China's Passenger Vehicle Sales Edge Up in 2025 as NEV Sales Top 12.8 Million

In 2025, China’s narrow-definition passenger vehicle retail sales reached 23.744 million units, up 3.8% year-over-year, successfully achieving the growth target set under the country's 14th Five-Year Plan. New energy vehicles (NEVs) served as the key growth driver, with annual sales hitting 12.809 million units—a 17.6% year-over-year increase. In December alone, NEV sales totaled 1.337 million units, accounting for over 59% of total passenger vehicle sales that month. Despite a 14.0% year-over-year decline in overall passenger vehicle retail sales in December, all major segments—sedans, MPVs, and SUVs—recorded year-over-year growth. Among automakers, BYD led the market with annual wholesale deliveries of 4.545 million units, capturing an 18.4% market share. Geely Automobile ranked second with 3.025 million units, surging 39.0% year-over-year. Tesla China reported annual wholesale deliveries of 852,000 units, down 7.1% compared to the previous year.