China's passenger vehicle registrations jump YoY in Feb. 2025, despite MoM drop

In the first two months of 2025, the number of domestically produced passenger vehicles (PVs) registered on the Chinese Mainland totaled 3,096,835 units, marking a year-on-year decline of 4.45%, according to the data compiled by the Gasgoo Auto Research Institute ("GARI").

This drop was largely driven by a significant downturn in January's registration figures. However, February saw a sharp rebound, with PV registrations jumping 20.53% year on year to 1,306,629 units, though still down 27.01% from January.

Of the total registered vehicles in the first two months, 1,365,235 units were new energy vehicles (NEVs), accounting for a penetration rate of 44.08%. In February alone, NEV registrations reached 660,839 units, representing a 50.58% market share.

For clarity, the PVs hereby refer to the passenger vehicles locally produced and registered on the Chinese Mainland.

With the Chinese New Year holiday falling on January 29 in 2025, February marked the first full month of post-holiday sales. As the government's vehicle scrappage and replacement policies gradually took effect and automakers stabilized pricing expectations, the overall price competition in the automobile market was milder than in previous years. Promotional discounts weakened further in January and February, particularly in the oil-fueled vehicle segment, where price cuts remained largely stable. Meanwhile, improving macroeconomic conditions, stable consumer sentiment, and automakers' intensified marketing efforts during the holiday season contributed to a stronger-than-usual performance in February, in contrast to the post-holiday slump seen in early 2024.

Before the holiday, concerns over long-distance travel and cold weather led to heightened consumer sensitivity toward NEV range and charging issues, causing a seasonal dip in NEV penetration. However, as price expectations remained strong among consumers, major automakers ramped up promotions on plug-in hybrid electric vehicle (PHEV) models, leveraging the government's latest "Two New" subsidies for "large-scale equipment renewal" and "consumer goods trade-in programs" to boost sales.

In the AI sector, DeepSeek has significantly impacted the global technology landscape, challenging traditional AI development models that rely on massive computing power. Its low-cost, high-performance approach has accelerated large-scale adoption in the automotive sector. The Chinese government's latest work report recognized intelligent connected NEVs as the next-generation smart terminals, reinforcing consumer interest in smart cockpits and assisted driving technologies—trends that have translated into notable sales growth.

With the post-holiday resumption of work and warmer weather, consumer preferences have shifted rapidly, driving a week-by-week increase in NEV penetration. This trend has positioned NEVs as the primary force behind the PV market's post-holiday recovery.

In February, 11 of the top 20 brands by monthly registrations of locally-produced PVs in the country were China's indigenous ones, including BYD, Wuling, Geely, Changan, Chery, Galaxy, Li Auto, XPENG, Xiaomi, Haval, and JETOUR. Six of these brands ranked among the top 10.

After being briefly overtaken by Volkswagen in January, BYD reclaimed the top position in February with 185,697-unit registrations. The brand had 29 different models registered under its Dynasty and Ocean series in the month, with nine models surpassing 10,000 units and two exceeding 20,000 units.

On February 10, BYD announced that all its models would be equipped with its advanced driver-assistance system, "God's Eye." At the launch event, the company introduced 21 models featuring this system, including the Seagull Smart Drive Edition priced at 69,800 yuan and the Qin PLUS DM-i Smart Drive Edition at 79,800 yuan. The surge in BYD's market demand is expected to drive economies of scale for key intelligent driving components such as LiDAR, millimeter-wave radar, positioning sensors, and domain controllers.

Wuling, Geely, Changan, Chery, and Galaxy secured the fourth to eighth positions, each surpassing 40,000-unit registrations in February.

Notably, Geely's Galaxy, which previously operated as a product series, was officially upgraded to an independent brand at the Geely AI Intelligent Technology Conference in early March. At the same time, the LEVC was integrated into Galaxy as its high-end electric MPV series—following the October 2024 integration of the GEOME brand into Galaxy as its compact vehicle lineup. Geely Galaxy has set an ambitious sales target of one million units for 2025 and plans to launch five new NEV models this year, including two SUVs and three sedans.

Meanwhile, three local NEV-dedicated brands—Li Auto, XPENG, and Xiaomi—also made it into the top 20, ranking 14th, 15th, and 17th, respectively.

In February, Volkswagen and Toyota ranked second and third, respectively, by China-made PV registrations. Of Volkswagen's newly registered vehicles, 5.73% (6,236 units) were NEVs, including 251 PHEVs and 5,985 battery electric vehicles (BEVs). Toyota's NEV share was lower, accounting for only 2.37% (1,926 units) of its total registrations in February.

Tesla was the only wholly foreign-owned brand in the top 20, ranking 10th with 29,316 vehicles registered, a 13.18% month-over-month decline. However, its ranking improved by seven places compared to January this year.

Among Germany's "Big Three" brands, Audi led the pack at 11th place, with three models—the Audi A6L, Q5L, and A4L—each surpassing 4,000-unit registrations. BMW and Mercedes-Benz followed at 12th and 13th place, respectively. BMW also had three models exceeding 4,000-unit registrations (the 3 Series, X3, and 5 Series), while Mercedes-Benz saw its C-Class, GLC, and E-Class models all surpass 6,000 units.

For the first two months of the year, BYD, Volkswagen, Toyota, and Geely were the top four brands, each surpassing 160,000-unit registrations. BYD led with over 370,000 units, while Volkswagen neared 300,000 units.

Among the top 20 brands by the year-to-date (YTD) registrations, 11 were from China's self-owned automakers, including Changan, Wuling, Chery, Galaxy, Haval, XPENG, Li Auto, Hongqi, and JETOUR, in addition to BYD and Geely.

On a model level, the top 20 locally-made PV models by February registrations included five without an NEV variant: the Lavida, the Sylphy, the Sagitar, the Xingyue L, and the Frontlander. The top four models were all exclusively BEVs, with the Wuling Hongguang MINI EV taking the top spot.

BYD secured two spots in the top five, namely, the Seagull (2nd) and Qin PLUS (5th). It also had four other models in the top 20: the Song PLUS (7th), the Seal 06 (8th), the Qin L (10th), and the Song Pro (12th).

Xiaomi's SU7 ranked third among all PV models, climbing three positions from the previous month and indicating a 3.59% month-on-month increase in registrations. Meanwhile, Galaxy brand's Xingyuan secured fourth place with 23,758 units registered in the month, accounting for 52.05% of the brand's total registrations for the month. Tesla's Model 3 ranked sixth, while the Model Y failed to make the top 20.

Three NEV models from Chinese brands—the XPENG MONA M03, the Li L6, and the Wuling Bingo—occupied the 14th to 16th spots.

Over the first two months of the year, eight PV models surpassed 40,000-unit registrations, with the Wuling Hongguang MINIEV, the Xiaomi SU7, and the Galaxy Xingyuan each exceeding 46,000 units. Among joint-venture models, the Lavida ranked highest at fourth, followed by the Passat at sixth. BYD had six models in the top 20, while the highest-ranked model from the German Big Three was the Audi A6L, with a YTD registration total of 29,429 units.

On a regional level, 11 cities on the Chinese Mainland registered over 20,000 domestically produced PVs in February, with four exceeding 28,000 units. Chengdu led the rankings as the only city surpassing 30,000-unit registrations, followed by Chongqing and Zhengzhou, both in the 28,000 units-29,000 units range.

For the YTD performance, 14 cities exceeded 40,000-unit registrations, with seven surpassing 60,000 units: Chengdu, Zhengzhou, Chongqing, Shanghai, Guangzhou, Beijing, and Wuhan.

In February, the registrations of new energy passenger vehicle (NEPV) produced on the Chinese Mainland reached 660,839 units, marking a robust 76.78% year-over-year spike despite a 6.18% decline from January.

BEVs remained the dominant powertrain, accounting for 64.34% of all NEPV registrations in February, while PHEVs and range-extended electric vehicles (REEVs) held shares of 27.06% and 8.59%, respectively.

For the first two months of 2024, a total of 1,365,235 locally-produced NEPVs were registered on the Chinese Mainland, reflecting a 32.03% increase compared to the same period last year. BEVs accounted for 59.75% of these registrations, with PHEVs and REEVs making up 30.29% and 9.97%, respectively. No fuel cell vehicles were registered during this period.

Excluding Tesla, which ranked fourth, all top 20 brands by February NEPV registrations in February were China's self-owned ones. BYD led the rankings by a significant margin, with its registrations exceeding the combined total of the brands ranked second through sixth. Additionally, its premium sub-brand, DENZA, secured the 20th position.

Huawei-backed Harmony lntelligent Mobility Alliance ("HIMA") placed two brands in the top 20, with AITO at 14th and LUXEED at 17th. Changan Auto also had two brands on the list: Changan (10th) and DEEPAL (15th). Geely Auto Group performed strongly with four brands making the top 20—Galaxy (3rd), Zeekr (12th), Geely (13th), and Lynk & Co (19th).

Xiaomi EV, with 23,796 vehicles registered in February, secured the seventh place, including 141 units of its flagship model, the Xiaomi SU7 Ultra. Hitting the market at the end of February with a starting price of 529,900 yuan—nearly 300,000 yuan lower than its initial pre-sale price of 814,900 yuan—the model saw overwhelming demand. Within 10 minutes of its release, over 6,900-unit firm orders were placed, surpassing 10,000 units within two hours.

Looking at cumulative figures for the first two months, eight brands exceeded 40,000 units in NEPV registrations. BYD dominated with over 300,000 units, far ahead of the second-place Galaxy, which exceeded 90,000 units. Wuling, Tesla, and XPENG rounded out the top five, while Li Auto, Xiaomi, and Leapmotor ranked sixth, seventh, and eighth, respectively.

Among the top-selling NEPV models in February, the leading four were exclusively BEVs. BYD models occupied 10 of the top 20 spots, with six ranking in the top 10. Tesla's two models were both in the top 20, while Wuling placed two BEVs on the list—the Wuling Hongguang MINIEV, which secured first place, and the Wuling Bingo at 13th.

For the YTD registration performance, BYD kept its dominant presence in the top 20 NEPV model rankings, contributing 10 models. Wuling, Tesla, and Galaxy each had two models in the rankings.

On the city front, Chengdu led all cities with 20,043 NEPVs registered in February, which accounted for 51.23% of its total PV registrations. Shenzhen followed with 16,399 NEPVs, making up 76.74% of the city's overall PV registrations.

For the first two months of the year, 15 cities surpassed 20,000 units in cumulative NEPV registrations, with eight exceeding 30,000 units. Chengdu retained the top spot and was the only city with over 40,000-unit YTD NEV registrations.