The Zhitong Finance App learned that Citi released a research report saying that according to data from the China Passenger Federation, the wholesale sales volume of new energy passenger cars in October 2026 was 1.77 million units, up 9.8% year on year and 6.2% month-on-month, slightly lower than the expectations of the Passenger Transport Federation and this trip. The retail sales volume of new energy passenger vehicles was 1.11 million units, down 13.7% year on year and up 2.3% month on month. It was also slightly lower than market expectations, and orders for the NEV industry increased by about 4% month on month in October.
Citi expects that insurance retail sales data for October will be released in mid-November, so retail market trends can be observed more clearly at that time. In terms of exports, passenger car exports remained strong in October, reaching 928,000 units, up 68.5% year on year and 1.0% month on month; of these, 582,000 new energy passenger vehicles were exported, up 144.7% year on year and 3.9% month on month. The share of new energy passenger vehicle exports increased 20 percentage points year over year and 2.0 percentage points month over month to 62.8%.
In the first ten months of 2026, passenger car exports increased 74% year on year to 7.91 million units, and new energy passenger car exports increased by about 140% year on year to 4.47 million units. The Passenger Transport Federation estimates that the passenger car industry added about 62,000 vehicles in October, and the industry removed 600,000 vehicles in the first ten months.