On November 3, the China Automobile Dealers Association reported that from January to September, sales of imported vehicles totaled 481,871 units, a 13.5% decline YoY. The industry is in a destocking cycle, with inventory depth reaching a historical high of 7.5 months in September. Among the top 10 brands, only Lexus and Toyota achieved positive growth, with Lexus selling 132,932 units and Toyota 25,757 units, a 12.3% increase. The domestic price war has impacted imports, as Porsche’s sales dropped 33.4%, while Volkswagen saw a significant decline of 53%.