Zhong Guo Zheng Quan Bao·2025-11-13 20:03Core Insights - In October 2025, China's monthly new energy vehicle (NEV) sales surpassed 50% of total vehicle sales for the first time, reaching 51.6%, indicating a significant shift towards NEVs in the automotive market [1][2] Industry Performance - In October 2025, total vehicle production and sales in China reached 3.359 million and 3.322 million units, respectively, with month-on-month growth of 2.5% and 3% [2] - NEV production and sales were notably higher, achieving 1.772 million and 1.715 million units, with month-on-month growth of 9.6% and 6.9%, and year-on-year growth exceeding 20% [2] - Cumulatively, from January to October 2025, NEV production and sales reached 13.015 million and 12.943 million units, marking a year-on-year increase of 33.1% and 32.7%, with NEVs accounting for 46.7% of total vehicle sales [2] Policy and Market Dynamics - The increase in NEV sales is attributed to effective government policies and a maturing market, including broad coverage of vehicle replacement subsidies and the early release of a tax reduction policy for NEVs [2] - The penetration rate of NEVs has now extended beyond passenger vehicles to commercial vehicles, indicating a comprehensive acceleration in sectors like logistics and passenger transport [2] Company Performance - BYD continues to lead the market with a projected annual sales volume of 4.272 million units in 2024, reflecting a year-on-year growth of 41.26% [3] - Geely's NEV sales surged by 92% year-on-year, reaching 888,000 units in 2024, with significant contributions from its Yinhe series [3] - Traditional automakers show varied results; SAIC's NEV sales reached 1.234 million units in 2024, but its growth rate of 9.9% was below the industry average, while Changan achieved a remarkable 52.8% increase, selling 734,000 NEVs [3] Export Growth - Exports have become a crucial growth driver for the NEV sector, with Chery leading in exports at 1.144 million units, nearly half of its total sales [4] - SAIC's MG brand sold 240,000 units in Europe, reinforcing its market position, while BYD's exports grew by over 70% to 433,000 units, supported by new overseas factories [4] - In the first ten months of 2025, NEV exports reached 2.014 million units, a year-on-year increase of 90.4%, with an average monthly export of 200,000 units [4] Future Outlook - The China Automotive Industry Association (CAAM) forecasts that total vehicle production and sales will reach 34 million units in 2025, setting a new record, with NEV sales expected to exceed 16 million units and exports potentially reaching 2.5 million units [4] - The market is anticipated to develop positively, driven by advancements in battery technology, cost reductions, and improved charging infrastructure, leading to a sustainable growth trajectory for NEVs [4]