According to the preliminary calculations of the China Passenger Vehicle Market Joint Conference, the 'Golden September' car market is gaining momentum. In September, the narrow passenger vehicle retail market is estimated to be around 2.1 million vehicles, with a year-on-year growth of 4.0% and a monthly growth of 10.1%. It is expected that the retail of new energy vehicles will be around 1.1 million vehicles, with a year-on-year growth of 47.3% and a monthly growth of 7.3%, with a penetration rate of approximately 52.4%.

The Passenger Vehicle Association stated that since August, the rapid growth in the number of applications for scrappage subsidies continues, and the application volume for subsidies remains high in September. As of yesterday (19th), the country has received over 1.07 million applications for automobile scrappage and renewal subsidies. Virtually all provinces nationwide have introduced and implemented car replacement subsidy policies, with substantial subsidy amounts per vehicle expected to bring a new wave of growth to the car market.

According to the survey results from the dealers' end, the terminal popularity steadily increased on a weekly basis in September, with high customer traffic during the Mid-Autumn Festival holiday. Additionally, the growth momentum of new energy vehicles is slightly stronger than traditional gasoline vehicles. Recently, entry-level pure electric vehicle models from new force brands have successively launched. Following plug-in hybrids, the pure electric market is also expected to further explore, opening up the entry-level private consumer market.