In November, automobile production hit a new record high, with multiple new automakers achieving their annual targets ahead of schedule. How will the full year unfold? [SMM Special Report]

In November, several new force automakers achieved their annual sales targets ahead of schedule, with Leap Motor continuing to "lead the pack."

The following is a summary of the sales performance of some A/H listed whole vehicle enterprises in November, as compiled by Cailian Press, specifically as follows:

Sales data for new force automakers in November were released successively, with Leap Motor standing out, once again breaking the monthly sales record for new force automakers. Data showed that Leap Motor delivered 70,327 new units in November, up over 75% YoY, maintaining a growth momentum for nine consecutive months.Leap Motor's cumulative deliveries in 2025 reached 536,132 units, up 113.42% YoY.

Previously, Leap Motor set its 2025 sales target at 500,000 units. As early as November 15, it announced that its cumulative sales for 2025 had exceeded 500,000 units, achieving its previously set annual sales target ahead of schedule. While announcing the delivery figures, Leap Motor Chairman Zhu Jiangming set higher development targets for the company on the same day, stating that Leap Motor achieved its annual sales target of 500,000 units 45 days ahead of schedule and aims to reach a sales target of 1 million units in 2026.

Additionally, both XPeng Motors and NIO reported November deliveries exceeding 36,000 units, but experienced varying degrees of decline compared to October, while both showed growth on a YoY basis. XPeng delivered 36,728 new vehicles in November, up 19% YoY. From January to November 2025, XPeng's cumulative deliveries reached 391,937 units, up 156% YoY. Public information indicates that XPeng's sales target for 2025 was 380,000 units, and the current results mean that XPeng has also achieved its annual sales target ahead of schedule.

NIO delivered 36,275 new vehicles in November, up 76.3% YoY; cumulative deliveries from January to November 2025 reached 277,893 units, up 45.62% YoY.

Xiaomi's automotive division maintained a cumulative delivery volume of over 40,000 units in November, with its 2025 deliveries already exceeding the initial annual target of 350,000 units. Since April 3, 2024, and up to December 2, 2025, Xiaomi's automotive deliveries have surpassed 500,000 units.

As the undisputed leader in China's EV market, BYD continued its outstanding performance in November, selling 480,186 units, a new high for the year. From January to November, BYD's auto sales reached 4.18 million units, up 11.3% YoY.

It is worth noting that BYD, which often ranks first in overall auto sales, was overtaken by SAIC in September and October this year but regained the top spot in November. At a recent extraordinary general meeting, BYD Chairman Wang Chuanfu addressed the decline in domestic sales this year for the first time, stating that, on one hand, BYD's current technological lead is not as significant as in previous years, and on the other hand, user pain points such as slow charging speeds in low temperatures urgently need to be resolved through technological breakthroughs. Meanwhile, Wang Chuanfu added suspense by saying, "The reason I say our technology is not leading enough now is because there are major technological releases coming, but it's not convenient to disclose details at the moment."

Cui Dongshu, Secretary General of the China Passenger Car Association, stated that the cumulative retail growth rate of the domestic auto market in 2025 showed phased characteristics: growth was 1.2% from January to February, climbed to 15% from March to June, pulled back to around 6% from July to September, and further entered a relatively low range from October to November, with the overall trend largely aligning with the initial forecast of "low early, high middle, and flat later."Cui Dongshu stated that with the strong support of nearly 400 billion yuan in tax exemptions and subsidies, the auto market achieved growth exceeding expectations in 2025. However, this also puts significant pressure on the growth of the 2026 auto market. "From the perspective of ensuring a good start for the 14th Five-Year Plan, it is not necessary to overdraw next year's growth potential by the end of 2025."

Moreover, as the year-end approaches, many regions have introduced car consumption subsidy measures. On December 8, 2025, Shenyang launched its winter car consumption subsidy program, distributing a total of 50 million yuan in car consumption subsidies.

On December 5, Qingdao released the "Qingdao Warm Winter" New Car First Insurance Consumption Subsidy Activity Implementation Rules, continuing to provide consumption subsidies for the first insurance of new cars, with a maximum subsidy per vehicle reaching 8,000 yuan.

It is reported that in addition to Shenyang and Qingdao, other regions such as Qinzhou and Hangzhou are also conducting car consumption subsidy activities in December. For example, Qinzhou has set up three subsidy tiers, planning to distribute over 700 subsidy slots. To qualify for the subsidy, car buyers must purchase a new passenger car from participating dealers in Qinzhou during the event period, with no restrictions on household registration or vehicle license plate area.

Looking ahead to December, the Passenger Car Association noted that there are 23 working days in December 2025, one more day compared to the same period last year and three more days than the 20 working days in November, providing relatively ample time for production and sales. Retail sales of new energy vehicles should be robust in December. Affected by the expiration of the tax exemption for purchasing new energy vehicles this year and the policy of an additional 5% purchase tax next year, consumers feel a greater urgency to buy cars at the end of the year, thus prioritizing models based on delivery schedules.

To address the increased cost of car purchases due to extended delivery cycles, automakers have rolled out purchase tax subsidy schemes. These bottom-line solutions are only temporary measures for the end of this year and are unsustainable in the future. Consumers are heavily influenced by the atmosphere of the car buying environment. Due to long waitlists for popular models, many consumers turn to less popular models, driving a continuous rise in car market consumption and further boosting new energy vehicle sales.

Given the higher profits from overseas sales, the trend of "go global or go out of business" is evident, with exports growing strongly beyond expectations. Since H2, China's auto export situation has continuously improved, with the recognition of self-owned new energy brands in overseas markets increasing, rapid expansion of overseas marketing networks, and good growth in some overseas markets. The new parallel export policy is about to be implemented, and enthusiasm for the parallel export of zero-kilometer used cars this year is high, in stark contrast to the sluggishness of parallel imports.

Looking at the whole year, CAAM stated that the domestic auto demand market has effectively improved under the combined effect of policies, with momentum accelerating and foreign trade showing good resilience. Auto production and sales volumes for the entire year are expected to reach new historical highs, achieving a successful conclusion to the 14th Five-Year Plan. On December 8, the Political Bureau of the CPC Central Committee held a meeting to analyze and study economic work for 2026, clarifying that next year's economic work should adhere to the principle of seeking progress while maintaining stability, improving quality, and enhancing efficiency. Not long ago, six departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Plan on Enhancing the Adaptability of Consumer Goods Supply and Demand to Further Promote Consumption." The relevant meeting spirit and policy documents released positive signals, which are expected to boost development confidence, stabilize market expectations, expand automobile consumption across the entire chain, and lay a solid foundation for achieving a good start to the "16th Five-Year Plan."