Feng Huang Wang Cai Jing·2026-01-02 14:45Core Insights - The Chinese automotive industry is experiencing a significant transformation, with traditional giants expanding rapidly while new energy vehicle startups face intense competition and market reshuffling [1] Traditional Giants' Performance - BYD continues to lead the market with total sales exceeding 4.6 million units in 2025, marking a nearly 8% year-on-year increase. Pure electric vehicle sales reached 2.2567 million units, up 27.86% [2] - BYD's overseas sales surpassed 1 million units for the first time, achieving 1.0496 million units, a staggering 145% increase year-on-year [2] - Geely Automotive achieved over 3.02 million units in sales, exceeding its target of 3 million units with a 39% year-on-year growth, driven by a 90% increase in new energy vehicle sales [3] - Chery Automotive sold over 2.8 million units, a 7.8% increase, and maintained its position as the top exporter of Chinese passenger cars for 23 consecutive years [5] - Great Wall Motors sold over 1.32 million units, a 7.33% increase, with new energy vehicle sales reaching 403,700 units, up 25.44% [7] New Energy Vehicle Startups' Struggles - The new energy vehicle sector shows significant differentiation, with only Leap Motor, Xiaomi, and XPeng meeting their annual sales targets [8] - Leap Motor emerged as a surprise leader with nearly 600,000 units sold, achieving a target completion rate of over 119% [8] - Homtruck followed closely with 589,100 units sold, but fell short of its 1 million target, achieving only 59% of its goal [8] - XPeng sold 429,400 units, surpassing Li Auto, with a year-on-year growth of 125.94% and a target completion rate of over 113% [10] - Li Auto faced a decline, selling 406,300 units, down 18.81% year-on-year, and only achieving 58.05% of its target [10] Market Dynamics and Future Outlook - The competitive landscape is shifting, with traditional automakers gaining strength while new entrants like Leap Motor and Xiaomi are rising [11] - The upcoming subsidy policies for 2026 are expected to intensify competition, focusing on product strength, technological capabilities, and brand value [12] - The automotive industry is poised for further transformation as market dynamics evolve, indicating that no company's position is guaranteed [12]