China Auto Association: Q4 Vehicle Market Expected to Stay Stable

The divergence between soft domestic demand and strong exports matters less for volume than for mix: export-led growth is cushioning overall output while new-energy vehicles steadily gain share, which is where the structural shift actually sits. That split leaves the sector increasingly exposed to external trade conditions rather than domestic recovery, even as the association guides for stability. Whether exports can keep offsetting weak domestic demand — and whether the NEV share keeps climbing at the same pace — is the open question.