On December 11, Cui Dongshu of the Passenger Car Association remarked that, thanks to the generous subsidies provided for trading in old cars for new ones, the total value of automobile trade-ins is projected to surpass RMB 180 billion in 2025. Additionally, with a 10% purchase tax exemption extended to new energy vehicles, the sales volume expected to benefit from this exemption will see a 22% increase compared to 2024. This translates to a waiver of vehicle purchase taxes exceeding RMB 200 billion, corresponding to new energy vehicle sales surpassing RMB 2 trillion. Bolstered by tax exemptions and subsidies amounting to nearly RMB 400 billion, the auto market in 2025 is poised for growth that exceeds expectations. However, in 2026, the purchase tax exemption rate for new energy vehicles is set to decrease to 5%, leading to a reduction in tax exemptions and benefits by over RMB 100 billion. This shift will impose considerable pressure on the auto market's growth trajectory. To pave the way for a successful start to the '15th Five-Year Plan' period, it is crucial to maintain a vigorous (or steady) development pace for the auto market at the close of 2025, steering clear of any excessive depletion of next year's growth potential.