CPCA data: China Oct fuel-vehicle retail sales fell 45% YoY; pure-fuel vehicles
fell 51% YoY while conventional hybrids rose 28% YoY. Within fuel segment,
domestic brands -46% YoY, mainstream joint ventures -46% YoY and luxury -37% YoY
— all sharply hit by high oil prices. Oct NEV retail fell 13.7% YoY; domestic
NEVs -15% YoY, mainstream joint ventures +69% YoY, luxury NEVs -45% YoY;
domestic A00 EV retail dropped markedly after subsidy cuts. Domestic-brand Oct
retail was 1.21 mln units (-22% YoY, +7% MoM); domestic brands’ domestic retail
share rose to 73.8%, up 4.8 ppt YoY. Overall, domestic brands remain relatively
stable in the NEV and export markets.
