It's quite cold. BYD has fallen.

The year - end sales surge of automakers cooled down in November, and BYD's monthly sales still failed to exceed 500,000 vehicles.

On December 1st, domestic automakers collectively released their November "report cards", showing a "polarized" situation.

The sales growth of some leading automakers slowed down or declined. Take BYD as an example. Its sales volume in November reached 480,200 vehicles, a year - on - year decrease of 5.25%. Among them, domestic sales decreased by 26.81% year - on - year.

"November and December are quite cold." Recently, Zhu Jiangming, the chairman and CEO of Leapmotor, responded to the changes in monthly sales by the end of 2025.

Previously, the automotive industry would experience a "year - end sales surge", that is, sales would increase significantly. However, Li Bin, the chairman and CEO of NIO, felt that "the end of 2025 is different".

In November, some automakers also had outstanding performances. Three new car - making forces, such as Leapmotor, completed their annual delivery targets for 2025 ahead of schedule. State - owned and central - enterprise new - energy automakers, such as Voyah and Avatr, set new monthly sales records.

BYD failed to cross the 500,000 - vehicle mark, while SAIC and Geely's year - on - year growth rates accelerated

BYD's sales volume in November 2025 reached 480,200 vehicles, still failing to break through the monthly sales mark of 500,000 vehicles.

Looking back at the whole year of 2024, BYD's monthly sales exceeded 500,000 vehicles for three consecutive months starting from October.

BYD's overseas sales in November 2025 exceeded 100,000 vehicles for the first time, reaching 131,900 vehicles. However, it failed to make up for the significant decline in domestic sales, and domestic sales are the foundation of its overall sales.

BYD's domestic sales in November 2025 were 348,300 vehicles, while its domestic sales in November 2024 were 475,800 vehicles, a year - on - year decrease of 26.81%.

Comparing from July to November 2025, BYD's domestic monthly sales decreased by 15.63%, 14.29%, 15.89%, 24.11%, and 26.81% year - on - year respectively.

In contrast, the new - energy vehicle sales of SAIC Group and Geely Automobile in November 2025 were 209,400 vehicles and 187,800 vehicles respectively, with year - on - year growth rates of 19.75% and 53.36% respectively.

Take Geely Automobile as an example. Its new - energy vehicle penetration rate in November 2025 reached 60.50%, setting a new record.

It can be found that Geely Automobile's new - energy vehicle sales mainly come from Geely Galaxy, a mid - to - high - end new - energy vehicle brand launched by Geely Automobile. In November 2025, the sales volume of Geely Galaxy reached 132,700 vehicles, a year - on - year increase of 76%.

Domestic automakers still need to work hard on the path of upgrading to high - end new - energy vehicles.

As a high - end intelligent electric vehicle brand launched by Geely Holding, the sales volume of Zeekr in November 2025 increased by 7% year - on - year to 28,800 vehicles, while its sales volume in November 2024 increased by 106% year - on - year to 27,000 vehicles.

Three new car - making forces completed their annual delivery targets ahead of schedule, and state - owned and central - enterprise new - energy automakers accelerated again

In November, Leapmotor's delivery volume reached 70,300 vehicles. So far, Leapmotor's delivery volume in the first 11 months of 2025 reached 536,100 vehicles, confirming the news that it completed its annual delivery target of 500,000 vehicles for 2025 ahead of schedule.

Completing the annual delivery target for 2025 ahead of schedule has become a highlight of the development of many leading new car - making forces. Previously, there were market rumors that Xiaomi Auto would complete its annual delivery target of 350,000 vehicles for 2025 in late November.

Data shows that Xiaomi Auto's delivery volume in the first three quarters of 2025 reached 266,000 vehicles, and its delivery volume in October and November both exceeded 40,000 vehicles. It is estimated that Xiaomi Auto's delivery volume in the first 11 months of 2025 may exceed 350,000 vehicles.

XPeng Motors is the third new car - making force to complete its annual delivery target for 2025 ahead of schedule.

Previously, He Xiaopeng, the chairman and CEO of XPeng Motors, said: "In 2025, we are confident that the delivery volume will double year - on - year." That is, on the basis of the annual delivery volume of 190,100 vehicles in 2024, XPeng Motors' annual delivery volume in 2025 will achieve a 100% year - on - year growth, reaching 380,200 vehicles.

XPeng Motors' delivery volume in November was 36,700 vehicles, and its delivery volume in the first 11 months of 2025 was 391,900 vehicles.

Based on the delivery data in the first 11 months of 2025, Leapmotor and Xiaomi Auto have successively set new annual targets for 2025, which are sales of over 600,000 vehicles and delivery volume of over 400,000 vehicles respectively.

Take Xiaomi Auto as an example. If it wants to complete its new annual delivery target for 2025, its delivery volume in December 2025 needs to be between 40,000 and 50,000 vehicles.

In addition, state - owned and central - enterprise new - energy automakers such as Voyah and Avatr continued to "accelerate", and "setting new records" has become a frequently mentioned keyword recently.

In November 2025, the sales volumes of Voyah and Avatr were 20,005 vehicles and 14,057 vehicles respectively, with year - on - year growth rates of 84.28% and 25.29% respectively.

Currently, both of the above - mentioned automakers are applying for a Hong Kong IPO, and sales are an important indicator for investors to observe the development status of these two automakers.

The year - end sales surge cooled down, and NIO emphasized that the delivery guidance remains unchanged

Since the subsidy for new - energy vehicle purchase tax will be phased out starting from January 1st, 2026, the end of 2025 is an important moment for automakers to boost sales.

Comparing the sales or delivery volumes of many automakers in November 2025, the growth rate was significantly weaker than that in November 2024. That is, the "year - end sales surge" that previously occurred in the automotive industry has cooled down.

Taking new car - making forces as an example, in November 2025, the month - on - month growth rates of the delivery volumes of Leapmotor, XPeng Motors, and NIO were 0.05%, - 12.58%, and - 10.20% respectively.

Recently, Li Bin told the China Fund News and other media that the suspension of the subsidy policy for trading in old cars for new ones in many domestic regions in the short term will have a certain impact on the automotive industry, but many automakers did not make relevant expectations.

For example, Jiangsu officially suspended the implementation of the subsidy policy for car replacement and renewal at 24:00 on September 28th, 2025; Ningbo suspended the implementation of the subsidy policy for car replacement and renewal starting from October 11th, 2025.

"There was still a lot of wishful thinking in late October, and in November, we basically had to face the reality." Li Bin said. If you look at the new orders in the automotive industry, you will find that there has been a certain decline, but the situation in December 2025 is hard to predict.

NIO maintains its delivery guidance for the fourth quarter of 2025 unchanged, that is, it is expected to deliver between 120,000 and 125,000 vehicles. Based on this estimate, NIO's delivery volume in December 2025 needs to reach between 43,300 and 48,300 vehicles.

"In this situation, the overall strategy currently adopted is to keep prices stable." Li Bin said. In response to the impact of the suspension of the policy for trading in old cars for new ones in some regions, NIO has made corresponding adjustments.

At the same time, Li Bin revealed that NIO has performed well in the niche market - the new orders for the new NIO ES8 have continued to grow steadily, and the production and delivery in December 2025 will accelerate, boosting the monthly delivery volume.

The new NIO ES8 is a full - scenario technology flagship SUV launched by NIO. On November 29th, 70 days after the official delivery of the new NIO ES8 started, the delivery volume exceeded 20,000 vehicles.

Facing the future, some automaker leaders have given optimistic expectations. Zhu Jiangming said that the overall sales volume of the automotive industry will not change, but it will be disturbed by some factors in the short term. In the long run, market demand will gradually recover.

This article is from the WeChat official account "China Fund News" (ID: chinafundnews), author: Qiu Dekun, published by 36Kr with authorization.