[SMM Analysis] January 2025 NEV Sales Analysis

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In January 2025, China's NEV market continued its strong growth momentum. Wholesale sales of passenger NEVs nationwide reached 900,000 units, up 31% YoY, despite a 40% MoM decline, which was mainly due to seasonal factors and the Chinese New Year holiday.

Among automakers, BYD secured the top position with sales of 296,400 units, up 49.16% YoY. Both its pure electric and plug-in hybrid car models saw significant growth, with its affordable "Seagull" series achieving monthly sales exceeding 100,000 units, becoming the main driver of growth. Tesla's revamped Model 3/Y deliveries surged, with global sales rebounding to 150,000 units, though it faced pressure from the price war initiated by China's emerging players. Additionally, Geely and Changan performed well, ranking among the top with sales of 121,100 units and 65,900 units, respectively.

In the emerging players' segment, Li Auto's L7/8-series led the high-end market with its extended-range technology advantage, while NIO's sub-brand "Alps" delivered over 10,000 units of its first model. Traditional automakers accelerated their transformation, with models like Volkswagen ID.7 and Toyota bZ5C leveraging localized supply chains to optimize costs, each achieving monthly sales exceeding 20,000 units.

SMM New Energy Research Team

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760

Lianting Yang 021-51595835