February Passenger Car Average Price Hits RMB 180,000; New Energy Vehicles Show Sharp Price Volatility

On March 15, Cui Dongshu, Secretary-General of the Passenger Car Association (CPCA), stated that in February 2026, the average price of passenger vehicles in China reached RMB 180,000, up RMB 15,000 year-over-year. Among them, new energy vehicle (NEV) startups saw their average price rise sharply by RMB 33,000 to RMB 259,000; domestic brands increased by RMB 10,000 to RMB 127,000; while luxury and joint-venture brands recorded a year-over-year decline of RMB 14,000 and a slight increase of RMB 2,000, respectively. Notably, after dropping to RMB 160,000 in 2025, the average price of NEVs rebounded to RMB 188,000 in February 2026, reflecting a trend of "declining sales volume but rising prices," primarily driven by a sharp drop in sales of A00-segment electric vehicles. Meanwhile, the average price of internal combustion engine (ICE) vehicles continued its downward trajectory, standing at RMB 173,000 in February. Cui noted that cost advantages brought by electrification remain a long-term trend; however, due to the phasing out of purchase tax exemptions and stricter technical requirements, some low-range, high-energy-consumption models now face pressure to undergo redesigns, weighing on market growth in 2026.