new cars. From January to September, the production and sales of new energy vehicles were 8.316 million and 8.32 million respectively, a year-on-year increase of 31.7% and 32.5% respectively, and the sales volume of new energy vehicles accounted for 38.6% of the total sales volume of new cars. In addition, in September, the sales volume of domestic brand passenger cars in China reached 1.709 million, a year-on-year increase of 21.9%, with a market share of 67.7%, an increase of 11.3 percentage points compared to the same period last year.

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"According to the current momentum of new energy vehicle growth, by November, the sales volume of new energy vehicles is expected to exceed 10 million, and the whole year is expected to reach 12 million, which will be higher than the 11.5 million expected at the beginning of this year, and the growth of the new energy vehicle market will further accelerate," said Chen Shihua, the deputy secretary-general of CAAM.

The policy of trading in old cars for new ones has continuously increased and has played an obvious role in promoting the recent car market. As of 24:00 on October 7, the Ministry of Commerce's car trade-in platform for old cars has received more than 1.27 million subsidy applications, driving new car sales of more than 160 billion yuan, of which the proportion of subsidy applications for new energy vehicles exceeded 60%.

Localities are also actively implementing the policy of trading in old cars for new ones. Guizhou Liupanshui City's consumer goods trade-in policy for old cars is continuously optimized and expanded. On the basis of the national and provincial car trade-in activities, the city issued special car consumption coupons, with a maximum of 4,000 yuan per person. Zhengzhou will give subsidies according to the car purchase price in the car replacement and renewal, with the highest subsidy standard being 16,000 yuan.

Chen Shihua pointed out that in the third quarter, as the national level of car scrapping and renewal subsidy efforts were strengthened, local replacement and renewal policies took effect one after another, and car companies launched new products in the fall, the passenger car market gradually warmed up, especially the terminal retail market continued to be strong, and the "Golden September" effect continued to show.

Looking forward to the October car market, the Passenger Car Market Information Joint Committee of the China Automobile Circulation Association said that this year's "Golden September" effect is very prominent, and the "Silver October" sales are more worth looking forward to. As the weather gets colder and the autumn harvest is completed, the car purchase enthusiasm in rural areas will gradually be released, and the market for new energy vehicles and mid-to-low-end fuel vehicles will also gradually heat up.

Huatai Securities Research Report pointed out that the penetration rate of new energy passenger cars continues to increase, and the penetration rate in September has reached 49.7%, setting a new high. Policy stimulation plus the traditional car sales season of "Golden September and Silver October" is expected to maintain a high level of prosperity in the car market sector. Considering that there are still models that meet the policy of trading in old cars for new ones accelerating the application, and there is a certain conversion cycle from orders to delivery, it is expected that the prosperity of the sector in the fourth quarter is expected to continue.

Chen Shihua said that considering the positive role that the policy of trading in old cars for new ones has played in promoting car consumption, in order to ensure the stability, continuity, and predictability of the policy, and to give full play to the policy's promotional effect, it is suggested to continue the relevant policies next year and release the details of the implementation as soon as possible to stabilize market expectations.