Core Insights - The Chinese new energy vehicle (NEV) market saw sales of 1.262 million units in July 2025, representing a month-on-month decline of 5.0% but a year-on-year increase of 27.3% [1] - The penetration rate of NEVs reached 48.7%, maintaining a high level [1] Sales Breakdown - Sales of new energy passenger vehicles totaled 1.195 million units, reflecting a year-on-year growth of 25.4% [1] - Sales of new energy commercial vehicles reached 67,000 units, showing a significant year-on-year increase of 74.9% [1] Market Share Analysis - In July 2025, the market share of new energy sedans accounted for 43.7%, a slight decrease of 0.3 percentage points compared to the same period last year [1] - The market share of new energy SUVs stood at 46.3%, down by 2.0 percentage points year-on-year [1] Segment Performance - All segments within the NEV market experienced growth, with commercial vehicles generally outperforming passenger vehicles [1] - Among passenger vehicles, the MPV segment showed substantial growth [1]

Overall Market - The overall market for new energy vehicles (NEV) in China shows significant growth, with total production and sales reaching 2,400,084 units and 2,490,237 units respectively in June 2025, marking a year-on-year increase of 12.4% in production and 15.1% in sales [6][9][11] - The market share of NEVs has increased, with NEVs accounting for 50.2% of total vehicle sales in June 2025, compared to 49.8% in the previous month [9][12][15] Submarket Analysis - The retail sales of NEVs in the first half of 2025 reached 1,111,558 units, reflecting a 29.8% increase compared to the same period in 2024 [6][11][24] - The breakdown of NEV sales by vehicle type shows that sedans accounted for 404,206 units, MPVs for 29,658 units, and SUVs for 422,490 units in June 2025 [21][24] Manufacturer Performance - BYD leads the NEV market with wholesale sales of 377,628 units in June 2025, representing a 30.4% market share [16][19] - Other notable manufacturers include Geely with 122,367 units, Changan with 87,458 units, and Tesla China with 71,599 units, showcasing varying growth rates [16][19] Model Category Analysis - The retail sales of different vehicle categories indicate that sedans, MPVs, and SUVs have shown growth, with sedans experiencing a 30.0% increase, MPVs 53.3%, and SUVs 27.9% in June 2025 [21][24] - The overall market for NEVs has seen a significant increase in penetration rates, with sedans at 53.3%, MPVs at 4.1%, and SUVs at 48.6% [24][25] Brand Positioning - The top ten manufacturers in the NEV market accounted for 76.7% of total wholesale sales, with BYD holding the largest share [16][19] - The competitive landscape is characterized by rapid growth among several brands, with Geely and Changan also showing strong performance in the NEV segment [16][19] Price Positioning - The market is segmented into various price ranges, with significant sales occurring in the 10-20 million yuan range, indicating a strong demand for mid-range vehicles [4][24] - The pricing strategy appears to be effective in attracting a diverse customer base, contributing to the overall growth of the NEV market [4][24]

Core Viewpoint - The M.A.D.E industry research price index reflects the comprehensive index system of terminal prices and discount changes in the passenger car market, indicating a mixed trend in pricing and discounts across different vehicle segments in January 2025 [1]. Overall Market Price Change Index - The overall market price change index for January is -2.58, with an average transaction price of 161,100 yuan, showing a month-on-month increase of 1.065 yuan or 0.67% [2]. - The terminal transaction prices for sedans, SUVs, and MPVs have shown varied changes, with sedans increasing by 4.64%, SUVs decreasing by 2.09%, and MPVs increasing by 0.74% [2]. Overall Market Discount Change Index - The overall market discount change index for January is 1.41, with an average discount of 30,100 yuan, reflecting an increase of 3,386 yuan or 12.6% month-on-month [2]. - Discounts for sedans, SUVs, and MPVs have all increased, with sedans up by 17.5%, SUVs by 8.3%, and MPVs by 14.5% [2]. Sedan Market - The sedan market price change index for January is 2.50, with an average transaction price of 142,700 yuan, reflecting a month-on-month increase of 6,324 yuan or 4.64% [5]. - The average discount in the sedan market is 31,300 yuan, which has increased by 4,671 yuan or 17.5% month-on-month [5]. SUV Market - The SUV market price change index for January is -6.76, with an average transaction price of 168,700 yuan, showing a month-on-month decrease of 3,594 yuan or 2.90% [5]. - The average discount in the SUV market is 29,600 yuan, which has increased by 2,259 yuan or 8.3% month-on-month [5]. MPV Market - The MPV market price change index for January is 2.28, with an average transaction price of 279,500 yuan, reflecting a month-on-month increase of 2,044 yuan or 0.74% [5]. - The average discount in the MPV market is 24,100 yuan, which has increased by 3,056 yuan or 14.5% month-on-month [5]. Overall New Energy Market Price Change Index - The overall new energy market price change index for January is -6.42, with an average transaction price of 166,600 yuan, reflecting a month-on-month increase of 2,995 yuan or 1.8% [8]. - The average discount in the new energy market is 11,100 yuan, which has increased by 1,570 yuan or 16.5% month-on-month [8]. New Energy Sedan Market - The new energy sedan market price change index for January is 1.30, with an average transaction price of 126,900 yuan, reflecting a month-on-month increase of 4,528 yuan or 3.7% [8]. - The average discount in the new energy sedan market is 9,500 yuan, which has increased by 1,088 yuan or 12.9% month-on-month [8]. New Energy SUV Market - The new energy SUV market price change index for January is -12.53, with an average transaction price of 188,800 yuan, showing a month-on-month decrease of 1,592 yuan or 0.8% [8]. - The average discount in the new energy SUV market is 11,900 yuan, which has increased by 1,523 yuan or 14.7% month-on-month [8]. New Energy MPV Market - The new energy MPV market price change index for January is -3.16, with an average transaction price of 341,900 yuan, reflecting a month-on-month decrease of 6,095 yuan or 1.8% [12]. - The average discount in the new energy MPV market is 18,000 yuan, which has increased by 7,078 yuan or 65.0% month-on-month [12].