11月中国乘用车零售销量约降8%至220万辆，连续第二个月下滑，打破往年年末旺季通常从10月起愈来愈热的模式。此次疲弱主要来自传统燃油车销量暴跌22%，仅部分被新能源车4.2%的增长所对冲，显示结构性需求正在转向电动化。行业协会认为这种在年底出现的下滑属相当罕见，与历史季节性走势明显背离。

需求逆转的关键因素是以旧换新补贴被缩减或暂停，过去该政策在多地为报废老旧车、购买节能新车的消费者提供最高2万元人民币补助，是支撑燃油车市场的重要支柱。为对冲即将失效的优惠，在电动车市场上包括小米、吉利在内的十多家车企承诺，若消费者在11月前下单，将代为弥补最多1.5万元的购车税收减免损失，以稳住年末订单。

尽管有这些短期促销，压力已在龙头企业身上显现，比亚迪销量已连跌三个月，在本土电动车竞争者加速抢市之下成长放缓。数据表明，一方面新能源车仍在提高市占，另一方面整体车市动能日益依赖政策支持；随著补贴与税惠退坡，2026年前后如何维持销量增长与盈利能力，正成为市场新的忧虑。

China's passenger vehicle market saw retail sales fall about 8% to 2.2 million units in November, marking a second straight monthly decline during what is normally the peak season. The drop is driven chiefly by a 22% plunge in gasoline car sales, only partly offset by a 4.2% increase in new-energy vehicle sales. Industry officials describe November's weakness as highly unusual compared with the typical pattern of strengthening demand from October onward.

The main structural shock is the scaling back or suspension of trade-in subsidies that had offered consumers up to 20,000 yuan to scrap older cars for more efficient models, removing a key pillar of demand. In response, over a dozen automakers, including Xiaomi and Geely, tried to cushion the impact in the EV segment by promising to compensate buyers for as much as 15,000 yuan in expiring tax breaks on orders placed by November, slightly shoring up year-end sales.

Despite these late-year incentives, signs of strain are visible, with BYD's sales declining for a third consecutive month amid intensifying competition from domestic EV rivals. The data suggest that, while electrification continues to gain market share, overall momentum is increasingly dependent on government support, raising concerns about sustaining growth and profitability into 2026 as subsidies and tax benefits are rolled back.