For October, the global Light Vehicle (LV) selling rate saw its second strongest month of the year, with 96 million units/year, fractionally behind the August result. In year-on-year (YoY) terms, the market grew 3% as sales reached 8.2 million units globally. Year-to-date (YTD), 75 million vehicles have been sold, up 5% from the same period in 2024.
The key markets of the US, Western Europe, and China experienced mixed results. In the US, sales saw a notable decline due to the removal of EV tax credits. Sales in Western Europe continued to improve with the introduction of new incentives supporting electrification, and some improvement in consumer confidence. Finally, sales in China saw a record result for the month as consumers rush to purchase vehicles before the NEV tax discount decreases next year.
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North America
US Light Vehicle sales fell by 4.7% YoY in October, to 1.27 million units, with the month containing the same number of selling days as in October 2024. The daily selling rate was 47,200 units/day in October, down from 52,100 units/day in September, and the annualized selling rate slowed to 15.3 million units/year in October, from 16.4 million units/year in September. The removal of EV tax credits hindered the market in October, with attempts to support demand through OEM incentives seemingly falling flat. Average transaction prices were US$46,412 in October, up by US$485 MoM and 3.0% YoY, as EVs became more expensive. Incentives averaged US$2,835, down by US$378 MoM.
Canadian Light Vehicle sales totaled an estimated 157k units in October, up by 7.7% YoY, while the selling rate accelerated to 1.95 million units/year, from 1.81 million units/year in September. This was the strongest selling rate since March, as the market defied expectations of a slowdown amid a lukewarm economy. In Mexico, sales increased by 7.4% YoY, to 138k units, while the selling rate reached 1.63 million units/year, up from 1.59 million units/year in September, as the market entered an important time of year on a strong footing.
Europe
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By GlobalDataThe Western Europe LV market grew 3% in October as sales reached 1.1 million units. The monthly selling rate remained broadly flat at 13.6 million units/year. YTD sales are at similar levels to 2024 as sales in the first ten months totalled 11.2 million units (0.1% YoY). Across the five largest Western European markets, Spain was the strongest performer while Germany continued its solid growth. France showed gains, largely due to a weak September 2024 comparison. Finally, sales in the UK and Italy were flat YoY — Italy saw an ineffective incentive rollout that is expected to be resolved next month.
In Eastern Europe, the LV selling rate was 5.0 million units/year, slightly up on the previous month. Russia’s LV market rebounded sharply in October (+24% MoM, -6.9% YoY), its strongest month of 2025, as buyers rushed to make purchases ahead of the December 1 recycling-fee hike and an expected VAT increase in 2026. Sales were supported by earlier rate cuts but were still constrained by weak credit issuance. The Turkish PV market grew for an eighth consecutive month as sales remained robust in October 2025. Registrations totalled 91k units, up 20% YoY. The monthly selling rate slipped to 1.09 million units/year but remained strong.
China
China’s PV sales expanded 4.1% YoY in October, reaching 2.41 million units and hitting a record number for the month. Despite the increased government intervention on the raging price war, prices remain highly competitive. Sales have maintained strong momentum as consumers look to make purchases before prices rise once again and the government NEV taxation reductions begin to unwind from 100% to 50% next year. On a brand basis, the country’s domestic EV leader, BYD, is struggling to maintain its competitive dominance as sales fell 12% in October, with competitors Geely and Chery eating into market share.
After adjusting our medium-to-long-term view on the market in September, following the Chinese government outlining its intention to strengthen efforts in promoting automobile consumption, we have held our forecast once again this month. In our view, more consumers will pull forward purchasing decisions into late 2026, and out of future years, though there is no explicit news on the end date of its support. Upside risks to the market forecast include the development of solid-state NEV batteries and the appeal of greater range and faster charging times.
In Japan, LV sales contracted for a fourth straight month in October, down 1.9% YoY, bringing LV sales to 392k. The weakness is being driven by consumer spending weakness as a result of the market’s higher financing repayment rates. Nonetheless, in seasonally adjusted annualised terms, the month shows some strength as the selling rate reached a 6-month high at 5.2 million units/year in October. As the year nears its end, the 2025 rebound seems to have undershot expectations, with the 2025 YTD up just 4.3% despite a 7.6% contraction the year previous.
Korean LV sales fell 11.3% YoY to 127k in October. The decline is mostly attributed to the Chuseok national holidays which happened to fall in October this year, while occurring in September last year, subsequently boosting September 2025 growth and reducing October’s. The market saw some upside from Hyundai and Kia model launches. October’s result marks the market’s first YoY selling rate contraction for 2025. YTD sales are up 5.3% for PVs, while CVs have contracted 4.5%.
South America
Brazilian Light Vehicle sales totaled 248k units in October, down by 0.8% YoY. The selling rate accelerated to 2.74 million units/year in October, from 2.59 million units/year in September. Over recent years, Q4 appears to have become an increasingly important time of year in which to make sales, and so it was not surprising that October brought the highest monthly volume of the year to date. The slight YoY decline seems to be a result of an exceptionally strong performance in October 2024, rather than a sign of any impending weakening in the market.
In Argentina, sales reached 49.1k units in October, up by 17.4% YoY. The selling rate increased slightly, to 592k units/year in October, from 585k units/year in September. The year-on-year gains are narrowing as the year progresses, due to the strengthening of the market during the latter part of 2024, but the overall picture remains upbeat as imported models flow into the country.
This article was first published on GlobalData’s dedicated research platform, the Automotive Intelligence Center.
