Xin Lang Cai Jing·2026-01-09 12:01Core Insights - The overall retail sales of passenger cars in China for 2025 are projected to reach 23.744 million units, representing a year-on-year growth of 3.8% [1] - The market trend is expected to follow a "U-shaped" pattern, with a sustained demand for vehicle replacements in 2024-2025 [1] - The actual sales performance exceeded initial expectations, with a revised growth forecast for the passenger car market [1] Company Performance - BYD leads the market with a total sales volume of 4.602 million units in 2025, with overseas sales reaching 1.05 million units, a 145% increase year-on-year [3] - SAIC Motor follows closely with 4.507 million units sold, marking a 12.32% increase, driven by its transition to new energy vehicles and expansion in overseas markets [4] - Geely's total sales reached 3.025 million units, a growth of 38.96%, with new energy vehicle sales increasing by 90% [4] - Changan Automobile sold 2.913 million units, up 8.54%, benefiting from the synergy of multiple new energy brands [5] - Chery Automobile achieved sales of 2.631 million units, a 7.64% increase, with notable export performance [5] - Great Wall Motors sold 1.324 million units, a growth of 7.33%, with significant increases in new energy and overseas sales [5] New Energy Vehicle Trends - New energy vehicle sales for SAIC reached 1.643 million units, a 33.1% increase, contributing to a historical high [4] - Geely's new energy vehicle sales are projected to reach 2.22 million units in 2026, indicating a penetration rate increase from 55.8% to 64.3% [4] - New entrants like Leap Motor and Xpeng Motors are experiencing rapid growth, with Leap Motor achieving a 103.1% increase in annual deliveries [6] - Xpeng Motors delivered 429,000 units, a 125.94% increase, and plans to launch several new models in 2026 [6] Market Outlook - The passenger car market is expected to maintain a steady performance in 2026, with overall sales projected to be flat compared to 2025 [2] - Export growth for passenger vehicles is anticipated to remain above 10% [2] - The market for small electric vehicles is expected to slow down, with growth projected at around 10% due to policy impacts [8]