The China Passenger Car Association (CPCA) has released data showing that the auto market in September demonstrated a "tepid peak season" trend, with the traditional "Golden September" period falling far short of expectations. In previous years, "Golden September" typically witnessed a broad market upturn, driven by a surge in both first-time and replacement car purchases. However, this year, amidst fierce inventory competition, the market exhibited a zero-sum game scenario, characterized by a significant contraction in demand for fuel-powered vehicles. September marked a particularly notable decline in retail auto sales for this cycle, primarily attributable to four key factors:

Firstly, the Mid-Autumn Festival holiday was rescheduled to late September, resulting in a decrease in weekly sales volumes. Secondly, the expiration of subsidy policies in certain provinces in September of the previous year spurred a concentrated buying frenzy, thereby establishing a high comparison base for this year. Thirdly, persistently elevated oil prices have continued to dampen consumer demand for fuel-powered vehicles. Since late September, gasoline prices have cumulatively risen by 2,375 yuan per ton, diminishing consumers' willingness to purchase fuel-powered cars. Concurrently, the retail penetration rate of new energy vehicles has soared to 67%, accelerating the transition from fuel-powered to electric vehicles. Lastly, propelled by advancements in artificial intelligence (AI), memory, and chip prices have surged, coupled with tight supply conditions, leading to a recent deceleration in the growth of new energy vehicle offerings.