Cui Dongshu of the Passenger Car Market Information Joint Committee noted that in October 2026, the overall auto market came under pressure, with retail sales declining year-on-year, while robust exports emerged as a key variable underpinning automakers' sales. The export mix displays a distinct feature of "mid-to-low-priced mainstream models," propelling leading independent brands to pull ahead amid performance divergence. Passenger car exports (including complete vehicles and CKD) reached 928,000 units in October, up 69% year-on-year, accounting for 35% of manufacturer sales (versus 19% last year). Of these, new energy passenger car exports totaled 582,000 units, surging 145% year-on-year, with A00+A0-segment battery electric vehicles making up 56% of pure electric exports. Given that exports are dominated by mid-to-low-priced mainstream models, independent brands that prioritize cost-effectiveness and scale—such as BYD, Chery, and Geely—demonstrate stronger sales resilience, whereas automakers reliant on high-end or purely fuel-powered models face greater pressure. This reflects the core logic of today's auto market: under the paradigm of "fierce competition in the domestic stock market and incremental breakthroughs overseas," the structural dividend of exports is reshaping the competitive ranking of independent brands.