- Compared with December 2025, the estimate represents a 42.42% decline.
- Consumer demand was pulled forward in December, resulting in a drawdown of January demand.
China's passenger new energy vehicle (NEV) wholesale sales last month are projected to have achieved a marginal year-on-year increase, but a significant month-on-month decline.
In January, China's passenger NEV wholesale sales are estimated at 900,000 units, a 1% year-on-year increase, the China Passenger Car Association (CPCA) said in a report today.
Compared to December's 1,563,000 units, this estimate represents a 42.42% decline, according to CnEVPost calculations.
The withdrawal of China's NEV purchase tax exemption policy after its December expiration led to front-loaded consumer demand, depleting January's demand, CPCA said.
Manufacturers with passenger NEV wholesale sales exceeding 10,000 units in December contributed 93% of the month's total NEV wholesale sales.
These manufacturers' projected January sales total 830,000 units. Based on last month's sales structure, China's January passenger NEV wholesale sales are expected to reach 900,000 units, CPCA said.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Their specific figures are expected to be released later this month.
Among major automakers' NEV wholesale sales, BYD (HKG: 1211, OTCMKTS: BYDDY) recorded 205,518 units, while Geely Auto (HKG: 0175, OTCMKTS: GELYF) reached 124,525 units.
Tesla (NASDAQ: TSLA) recorded wholesale sales of 69,129 units in January, while Chery's NEV wholesale sales totaled 47,895 units and Seres' NEV sales totaled 40,012 units.
Entering 2026, Chinese consumers face an additional 5% purchase tax burden, and China's vehicle trade-in subsidies remain in a transitional phase, impacting demand.
| Automaker | NEV Wholesale Sales |
|---|---|
| BYD | 205,518 |
| Geely | 124,252 |
| Tesla China | 69,129 |
| Chery | 47,895 |
| Seres | 40,012 |
| Xiaomi EV | 39,000 |
| Leapmotor | 32,059 |
| Dongfeng | 29,975 |
| Changan | 29,868 |
| SAIC-GM-Wuling | 28,661 |
| SAIC Passenger Vehicle | 28,179 |
| Li Auto | 27,668 |
| Nio | 27,182 |
| GAC Aion | 21,635 |
| Xpeng | 20,011 |
| Great Wall Motor | 18,019 |
| FAW Hongqi | 8,265 |
| Spotlight | 6,202 |
| SAIC-GM | 5,983 |
| Arcfox | 5,077 |
| FAW Bestune | 5,025 |
| IM Motors | 4,647 |
| Dongfeng Nissan | 4,211 |
| Changan Mazda | 3,781 |
| Smart | 3,768 |
| JAC | 3,151 |
| Seres Hubei | 3,022 |
| BMW Brilliance | 2,777 |
| BAIC | 2,490 |
| GAC Trumpchi | 2,426 |
| Beijing Automobile Works | 2,315 |
| GAC Toyota | 2,236 |
| GAC Honda | 1,482 |
| FAW Toyota | 1,217 |
| JMEV | 1,001 |
| SAIC Maxus | 592 |
| Others | 41,269 |
