Joint Association: In the first half of November, the passenger car market showed a relatively dull performance.

Sino Auto Federation: In early October, the passenger car market performed well under the multiple driving forces of the National Day holiday car exhibition promotion, the intensive launch of new cars, and the disbursement of the fourth batch of funds for the national subsidy program. In mid-October, the market trend tended to stabilize as a result of the cyclic decline in post-holiday consumer demand. In late October, the market showed signs of recovery again, driven by dealers actively striving to achieve monthly targets and the early promotion of the "Double 11" event. In the first half of November, the passenger car market showed relatively flat performance, with some areas tightening their policies on the old-for-new and scrappage subsidy programs, enhancing consumer wait-and-see sentiment to a certain extent. However, as the year-end approaches, the preferential policy on new energy vehicle purchase tax will soon be reduced, and provinces with large automotive consumption such as Jiangsu and Guangdong have successively introduced new rounds of car purchase subsidy policies. Coupled with dealers accelerating sales pace to achieve annual targets, it is expected that the passenger car market will see a certain degree of recovery in the second half of November.