Zhineng Auto · Zhineng Technology | Data compiled from monthly registration figures

Analysis from Three Perspectives

September saw 48,549 vehicle registrations, which is 6,898 units fewer than the official wholesale volume. The total number of models listed by Dongchedi amounted to 46,075 units, showing 2,474 more registrations than retail sales. From January to September, cumulative registrations hit 472,000 units.

In September, the official wholesale volume stood at 55,447 units (as per the poster figure), whereas registrations only reached 48,549 units.

Registrations fell short of wholesale by 6,898 units (12%), suggesting that nearly 7,000 units dispatched in September remain unsold at dealerships. This indicates a clear trend of "wholesale volume surpassing retail sales" and an accumulation of channel inventory. Dongchedi’s retail list for September recorded a total of 46,075 units, with registrations surpassing this retail tally by 2,474 units. Cumulative registrations from January to September stood at 471,913 units.

Review of Key Model Sales

The Camry led the way with 11,404 registrations, while retail sales reached 13,269 units, resulting in 1,865 fewer registrations.

The Wildlander recorded 9,292 registrations compared to 9,081 retail sales, showing 211 more registrations.

The bZ3X had 8,076 registrations versus 9,855 retail sales, a difference of 1,779 fewer registrations.

The Frontlander registered 7,798 units compared to 10,250 retail sales, marking 2,452 fewer registrations.

The Sienna saw 5,896 registrations against 5,849 retail sales, nearly even with just 47 more registrations.

The Camry, as a flagship model, exhibits the most pronounced signs of wholesale overstocking.

Among the new energy models, the bZ3X continues to be the fastest-moving, with 8,076 registrations.

The once-dominant sedan, the Levin, registered only 45 units in September, indicating it is nearing the end of its lifecycle. The fuel-powered vehicle base is swiftly consolidating around the Camry and SUV lineup.

In Summary: GAC Toyota registered 49,000 vehicles in September, which is 6,898 units fewer than the wholesale volume (a 12% difference), with the Camry displaying the clearest indicators of wholesale overstocking.

*Data Sources: Registrations are based on monthly compulsory traffic insurance data (aggregated by model); wholesale figures are sourced from GAC Toyota's official channels (poster figure: 55,447, media reports: approximately 54,800); Dongchedi’s retail rankings are derived from the "September 2026 Model Sales Rankings," totaling 46,075 units (same source as CPCA). The term "fewer than wholesale" compares registrations to wholesale figures; discrepancies in model-level retail data are based on Dongchedi’s individual model statistics.*