On October 5, 2025, Cui Dongshu highlighted in an article that the market capitalizations of listed automobile companies underwent notable shifts in September. New energy vehicle (NEV) enterprises continued to serve as the primary growth catalyst, while the market valuations of traditional fuel vehicle companies also experienced an uptick.

From a geographical market distribution standpoint, the U.S. stock market's automotive sector boasted the largest market cap, soaring to RMB 14.8 trillion in September. Hong Kong-listed stocks demonstrated robust performance, with their market cap surging to RMB 3 trillion, marking a significant leap from the RMB 1 trillion recorded at the start of the year. Meanwhile, A-shares steadily ascended to RMB 840 billion.

Regarding individual stocks, Tesla's market cap skyrocketed to roughly RMB 10 trillion, reflecting a 33% month-on-month surge and an astonishingly high price-to-earnings (P/E) ratio of 200 times. Emerging new energy players, including Seres and NIO, also witnessed substantial market cap expansion.

Among traditional automakers, international giants like Toyota and Honda exhibited comparatively modest P/E ratios, hovering between 6 and 8 times. In contrast, domestic traditional automakers such as Chery and Geely had P/E ratios ranging from 8 to 9 times.

Looking ahead, it is anticipated that the market capitalizations of vehicle enterprises will exhibit even greater divergence. NEV companies are poised to remain the darlings of the capital market. The burgeoning growth in China's auto exports, coupled with the escalating penetration rate of NEVs, is expected to propel further increases in market capitalization.