Flagship MPVs Flood the Market Amid Shrinking Demand

[Market Watch] Three flagship MPVs priced around RMB 400,000 launched intensively within a single week, creating an illusion of surging demand.

Key Trend: MPV Market Shrinks for Two Consecutive Years, with Premium Segment Facing Oversupply

In 2025, China’s total MPV sales barely exceeded one million units, marking a slight year-over-year decline; in Q1 2026, retail sales dropped below 200,000 units, continuing the downward trend.

Industry Impact: Mid-to-large SUVs Divert Family Buyers

Mid-to-large SUVs like the Aito M9, leveraging advantages in interior space and off-road capability, are rapidly encroaching on MPVs’ core customer base, intensifying market competition.

Strategic Drivers: Rush to Enter Segment Fueled by Profit Incentives and Brand Anxiety

The simultaneous debuts of the Luxeed V9, Hongqi HQ9 PHEV, and Leapmotor D99 reflect companies’ technological readiness and aspirations for brand elevation—rather than genuine, surging market demand.