Cracking Open the National Passenger Vehicle Market: May 2025 Deep Dive

China’s New Energy Passenger Vehicle retail sales are absolutely on fire, and the latest CPCA data for May 2025 paints a vivid picture of this electrifying growth.

New energy passenger vehicle (NEV) retail sales in China hit a staggering 1.021 million units in May 2025.

That’s a 28.2% surge year-over-year (YoY) and a healthy 12.1% jump month-over-month (MoM).

Looking at the bigger picture, from January to May 2025, domestic retail sales of NEVs reached 4.351 million units.

This marks an impressive 34.1% increase YoY.

It’s clear the NEV wave isn’t just coming; it’s already here and picking up serious speed.

Cracking Open the National Passenger Vehicle Market: May 2025 Deep Dive

So, what’s the broader story in China’s passenger vehicle scene?

May 2025: A Look Back at the Numbers

Retail Sales: Consumers Are Buying

In May 2025, the national passenger vehicle retail sales clocked in at 1.932 million units.

This is a solid 13.3% increase YoY and a 10.1% bump MoM.

Cumulative retail sales from January to May hit 8.811 million units, up 9.1% YoY.

Historically, China’s car market often sees a “low first, high later” trend.

But this May, retail sales outpaced the May 2018 peak of 1.81 million units by 6% – that’s serious growth momentum.

Interestingly, May 2025 had only 19 working days, two fewer than last year.

Plus, the Dragon Boat Festival landed on May 31st, which typically isn’t ideal for consistent monthly production and sales figures.

Despite these factors, an improved external trade environment helped the market power through with a strong performance.

The “Two New” policies (likely referring to policies boosting consumption and equipment renewal) have been a key driver for the market’s strength post-Spring Festival.

National consumption boosting policies, coupled with local initiatives and a full swing of offline events like auto shows, really lit a fire under May’s sales.

Here’s a kicker: Ministry of Commerce data shows that by May 31st, applications for car trade-in subsidies reached 4.12 million.

In May alone, trade-in applications hit 1.23 million units, up 13% from April’s 1.09 million.

This means roughly 70% of private car buyers in May benefited from the trade-in policy.

First-time private buyers? Their share dropped to around 30%.

Consumption upgrade-driven replacement purchases are now the dominant force in car buying.

This surge in replacement demand explains the strong market, even during what’s usually an off-season.

In fact, May’s retail sales were close to the high levels seen in March, underscoring the massive impact of the trade-in policy.

Key Trends Shaping the Passenger Vehicle Market in May 2025

Let’s break down some standout characteristics:

• Record Highs: Passenger vehicle manufacturers’ retail sales, wholesale sales, and production all hit historical highs for the month of May.
• Accelerated Growth: Jan-Apr 2025 saw a 7.9% YoY growth in domestic retail sales. May pushed this to 13.3%, adding 220,000 units YoY and lifting the Jan-May cumulative growth to an expectation-beating 9.1%.
• Smart Discounts: Direct price wars cooled slightly, but implicit discounts like added features in model year updates and adjusted owner benefits kept rolling out. NEV promotions increased by 1.6% MoM in May, reaching an average of 11%.
• Domestic Brands Soar: Chinese domestic brands grabbed a 69.4% wholesale market share (up 6% YoY) and a 65.2% domestic retail market share (up 8% YoY). Their growth remains incredibly robust.
• Inventory Moves: Overall passenger vehicle manufacturer inventory dropped by 110,000 units in May (more than the 90,000 unit decrease last year). NEV inventory also saw a decrease.
• NEV Penetration Skyrockets: The domestic retail penetration rate of NEVs in May climbed to an astounding 52.9%. Policies like scrap updates, trade-ins, and NEV purchase tax exemptions are supercharging this growth.
• Export Dynamics: From Jan-May 2025:
  • Owned-brand gasoline passenger vehicle exports: 1.05 million units (down 14%).
  • Owned-brand NEV exports: 0.64 million units (up 95%).
  • NEVs now account for 37.9% of owned-brand exports.
  • Despite some destocking in Russia earlier in the year (leading to lower exports there), owned brands still hold a dominant 55%+ market share in Russia. Exports to Russia are expected to recover.

Drilling down into brand performance for May:

Domestic brand retail sales hit 1.26 million units, a 29% YoY jump and 9% MoM increase.

Their domestic retail market share for the month was 65.2%, a significant 8 percentage point rise YoY.

For Jan-May, domestic brands held a 64% retail market share, up 7.9 percentage points YoY.

Their success is largely fueled by strong performance in NEVs and exports.

Big traditional automakers undergoing transformation are shining. Brands like BYD Auto (Bǐyǎdí Qìchē 比亚迪汽车), Geely Auto (Jílì Qìchē 吉利汽车), Chery Automobile (Qíruì Qìchē 奇瑞汽车), and Changan Automobile (Cháng’ān Qìchē 长安汽车) saw notable market share gains.

Mainstream joint venture (JV) brands saw retail sales of 470,000 units in May.

This was down 5% YoY but up 7% MoM.

Here’s how their market share looked:

• German brands: 15.3% (down 3.3 percentage points YoY).
• Japanese brands: 12.6% (down 2.2 percentage points YoY).
• American brands: 5.2% (down 1.5 percentage points YoY).

Luxury vehicle retail sales were 200,000 units in May.

That’s an 18% YoY decrease but a 19% MoM increase.

Luxury brands held a 10.3% retail market share in May, down 3.9 percentage points YoY.

However, traditional luxury cars (non-NEV) performed relatively well within this segment.

Export Sales: China’s Cars Go Global

CPCA data reveals that May passenger vehicle exports (including complete vehicles and CKD – Completely Knocked Down kits) reached 448,000 units.

This is a 13.5% YoY increase and a 6% MoM rise.

From January to May, passenger vehicle manufacturers exported 2 million units, up 3% YoY.

What’s really telling is that NEVs made up 44.5% of total exports in May.

That’s a massive 16.6 percentage point increase compared to the same period last year.

Owned brands exported 375,000 units in May (up 18% YoY, up 10% MoM).

Joint venture and luxury brand exports stood at 73,000 units (down 2.2% YoY).

Production: Factories Humming

May saw passenger vehicle production reach 2.27 million units.

This translates to a 12.6% YoY increase and a 1.8% MoM bump.

Cumulative production from January to May tallied 10.818 million units, a 13.5% YoY increase.

May’s production was 250,000 units higher than the previous May record (2.02 million units in May 2024), significantly contributing to local economies.

Production breakdown by brand type in May:

• Luxury brands: Decreased 16% YoY, increased 1% MoM.
• Joint venture brands: Decreased 1% YoY, increased 5% MoM.
• Owned brands: Increased 23% YoY, increased 0.1% MoM.

Wholesale Sales: Another Record Month

National passenger vehicle manufacturer wholesale sales hit a historical May high of 2.31 million units.

That’s up 12.8% YoY and 5.5% MoM.

From January to May, wholesale sales reached 10.784 million units, an 11.5% YoY increase.

Strong retail demand meant May’s wholesale YoY growth was slightly (0.5 percentage points) lower than retail growth.

Wholesale breakdown for May:

• Owned brand automakers: 1.6 million units (up 24% YoY, up 4% MoM).
• Mainstream JV automakers: 461,000 units (down 3% YoY, up 5% MoM).
• Luxury vehicle automakers: 237,000 units (down 13% YoY, up 12% MoM).

The overall wholesale structure is shifting, with some smaller companies showing signs of rising.

Changan Automobile (Cháng’ān Qìchē 长安汽车), SAIC-Volkswagen (Shàngqì Dàzhòng 上海大众), GAC Toyota (Guǎngqì Fēngtián 广汽丰田), and Dongfeng Nissan (Dōngfēng Rìchǎn 东风日产) showed strong MoM performance.

Market concentration in May (wholesale volumes):

• Over 100,000 units: 5 manufacturers (vs. 4 in April, 5 in May 2024), accounting for 46% market share.
• 50,000-100,000 units: 25% market share.
• 10,000-50,000 units: 27.4% market share.

Inventory: Keeping Things Lean

With good production momentum, manufacturer wholesale sales were 40,000 units higher than production in May.

However, domestic wholesale was 70,000 units lower than retail sales.

This led to an overall inventory decrease for manufacturers and channels by 110,000 units in May (compared to a 90,000 unit decrease last year).

From January to May this year, industry inventory remained relatively flat compared to last year.

This is a shift from the continuous inventory reduction seen in the first five months of the past two years, which also helped boost manufacturer sales this year.

• Retail Sales (May): 1.932 million units (+13.3% YoY, +10.1% MoM)
• Retail Sales (Jan-May): 8.811 million units (+9.1% YoY)
• Export Sales (May): 448,000 units (+13.5% YoY, +6% MoM)
• Export Sales (Jan-May): 2 million units (+3% YoY)
• Production (May): 2.27 million units (+12.6% YoY, +1.8% MoM)
• Production (Jan-May): 10.818 million units (+13.5% YoY)
• Wholesale Sales (May): 2.31 million units (+12.8% YoY, +5.5% MoM)
• Wholesale Sales (Jan-May): 10.784 million units (+11.5% YoY)
• Manufacturer/Channel Inventory Change (May): -110,000 units

The NEV Revolution: May 2025 by the Numbers

Now, let’s zoom in on the New Energy Vehicle (NEV) segment, which is clearly driving much of this excitement.

China NEV Sales & Production Summary (May 2025)

Metric	May 2025 Volume	YoY%	MoM%	Jan-May 2025 Volume	Jan-May YoY%
Production	1.167 million	+30.2%	+1.1%	5.249 million	+41.1%
Wholesale Sales	1.216 million	+33.0%	+7.0%	5.2 million	+40.0%
Domestic Retail Sales	1.021 million	+28.2%	+12.1%	4.351 million	+34.1%
Exports	200,000	+80.9%	+5.8%	789,000	+37.1%

NEV Production in May:

Reached 1.167 million units, up 30.2% YoY and 1.1% MoM.

Cumulative (Jan-May): 5.249 million units, up 41.1% YoY.

NEV Wholesale Sales in May:

Hit 1.216 million units, up 33.0% YoY and 7.0% MoM.

Cumulative (Jan-May): 5.2 million units, up 40.0% YoY.

NEV Domestic Retail Sales in May:

Reached 1.021 million units, up 28.2% YoY and 12.1% MoM.

Cumulative (Jan-May): 4.351 million units, up 34.1% YoY.

NEV Manufacturer Exports in May:

Totaled 200,000 units, a massive 80.9% YoY jump and 5.8% MoM increase.

Cumulative (Jan-May): 789,000 units, up 37.1% YoY.

1) NEV Wholesale Insights: Penetration and Powertrains

The wholesale penetration rate of NEVs in May was 52.6%.

That’s an 8.0 percentage point increase from May 2024.

Breaking it down by brand origin:

• Owned-brand NEV penetration: 68.7%.
• Luxury car NEV penetration: 37.5%.
• Mainstream JV brand NEV penetration: A mere 4.3%. (Talk about a market gap!)

NEV Wholesale Powertrain Mix (May 2025)

Powertrain Type	May 2025 Volume	May 2025 Share	YoY%	MoM%	Jan-May 2025 Share
Pure Electric (BEV)	754,000	62.5%	+37.7%	+4.4%	61.0%
Plug-in Hybrid (PHEV)	341,000	27.7%	+20.1%	+6.5%	30.0%
Extended-Range Electric (EREV)	122,000	9.8%	+46.7%	+29.4%	9.0%

Powertrain Mix (Wholesale, May 2025):

• Pure Electric Vehicles (BEVs): 754,000 units (up 37.7% YoY, up 4.4% MoM).
• Plug-in Hybrids (PHEVs – narrow sense): 341,000 units (up 20.1% YoY, up 6.5% MoM).
• Extended-Range Electric Vehicles (EREVs): 122,000 units (up 46.7% YoY, up 29.4% MoM). (EREVs are showing particularly strong momentum!)

NEV Wholesale Structure (May 2025):

• BEVs: 62.5% (share up 2.6% YoY, down 1.1% MoM).
• PHEVs (narrow sense): 27.7% (share down 3.3% YoY, down 0.5% MoM).
• EREVs: 9.8% (share up 0.7% YoY, up 1.5% MoM).

NEV Wholesale Structure (Jan-May 2025):

• BEVs: 61% (share up 3.1% YoY).
• PHEVs (narrow sense): 30% (share down 2% YoY).
• EREVs: 9% (share down 1.1% YoY).

BEV Segment Breakdown (Wholesale, May 2025):

B-segment (mid-size) BEVs: 223,000 units (up 11% YoY, up 10% MoM), accounting for 29% of pure electric market share (down 8 points YoY).

The A00 + A0 segment (compact/mini) economic electric vehicles are performing very well:

• A00 segment (mini): 164,000 units (up 100% YoY, up 6% MoM), 22% share of BEVs (up 7 points YoY). (Double the sales!)
• A0 segment (compact): 170,000 units, 22% share of BEVs (down 1 point YoY).
• A-segment (small family): 178,000 units, 23% share of BEVs (up 1 point YoY).

The takeaway? The growth of economic electric vehicles is sustainable and crucial for true market popularization.

Top Selling Models (Wholesale > 20,000 units, May 2025):

Fifteen models crossed this threshold (same as last month). Crucially, 9 of them were NEVs!

• BYD Song (Bǐyǎdí Sòng 比亚迪宋): 74,949 units
• BYD Seagull (Hǎi’ōu 海鸥): 60,131 units
• Model Y: 39,527 units
• Geely Xingyue (Jílì Xīngyuè 吉利星越) series: 38,962 units
• Sylphy (Xuānyì 轩逸): 29,736 units
• Hongguang MINI (Hóngguāng MINI 宏光MINI): 28,732 units
• Xiaomi SU7 (Xiǎomǐ SU7 小米SU7): 28,013 units (A strong debut month for Xiaomi!)
• Lavida (Lǎngyì 朗逸): 26,845 units
• BYD Qin L (Qín L 秦L): 25,343 units
• Geely Xingyue (Xīngyuè 星越) model: 24,168 units
• Tiggo 8 (Ruìhǔ 8 瑞虎8): 23,658 units
• Tiggo 7 (Ruìhǔ 7 瑞虎7): 22,405 units
• Model 3: 22,135 units
• BYD Qin (Qín 秦): 21,403 units
• BYD Seal 06 DM-i (Hǎishī 05 海狮05 – likely reference): 20,360 units

Strong gasoline performers included Sylphy, Lavida, Xingyue, Tiggo 8, and Tiggo 7.

2) NEV Retail Insights: Domestic Dominance

In May, the domestic retail penetration rate of NEVs in the overall passenger vehicle market hit an incredible 52.9%.

This is 6.2 percentage points higher than the same period last year.

Domestic Retail NEV Penetration (May 2025):

• Owned-brand NEV penetration: 74.6%. (Domestic brands are crushing it in NEVs!)
• Luxury vehicle NEV penetration: 25.0%.
• Mainstream JV brand NEV penetration: Only 6.4%. (Still lagging way behind.)

Monthly NEV Domestic Retail Market Share (May 2025):

• Owned-brand NEVs: 71.2% share (up 0.5 points YoY).
• Mainstream JV brand NEVs: 3.1% share (down 1.5 points YoY).
• New Forces (Xinshìlì 新势力): 20.5% share. Brands like XPeng (Xiǎopéng Qìchē 小鹏汽车), Leapmotor (Língpǎo Qìchē 零跑汽车), and Xiaomi EV (Xiǎomǐ Qìchē 小米汽车) drove a 4.4 percentage point YoY increase in this segment’s share.
• Tesla (Tèsīlā 特斯拉): 3.8% share (down 3.1 points YoY).

3) NEV Export Insights: Going Global, Fast

NEV passenger vehicle exports reached 200,000 units in May.

That’s an 80.9% YoY surge and a 5.8% MoM increase.

NEVs accounted for 44.6% of all passenger vehicle exports, up 17 percentage points YoY.

Export Mix (May 2025):

• Pure Electric Vehicles (BEVs): Accounted for 66% of NEV exports (down from 81% last year).
• A00+A0 segment (compact/mini) BEVs: Made up 39% of NEV exports (up from 37% last year). This highlights a key export area.
• Plug-in Hybrids (PHEVs): Accounted for 32% of NEV exports (up significantly from 18.5% last year). PHEV exports to developing countries are growing rapidly and show bright prospects despite some external interferences.

Chinese NEVs are leveraging scale advantages and market expansion needs, gaining increasing recognition overseas.

Leading NEV Exporters (May 2025):

The field is getting crowded, which is great for competition and innovation!

• BYD (Bǐyǎdí 比亚迪): 84,068 units (Leading the pack by a huge margin!)
• Chery Automobile (Qíruì Qìchē 奇瑞汽车): 25,748 units
• Tesla China (Tèsīlā Zhōngguó 特斯拉中国): 23,074 units
• SAIC Passenger Vehicle (Shàngqì Chéngyòngchē 上汽乘用车): 13,374 units
• Geely Auto (Jílì Qìchē 吉利汽车): 7,623 units
• Spotlight Automotive (Guāngshù Qìchē 光束汽车) (BMW-Great Wall Motor JV): 7,232 units
• SAIC-GM-Wuling (Shàngqì Tōngyòng Wǔlíng 上汽通用五菱): 6,932 units
• Volvo Cars Asia Pacific (Wòěrwò Yàtài 沃尔沃亚太): 4,659 units
• Leapmotor (Língpǎo Qìchē 零跑汽车): 3,658 units
• XPeng (Xiǎopéng Qìchē 小鹏汽车): 3,605 units
• And many others like Polestar, Great Wall, Changan, Dongfeng, etc., contributing to the export boom.

Overseas System Construction – CKD Trend:

Some owned brands are increasingly using Completely Knocked Down (CKD) exports.

Great Wall Motor (Chángchéng Qìchē 长城汽车) has a CKD export proportion of 27%.

BYD (Bǐyǎdí 比亚迪) has a CKD export proportion of 11%.

These companies are performing very well in shifting from exporting complete vehicles to CKD exports and building overseas localized production systems.

4) NEV Automaker Performance: The Big Players

NEV companies showed strong overall performance in May.

BYD Auto (Bǐyǎdí Qìchē 比亚迪汽车), with its dual-driver strategy of pure electric and plug-in hybrids, solidified its leading position among domestic NEV brands.

PHEVs, represented by companies like BYD, Geely Auto (Jílì Qìchē 吉利汽车), and Chery Automobile (Qíruì Qìchē 奇瑞汽车), continued their strong run.

Domestic automakers’ “multi-pronged approach” to NEV routes is expanding the market base.

Manufacturers with >10,000 NEV Wholesale Sales (May 2025):

Eighteen manufacturers hit this mark (3 more YoY, 1 more MoM), accounting for 91.3% of total NEV passenger vehicle volume.

Key players included:

• BYD Auto (Bǐyǎdí Qìchē 比亚迪汽车): 376,930 units
• Geely Auto (Jílì Qìchē 吉利汽车): 138,021 units
• Changan Automobile (Cháng’ān Qìchē 长安汽车): 80,909 units
• SAIC-GM-Wuling (Shàngqì Tōngyòng Wǔlíng 上汽通用五菱): 62,686 units
• Tesla China (Tèsīlā Zhōngguó 特斯拉中国): 61,662 units
• Chery Automobile (Qíruì Qìchē 奇瑞汽车): 56,974 units
• Leapmotor (Língpǎo Qìchē 零跑汽车): 45,067 units
• Li Auto (Lǐxiǎng Qìchē 理想汽车): 40,856 units
• Seres (Sàilìsī Qìchē 赛力斯汽车): 36,372 units
• XPeng (Xiǎopéng Qìchē 小鹏汽车): 33,525 units
• Xiaomi EV (Xiǎomǐ Qìchē 小米汽车): 28,013 units (Impressive wholesale for a newcomer!)
• NIO (Wèilái 蔚来): 23,231 units

Companies with >20,000 NEV Domestic Retail Sales (May 2025):

This list highlights strong consumer uptake.

• BYD (Bǐyǎdí 比亚迪): 293,021 units
• Geely Auto (Jílì Qìchē 吉利汽车): 130,398 units
• Changan Automobile (Cháng’ān Qìchē 长安汽车): 73,993 units
• SAIC-GM-Wuling (Shàngqì Tōngyòng Wǔlíng 上汽通用五菱): 56,112 units
• Harmony Intelligent Mobility Alliance (HIMA) (Hóngméng Zhìxíng 鸿蒙智行): 44,448 units
• Leapmotor (Língpǎo Qìchē 零跑汽车): 41,409 units
• Li Auto (Lǐxiǎng Qìchē 理想汽车): 40,856 units
• Tesla China (Tèsīlā Zhōngguó 特斯拉中国): 38,588 units
• Xiaomi EV (Xiǎomǐ Qìchē 小米汽车): 28,013 units (Matching wholesale, strong demand pull!)

Domestic mainstream automakers like BYD, Geely, and Changan are demonstrating exceptionally good NEV retail performance.

5) The Rise of “New Forces” (Xinshìlì 新势力) and Second-Gen Innovators

In May, the retail share of “New Forces” (Xinshìlì 新势力) was 20.5%, a YoY increase of 4.5 percentage points.

Trends within this group varied:

Xiaomi EV (Xiǎomǐ Qìchē 小米汽车), XPeng (Xiǎopéng Qìchē 小鹏汽车), Leapmotor (Língpǎo Qìchē 零跑汽车), and Harmony Intelligent Mobility Alliance (HIMA) (Hóngméng Zhìxíng 鸿蒙智xíng) collectively contributed a 5.8 percentage point increase in share.

Independent NEV brands from established domestic traditional automakers, acting as ‘second-generation innovators’, also performed strongly.

They held a 12.5% share, unchanged YoY.

NEV brands from large domestic groups like Deepal (Shēnlán Qìchē 深蓝汽车), Avatr Technology (Āwéitǎ Qìchē 阿维塔汽车), Fangchengbao (Fāngchéngbào 方程豹), and Arcfox (Jíhú Qìchē 极狐汽车) showed excellent performance.

6) Conventional Hybrid Vehicles: A Steady Segment

Wholesale sales of conventional hybrid passenger vehicles (non-plug-in) in May were 72,000 units.

This was a 3% decrease YoY but a 4% increase MoM.

Key players in this segment were:

• GAC Toyota (Guǎngqì Fēngtián 广汽丰田): 31,283 units
• FAW Toyota (Yīqì Fēngtián 一汽丰田): 29,444 units
• Changan Ford (Cháng’ān Fújiè 长安福特): 4,422 units
• Dongfeng Honda (Dōngfēng Běntián 东风本田): 2,718 units

Sales of domestic-brand conventional hybrids are gradually increasing.

What’s on the Horizon? Outlook for June 2025 and Beyond

June 2025 has 20 working days, one more than last June, which is favorable for stable growth in car production and sales.

However, the 2024 scrap update policy led to a market recovery in May-June 2024, so the growth base for June this year will be relatively high.

High production enthusiasm early this year meant the industry didn’t see typical Q1 destocking.

By end-April, inventory stood at 3.5 million units (57 days of supply).

So, June production and sales are expected to continue at a relatively fast pace, but with gradual deceleration.

The May Manufacturing PMI was 49.5%, up 0.5 points MoM, indicating improved manufacturing prosperity and continued economic output expansion.

Positive outcomes from Sino-US trade talks have also boosted economic growth through recent rush exports.

The domestic car market’s consumption recovery, strong since May, is expected to continue into June.

One factor to watch: the decreased interest rate spread between bank deposits and loans is reining in high-interest, high-rebate car loan policies.

The interest portion previously rebated by banks to dealers will now likely be used to subsidize vehicle prices.

This could further pressure dealer profitability in June, making significant increases in promotional efforts difficult.

On the export front, exporting new cars as used cars is a clever tactic to avoid external risks, showcasing China’s trade adaptability.

While Jan-Apr 2025 saw a sharp decline in vehicle exports to Russia, China’s owned-brand sales share there remains high at 55% as the Russian market stabilizes.

Chinese car exports to Russia are anticipated to gradually improve.

A fascinating domestic angle: migrant workers.

In 2024, they accounted for 21.3% of China’s population and 40.8% of the total employed population.

There’s huge untapped potential in this demographic for the car market.

The number of middle-aged and older migrant workers (50+ accounting for 31.4%) is increasing.

The recent national policy promoting NEVs in rural areas is highly significant for county and township markets.

Supporting these migrant workers in purchasing NEVs through manufacturer and local subsidies is crucial and could add new momentum to the car market.

Automotive Industry Financials: A Quick Snapshot

From January to April 2025:

• Automotive industry revenue: ¥3.3 trillion RMB ($455.17 billion USD), up 7% YoY.
• Costs: Increased by 8% YoY.
• Profits: Decreased by 5% YoY.
• Profit margin: 4.1%.

The “Two New” policies (consumption boosting, equipment renewal) continue to show effects.

The consumer goods trade-in policy has intensified, driving improvements in related industries.

Thanks to the car replacement and update subsidy policy, car production reached 10.12 million units from Jan-Apr 2025 (up 11% YoY).

More detailed Jan-Apr 2025 industry financials:

• Revenue: ¥32,552亿元 RMB ($448.99 billion USD), up 7% YoY.
• Costs: ¥28,636亿元 RMB ($395.00 billion USD), up 8% YoY.
• Profits: ¥1,326亿元 RMB ($18.29 billion USD), down 5.1% YoY.
• Automotive industry profit margin: 4.1%. This is relatively low compared to the 5.6% average for downstream industrial enterprises.

In April alone:

• Revenue: ¥8,530亿元 RMB ($117.66 billion USD), up 5% YoY.
• Costs: ¥7,517亿元 RMB ($103.68 billion USD), up 6% YoY.
• Profits: ¥379亿元 RMB ($5.23 billion USD), down 2.2% YoY.

The industry clearly needs effective cost reduction, efficiency improvements, and tighter cost control.

Therefore, central and local governments are actively working to stabilize gasoline vehicle consumption and promote scrap updates.

The hope is for “equal rights for oil and electricity” to lead to “joint strength for oil and electricity.”

The overall automotive industry situation is expected to maintain a steady, positive trend.

China’s Growing Clout on the Global Automotive Stage

China Vehicle Export Performance (April & Jan-Apr 2025)

Metric	April 2025 Volume	April YoY%	April MoM%	Jan-Apr 2025 Volume	Jan-Apr YoY%
Total Vehicle Exports	620,000	+12%	+36%	2.16 million	+15%

Top 10 Export Destinations for Chinese Cars (April 2025)

Rank	Country	Volume
1	Mexico	49,139
2	Brazil	41,404
3	Russia	32,406
4	UAE	31,146
5	Australia	29,965
6	UK	26,421
7	Belgium	25,636
8	Philippines	23,672
9	Saudi Arabia	23,084
10	Malaysia	18,237

China’s Export Powerhouse: April 2025 Update

In April 2025, China exported 620,000 vehicles.

This is a 12% YoY increase and a significant 36% MoM jump.

From January to April 2025, China exported 2.16 million vehicles, growing 15% YoY.

The main drivers? Improved competitiveness of Chinese products and moderate growth in Global South markets.

However, the cycle of international brands in Russia being fully replaced by Chinese cars (due to the “Russia-Ukraine” crisis) might be ending, leading to a reduction from that peak.

Top 10 Export Destinations for Chinese Cars (April 2025):

1. Mexico: 49,139 units
2. Brazil: 41,404 units
3. Russia: 32,406 units
4. UAE: 31,146 units
5. Australia: 29,965 units
6. UK: 26,421 units
7. Belgium: 25,636 units
8. Philippines: 23,672 units
9. Saudi Arabia: 23,084 units
10. Malaysia: 18,237 units

Top 5 Countries with Largest Increase in Chinese Car Exports (April 2025):

• Philippines: +10,871 units
• Mexico: +10,024 units
• Indonesia: +9,311 units
• Kazakhstan: +6,933 units
• Malaysia: +5,880 units

Top 10 Cumulative Export Destinations for Chinese Cars (Jan-Apr 2025)

Rank	Country	Volume
1	Mexico	187,782
2	UAE	139,054
3	Russia	131,739
4	Belgium	93,992
5	Brazil	93,539
6	Saudi Arabia	91,985
7	Australia	90,906
8	UK	78,241
9	Philippines	70,745
10	Turkey	54,703

Top 10 Cumulative Export Destinations (Jan-Apr 2025):

1. Mexico: 187,782 units
2. UAE: 139,054 units
3. Russia: 131,739 units
4. Belgium: 93,992 units
5. Brazil: 93,539 units
6. Saudi Arabia: 91,985 units
7. Australia: 90,906 units
8. UK: 78,241 units
9. Philippines: 70,745 units
10. Turkey: 54,703 units

Top 5 Countries with Largest YTD Increase in Chinese Car Exports (Jan-Apr 2025):

• UAE: +52,421 units (Big contributor!)
• Mexico: +38,224 units
• Australia: +24,324 units
• Indonesia: +23,317 units
• Kazakhstan: +20,570 units

These top 5 contributed 62% of the total increase.

Markets in Russia, Brazil, and the UK saw significant declines in 2025 YTD exports from China.

The Middle East market has become a core growth area in 2025.

Chinese car companies have improved risk awareness in the Russian market. Though Russia’s domestic sales haven’t declined much, China’s export volume to Russia fell considerably in Jan-Apr 2025.

Given complex international relations, precautions and diverse import models are needed to maintain reasonable export volumes and supply chain security.

NEV Exports: Leading the Charge Globally

Top 10 Export Destinations for Chinese NEVs (April 2025)

Rank	Country	Volume	YoY Increase (+units)
1	Brazil	34,802	N/A
2	Belgium	24,713	N/A
3	Mexico	21,513	+14,135
4	UK	18,529	N/A
5	Philippines	18,407	+11,070
6	Australia	16,464	+4,105
7	Thailand	12,035	N/A
8	Turkey	10,688	+9,072
9	Indonesia	8,754	+6,710
10	Spain	8,241	N/A

China’s Export Powerhouse: April 2025 Update

In April 2025, China exported 620,000 vehicles.

This is a 12% YoY increase and a significant 36% MoM jump.

From January to April 2025, China exported 2.16 million vehicles, growing 15% YoY.

The main drivers? Improved competitiveness of Chinese products and moderate growth in Global South markets.

However, the cycle of international brands in Russia being fully replaced by Chinese cars (due to the “Russia-Ukraine” crisis) might be ending, leading to a reduction from that peak.

Top 10 Export Destinations for Chinese Cars (April 2025):

1. Mexico: 49,139 units
2. Brazil: 41,404 units
3. Russia: 32,406 units
4. UAE: 31,146 units
5. Australia: 29,965 units
6. UK: 26,421 units
7. Belgium: 25,636 units
8. Philippines: 23,672 units
9. Saudi Arabia: 23,084 units
10. Malaysia: 18,237 units

Top 5 Countries with Largest Increase in Chinese Car Exports (April 2025):

• Philippines: +10,871 units
• Mexico: +10,024 units
• Indonesia: +9,311 units
• Kazakhstan: +6,933 units
• Malaysia: +5,880 units

Top 10 Cumulative Export Destinations (Jan-Apr 2025):

1. Mexico: 187,782 units
2. UAE: 139,054 units
3. Russia: 131,739 units
4. Belgium: 93,992 units
5. Brazil: 93,539 units
6. Saudi Arabia: 91,985 units
7. Australia: 90,906 units
8. UK: 78,241 units
9. Philippines: 70,745 units
10. Turkey: 54,703 units

Top 5 Countries with Largest YTD Increase in Chinese Car Exports (Jan-Apr 2025):

• UAE: +52,421 units (Big contributor!)
• Mexico: +38,224 units
• Australia: +24,324 units
• Indonesia: +23,317 units
• Kazakhstan: +20,570 units

These top 5 contributed 62% of the total increase.

Markets in Russia, Brazil, and the UK saw significant declines in 2025 YTD exports from China.

The Middle East market has become a core growth area in 2025.

Chinese car companies have improved risk awareness in the Russian market. Though Russia’s domestic sales haven’t declined much, China’s export volume to Russia fell considerably in Jan-Apr 2025.

Given complex international relations, precautions and diverse import models are needed to maintain reasonable export volumes and supply chain security.

NEV Exports: Leading the Charge Globally

Top 10 Export Destinations for Chinese NEVs (April 2025):

1. Brazil: 34,802 units
2. Belgium: 24,713 units
3. Mexico: 21,513 units
4. UK: 18,529 units
5. Philippines: 18,407 units
6. Australia: 16,464 units
7. Thailand: 12,035 units
8. Turkey: 10,688 units
9. Indonesia: 8,754 units
10. Spain: 8,241 units

Top 5 Countries with Largest YoY Increase in Chinese NEV Exports (April 2025):

• Mexico: +14,135 units
• Philippines: +11,070 units
• Turkey: +9,072 units
• Indonesia: +6,710 units
• Australia: +4,105 units

Top 10 Cumulative Export Destinations for Chinese NEVs (Jan-Apr 2025)

Rank	Country	Volume	YoY Increase (+units)
1	Belgium	89,273	N/A
2	Mexico	70,275	+49,586
3	Brazil	70,035	N/A
4	Philippines	51,778	+13,664
5	UK	51,269	N/A
6	Thailand	43,776	N/A
7	Turkey	42,919	+35,079
8	Australia	42,387	N/A
9	UAE	29,245	N/A
10	India	27,043	N/A

China’s Export Powerhouse: April 2025 Update

In April 2025, China exported 620,000 vehicles.

This is a 12% YoY increase and a significant 36% MoM jump.

From January to April 2025, China exported 2.16 million vehicles, growing 15% YoY.

The main drivers? Improved competitiveness of Chinese products and moderate growth in Global South markets.

However, the cycle of international brands in Russia being fully replaced by Chinese cars (due to the “Russia-Ukraine” crisis) might be ending, leading to a reduction from that peak.

Top 10 Export Destinations for Chinese Cars (April 2025):

1. Mexico: 49,139 units
2. Brazil: 41,404 units
3. Russia: 32,406 units
4. UAE: 31,146 units
5. Australia: 29,965 units
6. UK: 26,421 units
7. Belgium: 25,636 units
8. Philippines: 23,672 units
9. Saudi Arabia: 23,084 units
10. Malaysia: 18,237 units

Top 5 Countries with Largest Increase in Chinese Car Exports (April 2025):

• Philippines: +10,871 units
• Mexico: +10,024 units
• Indonesia: +9,311 units
• Kazakhstan: +6,933 units
• Malaysia: +5,880 units

Top 10 Cumulative Export Destinations (Jan-Apr 2025):

1. Mexico: 187,782 units
2. UAE: 139,054 units
3. Russia: 131,739 units
4. Belgium: 93,992 units
5. Brazil: 93,539 units
6. Saudi Arabia: 91,985 units
7. Australia: 90,906 units
8. UK: 78,241 units
9. Philippines: 70,745 units
10. Turkey: 54,703 units

Top 5 Countries with Largest YTD Increase in Chinese Car Exports (Jan-Apr 2025):

• UAE: +52,421 units (Big contributor!)
• Mexico: +38,224 units
• Australia: +24,324 units
• Indonesia: +23,317 units
• Kazakhstan: +20,570 units

These top 5 contributed 62% of the total increase.

Markets in Russia, Brazil, and the UK saw significant declines in 2025 YTD exports from China.

The Middle East market has become a core growth area in 2025.

Chinese car companies have improved risk awareness in the Russian market. Though Russia’s domestic sales haven’t declined much, China’s export volume to Russia fell considerably in Jan-Apr 2025.

Given complex international relations, precautions and diverse import models are needed to maintain reasonable export volumes and supply chain security.

NEV Exports: Leading the Charge Globally

Top 10 Export Destinations for Chinese NEVs (April 2025):

1. Brazil: 34,802 units
2. Belgium: 24,713 units
3. Mexico: 21,513 units
4. UK: 18,529 units
5. Philippines: 18,407 units
6. Australia: 16,464 units
7. Thailand: 12,035 units
8. Turkey: 10,688 units
9. Indonesia: 8,754 units
10. Spain: 8,241 units

Top 5 Countries with Largest YoY Increase in Chinese NEV Exports (April 2025):

• Mexico: +14,135 units
• Philippines: +11,070 units
• Turkey: +9,072 units
• Indonesia: +6,710 units
• Australia: +4,105 units

Top 10 Cumulative Export Destinations for Chinese NEVs (Jan-Apr 2025):

1. Belgium: 89,273 units
2. Mexico: 70,275 units
3. Brazil: 70,035 units
4. Philippines: 51,778 units
5. UK: 51,269 units
6. Thailand: 43,776 units
7. Turkey: 42,919 units
8. Australia: 42,387 units
9. UAE: 29,245 units
10. India: 27,043 units

Top 5 Countries with Largest YoY Increase in Chinese NEV Exports (Jan-Apr 2025):

• Mexico: +49,586 units
• Turkey: +35,079 units
• Israel: +14,643 units
• Indonesia: +14,232 units
• Philippines: +13,664 units

In 2025, major export directions for NEVs include Belgium, Mexico, Brazil, and Southeast Asian markets like Thailand.

Exports to Brazil, Russia’s surrounding areas, and Canada have been weaker recently.

Non-EU European countries, India, and Malaysia are showing stronger performance.

China’s NEV exports (Jan-Apr 2025) performed better than expected, showing high-quality development towards the Middle East and developed country markets (primarily Western Europe and Asia).

The decline in the gasoline vehicle market in Russia is evident for Chinese exports, though CPCA-monitored retail sales in Russia show a smaller decline, indicating strong performance by major Chinese automakers like BYD (Bǐyǎdí 比亚迪), Geely (Jílì 吉利), and Changan (Cháng’ān 长安) within Russia.

China’s Vehicle Imports: A Shifting Landscape (Jan-Apr 2025)

From January to April 2025, China imported 140,000 vehicles, a YoY decrease of 35%.

Imported vehicle customs-cleared figures totaled 135,000 units (down 35% YoY).

In April alone, 40,000 vehicles were imported (down 22% YoY).

After peaking at 1.43 million imported cars in 2014, imports have generally declined.

Recent years have seen significant shrinkage, with only 700,000 units imported in all of 2024 (down 12% YoY).

The pressure of continuous contraction in the imported car market remains significant.

Top 10 Countries of Origin for Imports (April 2025):

1. Japan: 18,279 units
2. Germany: 7,864 units
3. United States: 6,848 units
4. United Kingdom: 2,745 units
5. Slovakia: 1,411 units

Top 5 Countries of Origin for China Vehicle Imports (Jan-Apr 2025 Cumulative)

Rank	Country	Jan-Apr 2025 Volume	Jan-Apr 2025 % Share
1	Japan	48,790	36.1%
2	Germany	31,528	23.3%
3	Slovakia	19,144	14.2%
4	United States	15,718	11.6%
5	United Kingdom	4,423	3.3%

China’s Export Powerhouse: April 2025 Update

In April 2025, China exported 620,000 vehicles.

This is a 12% YoY increase and a significant 36% MoM jump.

From January to April 2025, China exported 2.16 million vehicles, growing 15% YoY.

The main drivers? Improved competitiveness of Chinese products and moderate growth in Global South markets.

However, the cycle of international brands in Russia being fully replaced by Chinese cars (due to the “Russia-Ukraine” crisis) might be ending, leading to a reduction from that peak.

Top 10 Export Destinations for Chinese Cars (April 2025):

1. Mexico: 49,139 units
2. Brazil: 41,404 units
3. Russia: 32,406 units
4. UAE: 31,146 units
5. Australia: 29,965 units
6. UK: 26,421 units
7. Belgium: 25,636 units
8. Philippines: 23,672 units
9. Saudi Arabia: 23,084 units
10. Malaysia: 18,237 units

Top 5 Countries with Largest Increase in Chinese Car Exports (April 2025):

• Philippines: +10,871 units
• Mexico: +10,024 units
• Indonesia: +9,311 units
• Kazakhstan: +6,933 units
• Malaysia: +5,880 units

Top 10 Cumulative Export Destinations (Jan-Apr 2025):

1. Mexico: 187,782 units
2. UAE: 139,054 units
3. Russia: 131,739 units
4. Belgium: 93,992 units
5. Brazil: 93,539 units
6. Saudi Arabia: 91,985 units
7. Australia: 90,906 units
8. UK: 78,241 units
9. Philippines: 70,745 units
10. Turkey: 54,703 units

Top 5 Countries with Largest YTD Increase in Chinese Car Exports (Jan-Apr 2025):

• UAE: +52,421 units (Big contributor!)
• Mexico: +38,224 units
• Australia: +24,324 units
• Indonesia: +23,317 units
• Kazakhstan: +20,570 units

These top 5 contributed 62% of the total increase.

Markets in Russia, Brazil, and the UK saw significant declines in 2025 YTD exports from China.

The Middle East market has become a core growth area in 2025.

Chinese car companies have improved risk awareness in the Russian market. Though Russia’s domestic sales haven’t declined much, China’s export volume to Russia fell considerably in Jan-Apr 2025.

Given complex international relations, precautions and diverse import models are needed to maintain reasonable export volumes and supply chain security.

NEV Exports: Leading the Charge Globally

Top 10 Export Destinations for Chinese NEVs (April 2025):

1. Brazil: 34,802 units
2. Belgium: 24,713 units
3. Mexico: 21,513 units
4. UK: 18,529 units
5. Philippines: 18,407 units
6. Australia: 16,464 units
7. Thailand: 12,035 units
8. Turkey: 10,688 units
9. Indonesia: 8,754 units
10. Spain: 8,241 units

Top 5 Countries with Largest YoY Increase in Chinese NEV Exports (April 2025):

• Mexico: +14,135 units
• Philippines: +11,070 units
• Turkey: +9,072 units
• Indonesia: +6,710 units
• Australia: +4,105 units

Top 10 Cumulative Export Destinations for Chinese NEVs (Jan-Apr 2025):

1. Belgium: 89,273 units
2. Mexico: 70,275 units
3. Brazil: 70,035 units
4. Philippines: 51,778 units
5. UK: 51,269 units
6. Thailand: 43,776 units
7. Turkey: 42,919 units
8. Australia: 42,387 units
9. UAE: 29,245 units
10. India: 27,043 units

Top 5 Countries with Largest YoY Increase in Chinese NEV Exports (Jan-Apr 2025):

• Mexico: +49,586 units
• Turkey: +35,079 units
• Israel: +14,643 units
• Indonesia: +14,232 units
• Philippines: +13,664 units

In 2025, major export directions for NEVs include Belgium, Mexico, Brazil, and Southeast Asian markets like Thailand.

Exports to Brazil, Russia’s surrounding areas, and Canada have been weaker recently.

Non-EU European countries, India, and Malaysia are showing stronger performance.

China’s NEV exports (Jan-Apr 2025) performed better than expected, showing high-quality development towards the Middle East and developed country markets (primarily Western Europe and Asia).

The decline in the gasoline vehicle market in Russia is evident for Chinese exports, though CPCA-monitored retail sales in Russia show a smaller decline, indicating strong performance by major Chinese automakers like BYD (Bǐyǎdí 比亚迪), Geely (Jílì 吉利), and Changan (Cháng’ān 长安) within Russia.

China’s Vehicle Imports: A Shifting Landscape (Jan-Apr 2025)

From January to April 2025, China imported 140,000 vehicles, a YoY decrease of 35%.

Imported vehicle customs-cleared figures totaled 135,000 units (down 35% YoY).

In April alone, 40,000 vehicles were imported (down 22% YoY).

After peaking at 1.43 million imported cars in 2014, imports have generally declined.

Recent years have seen significant shrinkage, with only 700,000 units imported in all of 2024 (down 12% YoY).

The pressure of continuous contraction in the imported car market remains significant.

Top 10 Countries of Origin for Imports (April 2025):

1. Japan: 18,279 units
2. Germany: 7,864 units
3. United States: 6,848 units
4. United Kingdom: 2,745 units
5. Slovakia: 1,411 units

For January to April 2025, top origins were Japan (48,790 units), Germany (31,528 units), Slovakia (19,144 units), and the United States (15,718 units).

As China’s auto industry strengthens, the shift to electrification has changed market demand.

Demand for gasoline vehicles, including imported ones, has declined.

China’s vehicle imports from the United States have rapidly decreased, from 280,000 units in 2017 to 105,000 in 2024.

From Jan-Apr 2025, US imports fell to 15,365 units (down 54% YoY), a decline that continued in April.

China’s Dominance: A Global Market Share Perspective (Jan-Apr 2025)

World car sales reached 7.56 million units in April 2025, up 5% YoY.

This was still 1% lower than the April 2018 peak but at a medium-high level for recent years.

From January to April 2025, world car sales hit 30.26 million units, a 5% YoY increase.

What’s China’s slice of this pie?

China accounted for 33% of the global automotive market share from January to April 2025.

A lower share at the start of the year is normal due to the Spring Festival.

As policy stimulus kicked in, the Chinese market strengthened from March-April.

In April, China’s share of world car sales rebounded to 34.2%, up 1.2 percentage points YoY.

Global Sales Snapshot (Jan-Apr 2025):

• World: 30.26 million units (+5% YoY)
• China: 10.06 million units (+11% YoY) (Most dynamic & rapid growth!)
• US: 5.54 million units (+5% YoY)
• India: 1.74 million units (-4% YoY)
• Japan: 1.63 million units (+13% YoY)
• Germany: 1 million units (-4% YoY)

Chinese domestic brands like BYD (Bǐyǎdí 比亚迪), Geely (Jílì 吉利), Chery (Qíruì 奇瑞), and Changan (Cháng’ān 长安) showed strong performance, comprehensively increasing their global market share.

BYD (Bǐyǎdí 比亚迪) reached the 6th position globally, and Geely (Jílì 吉利) reached the 9th position.

Owned automakers showed a comprehensive improvement, while many international brands saw declines, except in specific markets like the US (temporarily strong) or brands like Suzuki in India.

Global NEV Sales & China’s Share (Jan-Apr 2025)

Metric	World Sales (Jan-Apr 2025)	World YoY%	China’s Market Share (Jan-Apr 2025)	China’s Contribution to World Growth (Jan-Apr 2025)
NEV Passenger Vehicle Sales (Narrow Sense)	5.97 million	+34%	67.7%	~80%

China’s Dominance: A Global Market Share Perspective (Jan-Apr 2025)

World car sales reached 7.56 million units in April 2025, up 5% YoY.

This was still 1% lower than the April 2018 peak but at a medium-high level for recent years.

From January to April 2025, world car sales hit 30.26 million units, a 5% YoY increase.

What’s China’s slice of this pie?

China accounted for 33% of the global automotive market share from January to April 2025.

A lower share at the start of the year is normal due to the Spring Festival.

As policy stimulus kicked in, the Chinese market strengthened from March-April.

In April, China’s share of world car sales rebounded to 34.2%, up 1.2 percentage points YoY.

Global Sales Snapshot (Jan-Apr 2025):

• World: 30.26 million units (+5% YoY)
• China: 10.06 million units (+11% YoY) (Most dynamic & rapid growth!)
• US: 5.54 million units (+5% YoY)
• India: 1.74 million units (-4% YoY)
• Japan: 1.63 million units (+13% YoY)
• Germany: 1 million units (-4% YoY)

Chinese domestic brands like BYD (Bǐyǎdí 比亚迪), Geely (Jílì 吉利), Chery (Qíruì 奇瑞), and Changan (Cháng’ān 长安) showed strong performance, comprehensively increasing their global market share.

BYD (Bǐyǎdí 比亚迪) reached the 6th position globally, and Geely (Jílì 吉利) reached the 9th position.

Owned automakers showed a comprehensive improvement, while many international brands saw declines, except in specific markets like the US (temporarily strong) or brands like Suzuki in India.

The NEV World Order: China at the Helm

From January to April 2025:

• World car sales: 30.26 million units.
• World NEV sales: 6.18 million units.

The penetration rate of broad NEVs (including conventional hybrids) reached 27.6% of world car sales (Jan-Apr 2025).

This is up 1.3 percentage points from the full year 2024 level.

The penetration rate of narrow NEVs (BEV, PHEV, EREV) reached 20.4%.

Global NEV Mix (Jan-Apr 2025):

• Pure Electric (BEV): 13.5% share
• Plug-in Hybrid (PHEV): 6.9% share
• Conventional Hybrid: 7.2% share (share increased)

World NEV passenger vehicle sales (narrow sense) reached 5.97 million units (Jan-Apr 2025), up 34% YoY.

In April, world NEV passenger vehicle sales were 1.63 million units (up 34% YoY, down 7% MoM).

Key Regional NEV Sales (Jan-Apr 2025):

• US NEV sales: 520,000 units (+7% YoY – lowest growth in recent years). US NEV sales in April were 130,000 units (-1% YoY, -17% MoM), showing weak growth possibly due to tariff concerns.
• European NEV passenger vehicle sales: 1.12 million units (+25% YoY, an increase of 220,000 units). April sales were preliminarily 280,000 units (+30% YoY).

China’s Unmatched NEV Dominance:

• In 2025 (Jan-Apr), China’s share of the world NEV passenger vehicle market is 67.7%.
• In Q2 (so far in 2025), China’s share continued at a high 70.2%, up 3 points YoY.
• In 2024, China contributed 95% of the increase in the world NEV passenger vehicle market.
• For Jan-Apr 2025, China accounted for nearly 80% of the increase in world NEV volume. Germany and France each added 4%, the US and Turkey 2%.
• Essentially, the overall increase in world NEVs is basically all happening in China.

The Chinese car market is the core focus of competition for world NEVs.

Chinese Owned-Brand NEVs Overseas:

Their performance continues to strengthen significantly:

• 2021: 1.8% overseas market share.
• 2022: 4.7% (up 2.9 points).
• 2023: 7.9% (up 3.2 points).
• 2024: 9.5% (full year).
• 2025 (YTD): 12% overseas NEV share for owned brands.
• April 2025: 13.6% overseas market sales share for owned-brand NEV passenger vehicles.

This significant increase is due to the strong competitiveness of Chinese domestic NEVs.

Global NEV Penetration Imbalance:

Worldwide NEV penetration is rising rapidly (13% in 2022, 16% in 2023, 19.2% in 2024).

However, April 2025 penetration rates highlight a stark imbalance:

• China: 44%
• Germany: 26%
• Norway: 81% (Still the outlier champion!)
• UK: 29%
• US: Only 8.7%
• Japan: Only 2%

The development of NEVs worldwide is extremely uneven.

China’s Powertrain-Specific Global Share (Jan-Apr 2025):

• World Pure Electric Vehicle Market: China accounted for 63.8% (up 1.8 points from Q2 2024).
• World Plug-in Hybrid Market: China accounted for an astounding 74.9%. (Ultra-strong global performance in PHEVs!)

Ultimately, China’s continued dominance and innovation in the New Energy Passenger Vehicle sector, both domestically and globally, signal a dynamic and rapidly evolving automotive landscape worth watching.

Note: Currency conversions are based on an approximate exchange rate of $1.00 USD ≈ ¥7.25 RMB as of June 2025. Figures like ¥32,552亿元 RMB are equivalent to ¥3.2552 trillion RMB.

References

• China Passenger Car Data – CPCA
• Cailianshe Website – Cailianshe
• Reuters Website – Reuters
• Bloomberg Website – Bloomberg