For November, the Global Light Vehicle (LV) selling rate remained strong, at 95 million units/year, only slightly below October’s result. In year-on-year (YoY) terms, the market fell 2% as sales totaled 8.1 million units globally. Year-to-date (YTD), 83.6 million vehicles have been sold, up 4% from the same period in 2024.
The key markets of the US, Western Europe, and China saw mixed fortunes. In the US, sales fell for a second consecutive month YoY due to the removal of EV tax credits and economic headwinds. In Western Europe, sales remained broadly flat; however, the outlook remains more positive heading into 2026. Finally, sales in China declined YoY, though the selling rate continues to post strong results.
North America
US Light Vehicle sales fell by 5.8% YoY in November, to 1.29 million units. With November 2025 containing one selling day fewer than November 2024, sales declined by 2.0% YoY on a selling day-adjusted basis. The annualized selling rate accelerated to 15.8 million units/year in November, from 15.3 million units/year in October. Although the lack of EV tax credits was again a drag on sales, the rest of the market performed relatively well, considering that economic concerns and cost pressures due to tariffs could have caused a much more severe slowdown than we have seen thus far. Average transaction prices were US$46,205 in November, down by US$207 MoM, and up by a modest 2.0% YoY, below inflation overall.
Canadian Light Vehicle sales totaled an estimated 140k units in November, down by 6.2% YoY, while the selling rate slowed to 1.79 million units/year, from 1.95 million units/year in October. Data suggested monthly loan payments are increasing, hinting at cost pressures feeding through to buyers. In Mexico, sales decreased by 1.3% YoY, to 155k units, but the selling rate accelerated to 1.71 million units/year, from 1.63 million units/year in October. Sales events linked to ‘El Buen Fin’ – equivalent to Black Friday – likely helped volumes, but three fewer selling days than November 2025 hindered the YoY comparison.
Europe
The Western Europe LV market remained broadly flat in November as sales reached 1.09 million units. The monthly selling rate accelerated from October’s result to 14.4 million units/year. YTD sales currently stand at 12.2 million units (+0.1% YoY). The trend in sales remains similar to October’s result with Spain leading the way as the strongest market, while Germany continued a modest growth path. In contrast, France, Italy, and the UK all saw broadly flat or weak results.
In Eastern Europe, the LV selling rate was broadly the same as October’s result, at 5.0 million units/year. Russia’s LV market cooled in November after October’s front-loaded rebound, with sales down 17% MoM but still up 0.8% YoY, marking the second-strongest month of 2025. The post-October slowdown confirms that demand was largely pulled forward ahead of the December 1 recycling-fee hike, rather than signalling a sustained recovery. The Turkish PV market grew for a ninth consecutive month as sales totalled 105k units in November 2025. The monthly selling rate remained broadly flat. YTD sales are now 938k units, up 11% from the same period in 2024. The PV market is now expected to exceed 1 million units for the first time, on an annual basis.
China
The China PV market fell 6.4% YoY, with the latest result comparing to a particularly strong final few months of 2024, as consumer looked to take advantage of the government trade-in scheme (which was eventually extended). Nonetheless, the market still shows strength when looking at the selling rate on its own, even if this metric has eased back from some recent red-hot months in the summer and autumillion. On a raw basis, the volume hit the highest volume of the year, though this is to be expected for the month of November. We expect December’s selling rate to be broadly in line with last month, capping an impressive year of growth.
After adjusting our medium-to-long-term view on the market following the Chinese government outlining its intention to strengthen efforts in promoting automobile consumption, we have held our forecast once again this month. This announcement means more consumers will pull forward purchasing decisions into late 2026, and out of 2027 and 2028 (assuming no further support comes), though there is no explicit news on end date of its support.
In Japan, LV sales dropped 5.2% YoY to 367k in November, extending the YoY contraction to five consecutive months. The market recovery has been considerably hampered in recent months as the PV market has fallen 4.7% YoY in the first five months of H2 2025, compared to the same period last year, while CV stands flat for the same YoY comparison. After selling rate strength offered some relief last month, the seasonally adjusted annualised metric starkly dropped 12.3% MoM in November, leaving little hope for a rebound in the final month of the year. The weakness is being driven by lower consumer spending as a result of the markets higher financing repayment rates.
Korean LV sales edged up 0.5% YoY to 146k units in November following a marked deterioration the previous month. The implications of the Chuseok national holidays were the driver of previous month’s weakness, meaning a return to YoY stability was an expectation for most. Nonethless, in selling rate terms, the market posted its third best month of the year as the variable hit 1.75 million units/year.
South America
Brazilian Light Vehicle sales totalled 227k units in November, down by 5.4% YoY. The selling rate accelerated to 2.84 million units/year in November, from 2.74 million units/year in October. With that said, selling rates are an imperfect measure of market performance, given the seasonality shift that is happening in Brazil, with sales increasingly boosted in November by Black Friday promotions. The YoY comparison was hurt by extremely robust year-ago volumes.
In Argentina, sales totalled 32.9k units in November, down by 3.4% YoY. This was the first time that sales had declined YoY since July 2024. The selling rate slowed to 453k units/year in November, from 594k units/year in October. Consumers could have been spooked by a spike in inflation and fluctuations in exchange rates, but it is too early to say whether this the beginning of a trend.
