China Auto Sales Fall 8.4% in September, Output Down 8.7% YoY

The month-on-month rebound matters less than the fact that both output and sales remain below year-ago levels, with the cumulative nine-month decline confirming that September's sequential improvement is not yet a recovery. For automakers and the battery, parts and materials supply chains that feed them, the key tension is whether the monthly pickup is a genuine inflection or seasonal restocking against a structurally softer market. Whether the year-on-year gap narrows in the coming months is the open question.