New energy vehicle production and sales hit a historical high, domestic brand passenger car sales market share increased by 11.3 percentage points year-on-year, and car exports grew by more than 20% year-on-year... The car market in September was full of highlights, and the "Golden September" effect continued to be evident. Industry insiders said that under the drive of policies such as trade-in and the dense launch of new products by various car companies, China's car market, especially the new energy vehicle market, performed well, and the "Golden September" effect continued to be evident, and the sales in "Silver October" 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, with year-on-year growth of 48.8% and 42.3% respectively. The sales of new energy vehicles accounted for 45.8% of the total sales of new cars. From January to September, the production and sales of new energy vehicles were 8.316 million and 8.32 million respectively, with year-on-year growth of 31.7% and 32.5% respectively. The sales of new energy vehicles accounted for 38.6% of the total sales of new cars. In addition, in September, the sales of Chinese brand passenger cars reached 1.709 million, with a year-on-year increase of 21.9%, and the market share was 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, it is expected that the sales of new energy vehicles will exceed 10 million vehicles, and the whole year is expected to reach 12 million vehicles, which will be higher than the 11.5 million vehicles expected at the beginning of this year, and the growth of the new energy vehicle market will further accelerate." CAAM Deputy Secretary-General Chen Shihua said.

The continuous increase in the trade-in policy has had an obvious promoting effect on the recent car market. As of 24:00 on October 7, the Ministry of Commerce's car trade-in platform has received more than 1.27 million subsidy applications, driving new car sales of more than 160 billion yuan, of which the proportion of new energy vehicle subsidy applications exceeded 60%.

Localities are also actively implementing the trade-in policy. Guizhou Liupanshui City's consumer goods trade-in policy is continuously optimized and expanded, based on the national and provincial car trade-in activities, issuing car special consumption coupons in the city, with a maximum of 4,000 yuan consumption coupons. 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, with the strengthening of the national car scrapping and renewal subsidy, the local replacement and renewal policies took effect one after another, and the car companies launched new autumn products one after another, the passenger car market gradually warmed up, especially the terminal retail market continued to be strong, and the "Golden September" effect continued to be evident.

Looking forward to the October car market, the China Automobile Circulation Association Passenger Car Market Information Joint Conference said that this year's "Golden September" effect is very prominent, and the "Silver October" sales are more worth looking forward to. With the weather getting colder and the autumn harvest completed, the car purchase enthusiasm in rural areas will be gradually released, and the new energy vehicle and mid-to-low-end fuel car markets 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. Considering that there are still models that meet the trade-in policy accelerating the application, and there is a certain conversion period from order to delivery, it is expected that the prosperity of the plate in the fourth quarter is expected to continue.

Chen Shihua said that considering the positive role of the trade-in policy 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 implementation details as soon as possible to stabilize market expectations.