CPCA expects the August 2026 passenger car market to exhibit a weak overall
recovery and pronounced structural divergence; 21 production-and-sales working
days and peak summer seasonality keep end-market recovery sluggish. Disruption
to navigation in the Strait of Hormuz pushed July international oil prices
higher; China raised retail refined-fuel prices in two rounds totalling about
985 yuan/ton, materially raising running and maintenance costs for
internal-combustion-engine (ICE) vehicles, suppressing ICE purchase intent and
weakening ICE demand—a key external tailwind for continued NEV strength and
expanded domestic and overseas NEV growth space.
