Core Insights - In December 2025, new passenger car sales in Estonia reached 1,183 units, representing a year-on-year decline of 66.9% [1] - Total new passenger car sales for the year 2025 amounted to 13,055 units, a decrease of 48.6% compared to 2024 [1] - The share of electric vehicles in total sales was 6.6%, an increase of 1.4 percentage points from the previous year [1] - Commercial vehicle sales in Estonia for 2025 totaled 3,111 units, down 36.6% year-on-year [1]

Core Viewpoint - The Chinese new energy vehicle market is experiencing a significant shift in 2025, with pure electric vehicles regaining market share while range-extended electric vehicles show signs of fatigue [2][4][7]. Summary by Sections Market Performance - In 2024, range-extended and plug-in hybrid vehicles were the main growth drivers in the Chinese new energy vehicle market, with wholesale sales of plug-in hybrids reaching 3.91 million units, a year-on-year increase of 84.8%, and range-extended vehicles at 1.179 million units, up 70.9% [2][3]. - Pure electric vehicle wholesale sales in 2024 totaled 7.095 million units, with a year-on-year growth rate of only 15.9%, leading to a market share drop to 58% [3]. 2025 Trends - In early 2025, the market structure began to shift significantly, with pure electric vehicle sales showing a notable recovery. January, February, and March saw year-on-year growth rates of 23.3%, 69.6%, and 35.2%, respectively [4]. - Conversely, range-extended vehicle growth slowed, with January showing a decline of 11.3%, and February and March growth rates of 7.4% and 26.0%, respectively [4]. - The share of pure electric vehicles in March 2025 rose to 62.8%, surpassing the 60% mark again [4]. Retail Market Insights - In the first quarter of 2025, pure electric vehicle retail sales grew by 45.2%, leading among all new energy vehicle types, while plug-in hybrids grew by 33.7%, and range-extended vehicles saw minimal growth of only 0.7% [4]. Market Structure Characteristics - The recovery of the pure electric market exhibits a "barbell" structure, driven by both low-end entry-level and high-end segments. The A00 class (micro) electric vehicles saw a remarkable year-on-year growth of 87% in March, increasing their share to 19% [5]. - New energy vehicle brands, particularly in the high-end segment, contributed significantly to growth, with new force brands capturing a market share of 17.1%, up 3 percentage points year-on-year [5]. Competitive Landscape - Despite lower absolute sales in the high-end segment compared to entry-level markets, the growth trend and brand image enhancement are significant. The average promotional discount for luxury electric vehicles reached 26.1% by March [6]. - The range-extended segment faces challenges, exemplified by the significant decline in sales for key players like Seres, which saw a 42.47% drop in the first quarter [6]. - The overall high growth in the new energy market in early 2025 is attributed to a shift in policy timing, with the stimulus window expected to be from February to December, contrasting with the previous year's concentrated efforts in the latter half [6].