Core Insights - The domestic narrow passenger car market in China saw a retail sales volume of 2.261 million units in December 2025, representing a year-on-year decline of 14.0% but a month-on-month increase of 1.6%. Cumulatively, the sales for the year reached 23.744 million units, marking a year-on-year growth of 3.8% [1]. Market Overview - December 2025 successfully achieved the growth expectations set for the "14th Five-Year Plan" in the automotive market. Despite a challenging environment with significant regulatory measures, the highlights were observed in the new energy vehicle (NEV) market and export market. The expiration of the tax exemption policy for NEVs at the end of December was expected to stimulate demand, although the depletion of subsidy funds across provinces limited the purchasing momentum [2]. Manufacturer Performance - December 2025 - BYD Auto led the sales with 414,784 units, experiencing a month-on-month decrease of 12.7% and a year-on-year decline of 18.6%, holding a market share of 14.9% [4]. - Geely Auto sold 236,817 units, down 23.7% month-on-month but up 12.7% year-on-year, with a market share of 8.5% [4]. - Chery Auto reported sales of 234,736 units, a month-on-month decrease of 10.6% and a year-on-year decline of 19.1%, capturing 8.4% of the market [4]. - Tesla China saw an increase in sales to 97,171 units, up 12.1% month-on-month and 3.6% year-on-year, with a market share of 3.5% [4]. Annual Manufacturer Performance - 2025 - For the entire year of 2025, BYD Auto sold 4.545 million units, a year-on-year increase of 6.9%, securing a market share of 15.4% [5]. - Geely Auto's sales reached 3.025 million units, reflecting a significant year-on-year growth of 39.0% and a market share of 10.2% [5]. - Chery Auto achieved sales of 2.698 million units, up 7.3% year-on-year, with a market share of 9.1% [5]. - Tesla China sold 851,732 units, down 7.1% year-on-year, holding a market share of 2.9% [5]. NEV Market Performance - December 2025 - In December 2025, BYD Auto led the NEV wholesale sales with 414,784 units, down 12.7% month-on-month and 18.6% year-on-year, capturing 26.5% of the market [8]. - Geely Auto followed with 154,264 units, a month-on-month decrease of 17.9% but a year-on-year increase of 38.7%, holding 9.9% market share [8]. - Tesla China sold 97,171 units, marking a month-on-month increase of 12.1% and a year-on-year increase of 3.6%, with a market share of 6.2% [8]. NEV Annual Performance - 2025 - For the year 2025, BYD Auto sold 4.545 million NEVs, a year-on-year increase of 6.9%, with a market share of 29.7% [9]. - Geely Auto's NEV sales reached 1.688 million units, reflecting a remarkable year-on-year growth of 90.0% and a market share of 11.0% [9]. - Changan Auto sold 937,460 NEVs, up 40.7% year-on-year, with a market share of 6.1% [9].