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1. "Golden September" Loses Luster, Passenger Car Retail Decline Widens Further
Latest data released by the China Passenger Car Association shows that passenger car retail sales nationwide reached 1.618 million units in September, down 28.0% year-on-year and up 5.0% month-on-month. Among them, the new energy vehicle market retail reached 1.084 million units, down 16.7% year-on-year and up 7.8% month-on-month. Among the top 10 retailers in September, BYD remained at the top with 247,000 units. Geely and Chery ranked second and third with 177,000 units and 86,000 units respectively. Following in order were Changan (82,000 units), Leapmotor (78,000 units), FAW-Volkswagen (77,000 units), Tesla China (65,000 units), SAIC-GM-Wuling (61,000 units), FAW-Toyota (61,000 units), and SAIC-Volkswagen (59,000 units). Among the top 10, Leapmotor had the largest year-on-year increase at 30.8%, and was the only manufacturer to achieve positive growth; FAW-Volkswagen had the largest decline, down 44.6% year-on-year.
The China Passenger Car Association stated that the September passenger car market exhibited five characteristics: First, total volume faced deep year-on-year pressure with limited month-on-month recovery, structural differentiation reached an extreme, and "accelerated shrinkage of fuel vehicles, resilient leadership of new energy" became the main line, with high oil prices accelerating "fuel-electric substitution"; Second, the entire line of fuel vehicles contracted, pure fuel vehicle retail nearly halved, while plug-in hybrid models were relatively resilient; Third, new energy penetration rate reached a new high, with retail penetration rate at 67.0% and wholesale penetration rate at 65.4%, both setting historical records, but growth rate slowed significantly compared to earlier periods; Fourth, exports surpassed domestic demand, with some automakers exporting over 50%, and manufacturers with exports accounting for 70% of their total volume are increasing rapidly, becoming the core driver for automaker growth; Fifth, industry inventory continued to remain low, dealers became more cautious in stocking up, and generally reported that the "Golden September, Silver October" peak season effect was weaker than in previous years. However, the China Passenger Car Association emphasized that the current downturn is a phased phenomenon caused by the superposition of short-term policy disturbance and high base, not the peak of the basic situation of automotive popularization, and there is still broad space for first-purchase demand in lower-tier county areas.
2. Large 3-Row SUVs Start to Clear Out
The fierce battle in the large 3-row SUV market has lasted two years and is gradually nearing its end. Starting from 2025, "5326" SUVs (vehicle length approx. 5 meters, wheelbase approx. 3 meters, width approx. 2 meters, 6-seat/7-seat) began to emerge in clusters, including several large flagship SUVs with lengths exceeding 5.2 meters. The result of gathering updates must be cruel homogenized competition; Nio Li Bin once explicitly stated: "The supply of large 3-row definitely must be oversupplied." China Automobile Dealers Association expert Li Yanwei judged that the real annual demand for this market is about 300,000 to 500,000 units, but the potential total supply capacity has already easily exceeded 1 million units, and those that can build a stable monthly sales scale of over 3,000 units within 12 months of launch are expected not to exceed 8 models. The market will enter a clearing cycle from the second half of 2026 to the first half of 2027. The intensity of competition at present can already validate this. According to incomplete statistics, at least 36 large 3-row SUVs have been launched or updated so far in 2025, with price ranges extending from the 100,000 level to the 600,000 level, and new energy proportion exceeding 90%.
Data shows that in the first half of 2026, mid-to-large SUV sales reached 880,000 units, up 28% year-on-year; large SUV sales were 350,000 units, up 97% year-on-year, becoming a rare incremental highland in the stock market. But the dividends were not universal. Taking August 2026 as an example, Nio ES8 (10,991 units) and AITO M9 (10,098 units) were the only large SUVs with monthly sales over 10,000; the second tier dropped to the 6,000 unit level, including BYD Tang (7,796 units), Huajing S (7,306 units), Xpeng GX (7,002 units), Nio ES9 (6,474 units), Leapmotor D19 (6,034 units), etc. Most other models were below 3,000 units, with more 10 models with monthly sales under 1,000, such as Volkswagen Teramont Pro (454 units), IM LS9 (625 units), Voyah Taishan (274 units), Hyundai Palisade (34 units), Cadillac KeWeide (13 units), etc. More worth paying attention to than single-month rankings are the sales curves after new product launch. Currently, only Nio ES8, AITO M9, Galaxy M9 and a few other models have maintained relatively stable long-term output. The vast majority of 6-seater vehicle lifecycles present a "high start, low walk" feature. Many models have halved their sales 3-6 months after launch, deeply trapped in the "New Car Effect Death Valley".
3. Chinese Brands Turn the Tables at Paris Motor Show
The Paris Motor Show, which has been shrouded in a century of gasoline scent, is now becoming a transfer desk for two generations of automobile kingdoms. Before the curtain of the 91st Paris Motor Show opened, a set of exhibition data already shook the global automotive industry. 22 Chinese complete vehicle brands took the stage of this motor show. This number is more than double that of last year's 2024 motor show, even exceeding the sum of French domestic 10 and German 7 exhibiting brands. Old veterans like BYD, Chery, Leapmotor, and Xpeng who have already established a foothold in the European market held the fort. New faces like Changan, Avatr, and Li Auto who had never appeared publicly in Europe before placed their exhibition stands in front of Paris audiences for the first time. Chinese automakers have already become one of the unquestionable protagonists of this motor show.
On one side, traditional automotive players like BMW, Porsche, and Nissan announced their absence one after another. On the other side, 20+ Chinese brands with completely new models appeared densely, turning the motor show into their own main stage to display globalized results. Between this entry and that retreat, it reflects the alternation of old and new orders in the global automotive industry. The latest data from research institutions shows that in the second quarter of 2026, the share of Chinese brands in the entire European automotive market reached 10.7%, almost doubling from 5.7% a year ago. The market penetration rate that Toyota and Honda took nearly a decade to get in previous years, Chinese automakers completed the leap in less than half the time. In the fastest-growing plug-in hybrid track, the advantage of Chinese brands is more obvious. They have already taken more than 26% of the Western Europe PHEV market share. Just two years ago, this number was only 2.2%.
4. Avatr T09 Global Debut
Avatr's new flagship model T09 Concept version completed its global debut in Paris, France. The mass-produced version is planned to launch this year, with an expected price exceeding 500,000 Yuan. In terms of appearance, the square body and straight lines completely abandon the fastback coupe style of the 11 and 12 series. The front grille adopts a 3D embossed structure, formed by 362 brand identifier elements of different 3D heights; the clamshell hood with an area of 2.1 square meters retains the "island-style uplift" shape, balancing power and spirit. The rear end is equipped with integrated crystal diamond taillights, which can present differentiated light and shadow under different angles.
The cockpit is equipped with an integrated triple screen, consisting of a 10.25-inch instrument cluster screen and two 17.2-inch screens, supporting NFC tap-to-connect function; the adjustable "Vortex Emotional Vortex" interaction device above the center console is embedded with 118 RGB LED light sources, which can link with the whole vehicle ambient light. In terms of technology, the new car integrates the resources of Changan, Huawei, and CATL, equipping Huawei Qiankun Driving Intelligence, HarmonyOS Cockpit, and Taihang Intelligent Control technology. The power adopts a 2.0T hybrid engine plus tri-motor distributed electric drive, with a total system power exceeding 1,000 horsepower. The CLTC pure electric range is highest over 400km.
5. Over 60 Tire Companies Issue Price Hike Letters
The tire industry welcomes a new round of price hike tide. Since the beginning of this year, rubber prices have continued to rise. As of the close of October 9, the Shanghai rubber futures main contract closed at 20,600 Yuan/ton, creating a nine-year high; the spot average price was about 19,700 Yuan/ton, up more than 30% year-on-year. Tires are the largest downstream product of natural rubber. The rise in rubber raw material prices directly affects the cost and revenue of the tire industry. According to statistics, since September, over 60 tire companies have concentrated on issuing more than 70 price hike letters, covering all categories of all-steel tires, semi-steel tires, and engineering tires. The price adjustment amplitude is generally between 2% and 5%, with some categories reaching up to 6%.
This is the fourth round of concentrated price hikes this year. Since March, more than 80 tire companies have issued price hike letters, with increases mostly between 2% and 5%, with some categories reaching up to 10% at most. Several tire companies stated that natural rubber, synthetic rubber, carbon black, and other core raw materials have risen to varying degrees this year. Coupled with crude oil price fluctuations pushing up petrochemical raw material costs, company pressure has increased. According to statistics from the China Rubber Industry Association, the sales revenue of 386 member enterprises increased by 5.64% in the first half of the year, but the total profit decreased by nearly 24% year-on-year. The situation of "revenue increases but profit does not" is quite typical.
6. Chery Automobile Apologizes
Recently, a 2023 OMODA 5 in Johor Bahru, Malaysia, tore the rear axle longitudinal arm while driving, and the rear axle along with two rear wheels detached directly from the body. Fortunately, no casualties were caused. After the incident attracted attention locally, the Malaysian Land Transport Authority (JPJ) announced a temporary freeze on the vehicle type approval (VTA) for the OMODA 5. Before the technical investigation was completed, this model could not be registered or sold as a new vehicle.
On the evening of October 11, Chery Automobile Co., Ltd. issued an apology statement. After investigation, this batch of vehicles may have insufficient weld strength at partial weld locations of the rear axle longitudinal arm, and there is a risk of weld seam tearing in extreme cases. This structure model had been discontinued prior to this. Chery Malaysia subsidiary cooperated with JPJ's relevant arrangements, and has initiated a recall for the affected 8,878 OMODA 5 models, inspected relevant parts, and replaced them for free depending on the situation. In the spirit of prudence, the company has initiated a risk special investigation for the same batch of OMODA 5 models in the domestic and related markets, and maintains positive communication with regulatory agencies. This investigation is a preventive active arrangement. Chery will announce it to society in a timely manner in a responsible manner based on the investigation results.
7. Musk Apologizes to Indian Super Tycoon
Recently, Elon Musk suddenly apologized to Indian super tycoon Mukesh Ambani on social media platforms, even respectfully calling Ambani "Indian Prime Minister". It turns out that Musk was using satire to mock Ambani, the head of India's largest private enterprise Reliance Industries. According to previous reports by US Bloomberg and other media, Musk has always longed to let his satellite communication product "Starlink" enter the Indian market, but has never been able to succeed. Musk therefore believes that industry oligopolists who monopolize the Indian telecommunications field are jointly blocking him, and thus points the finger at Ambani and Reliance Industries.
"Dear Prime Minister Ambani, please forgive my poor eyesight before, I didn't realize you are the true power holder of India." Musk satirized in his post released on the 10th: "I guess you prefer to maintain monopolistic exploitation of the vast Indian public, but can you consider allowing Starlink to participate in market competition?"
8. McLaren 750S to Discontinue Next Year
McLaren officially confirmed that its V8-powered supercar 750S will end production next year to pave the way for a new product matrix. The car debuted in 2023 and is a deep facelift successor to the legendary 720S. At the time of launch, it was the lightest version among McLaren production series cars. Currently, McLaren has opened the final order channel for the 750S. Counting from the debut of the 720S, this platform has completed nearly a decade of product cycle. According to plans, 750S will be phased out along with Artura and GTS in the next few years to make room for a new product lineup, which includes the highly anticipated SUV model.
This series of product adjustments occurred after the Abu Dhabi investment agency took control of McLaren, and is viewed as part of the brand's major expansion strategy. Earlier this year, the McLaren Special Operations (MSO) custom department has already launched the ultimate limited version 788HS of this platform, with the entire vehicle limited to 100 hardtop versions. There is also information stating that 200 units in total for hardtop and convertible versions combined, with a starting price of 450,000 GBP, as a finale work of this chassis.
