Nomura: It is expected that the delivery volume of passenger cars in the last two months of this year will improve.

Nomura released a research report stating that considering the expiration of the old-for-new subsidy policy, as well as some early demand that may occur in the beginning of 2025, Nomura maintains a positive outlook on the demand situation in the Chinese automotive market in the fourth quarter of this year. Looking ahead to 2025, the bank expects market competition to continue, with electric vehicle companies further capturing market share by reducing Bill of Materials (BOM) costs and upgrading smart car functions. The report points out that benefiting from the old-for-new policy, Nomura has seen positive growth in both retail and wholesale data in the Chinese passenger car market. The demand for passenger cars remained strong in October, and it is expected that the delivery volume in the last two months of this year will further improve. At the same time, the bank also believes that demand for internal combustion engine (ICE) vehicles in the last quarter of this year may also improve.