Gasgoo Munich- The CPCA recently released its market scan for the first three weeks of September 2026. Nationwide passenger car retail sales came in at 878,000 units for the September 1–20 period — a 22% plunge from a year earlier, though up 8% from the prior month. That brings the cumulative retail total for the year so far to 12.593 million units, marking a 21% annual decline.
The wholesale side fared slightly better. Manufacturer shipments for the same period hit 1.001 million units, down 19% year-on-year but surging 21% from the previous month. Cumulative wholesale volume for the year now stands at 18.184 million units, a 6% drop from last year.
Image source: CPCA
A weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily retail averaged 35,000 units in the first week — down 19% from a year ago and slightly off by 1% from the previous week. The second week saw daily averages climb to 44,000 units, a 26% annual drop but an 8% sequential gain. By the third week, daily retail volume had risen to 52,000 units, slipping 20% year-on-year while jumping 13% from the week prior.
The wholesale sector mirrored this sequential improvement. Daily wholesale volumes for the first three weeks came in at 353,000, 49,000; and 64,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily-3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, '8,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and 4,000 unitsA weekly breakdown shows a steady sequential recovery in retail sales throughout the first three weeks of September. Daily 3/2, ' and CPCA: Passenger car retail sales for Sept 1-20 down 22% year-on-year
New energy vehicles have held up relatively well. From Sept. 1–20, retail sales of NEV passenger cars reached 596,000 units, down 9% year over year but up 14% month over month. Year-to-date retail sales totaled 7.27 million units, down 12% YoY. NEV wholesale sales hit 740,000 units, up 8% YoY and 25% MoM, bringing the year-to-date total to 10.518 million units, up 9% YoY. NEVs accounted for 67.9% of retail sales and 73.9% of wholesale sales during the period.
The China Passenger Car Association (CPCA) said September marks the start of the traditional peak "Golden September, Silver October" sales season, with showroom traffic expected to continue picking up. The manufacturing PMI also rebounded in August, while the CPI remained stable. With demand showing marginal improvement and the broader economy stabilizing at a low level, the macro backdrop is providing some support for the auto market. However, a very high base from last September is creating significant pressure. A rush to buy ahead of the suspension of subsidies in some regions drove retail sales to a record high in September 2025, making the base effect a drag on this September's recovery.
In terms of market structure, this year's "Golden September" is largely a battle for existing demand, with most incremental demand concentrated in the NEV segment and little new demand for gasoline-powered vehicles. Gasoline prices have risen by more than 830 yuan ($115) per metric ton cumulatively since late July, while the growing appeal of new EV models has further weighed on consumers' willingness to buy fuel-powered cars. As a result, production of pure-fuel light vehicles fell 52% YoY in the first three weeks of September, while wholesale sales by gasoline-car makers also dropped 52%. Production of hybrid and plug-in hybrid models totaled 265,000 units over the same period, down 23% YoY but up 21% MoM.
Meanwhile, falling upstream raw-material prices and a growing industry consensus around curbing price wars have helped improve upstream margins. But pricing pressure is now being passed down to automakers, while dealers continue to face mounting operating pressure.
