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<Research>UBS: CN Car Mkt Demand Weakens Faster Than Expected; More Risk Signals Anticipated Next Yr
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Multiple Chinese car makers revealed that their sales were either flat largely or on a downtrend compared to the previous month, according to a recent report from UBS. Theoretically, November should've been an industry peak season driven by the front-loading effect ahead of potential policy retreat in 2026, yet the market showed more signs of weakening, exacerbating concerns about the demand outlook for next year's Chinese car market. Among Chinese carmakers, XPENG-W (09868.HK) and NIO-SW (09866.HK) saw their sales decrease by 13% and 9% MoM from over 40,000 cars in October to around 36,000 cars in November, echoing the weaker-than-expected 4Q25 sales guidance released two weeks ago. GWMOTOR (02333.HK) sold 133,000 cars, down 7% MoM. Its domestic sales also slipped by 12% MoM. GEELY AUTO (00175.HK) and LEAPMOTOR (09863.HK) remained flat MoM. BYD COMPANY (01211.HK)'s sales grew by 9% MoM in November, but it was contributed by 48,000 cars overseas. In contrast, its domestic sales declined MoM compared to October. Regarding XIAOMI-W (01810.HK)'s automobile inventory, the carmaker announced on December 1 that orders placed before December 26 are expected to be delivered by the end of the year. It attributed the inventory and immediate availability to buyer order cancellations, display vehicles, and refurbished zero-mileage vehicles with slight defects. Given that market demand is weakening faster than expected and more risk signals are anticipated in 2026, UBS is increasingly cautious about the industry's short-term outlook. AAStocks Financial News |
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