Automobile Association: With the recent breakthrough in electrification of major vehicle manufacturers and the launch of some popular new products, it has driven structural high growth in the automotive market in November.

Association of Passenger Vehicles: With the expiration of the new energy vehicle purchase tax exemption policy at the end of the year, the car market entered the year-end rush phase in November, coupled with manufacturers' "Double Eleven" promotion activities, the market heat should continue to rise. However, as of mid-month, most provinces in the country have made adjustments to the replacement and renewal subsidies for old-for-new cars to varying degrees, exacerbating consumers' wait-and-see attitude and bringing significant impact to the November car market. Some manufacturers have timely adjusted the production pace of new energy vehicles to reduce inventory risks. With the recent breakthrough in electrification of mainstream car companies and the launch of some popular new products, it has driven structural high growth in November's car market. In November, manufacturers such as Geely Auto, Chery Auto, Lixiang Auto, Sailease Auto, Dongfeng Auto, Jihu Auto, and Zhiji Auto saw wholesale sales of new energy vehicles hit historical highs for each month, while SAIC Motor, Nio Auto, GAC Toyota, Dongfeng Nissan, Changan Mazda, and Beijing Hyundai and other automakers also achieved outstanding performances hitting historical monthly highs. Due to BYD's export in November increasing by 48,000 units month-on-month, driving a significant increase in new energy vehicle exports, overall sales of new energy passenger vehicles have been strong.