Major automakers in China saw a mixed performance in new energy vehicle (NEV) sales in January, leading to a significant shift in market share. According to data from the China Passenger Car Association (CPCA), BYD’s share of the NEV market in January was lower than its December 2024 share of 31.0 percent. The company recorded retail sales of 200,242 NEVs in China in January, a 3.2 percent decrease from the same month last year.
Despite the decline, BYD maintained its position as the top NEV seller in January, with a 26.9 percent market share. This was a decrease from its December 2024 share but still ahead of other competitors. Tesla, on the other hand, experienced a 15.5 percent drop in sales in January, ranking 6th in China’s NEV market with a 4.5 percent share.
Geely emerged as a strong contender in the NEV market, with retail sales of 117,576 units in January, representing an 82.9 percent increase from the previous year. The company claimed the second spot in the market with a 15.8 percent share, surpassing BYD’s 11.2 percent share in the overall passenger car market.
Changan Automobile and Li Auto also made notable contributions to the NEV market, ranking third and seventh, respectively, in January. Xpeng and Leapmotor secured the 8th and 10th positions, further diversifying the competition in the industry.
In the traditional internal combustion engine vehicle market, Geely took the lead with a 13.4 percent share, outpacing BYD’s 11.2 percent share. FAW-Volkswagen followed closely behind with a 7.6 percent share.
Overall, the dynamics of the Chinese NEV market continue to evolve, with established players facing stiff competition from newcomers. As the industry embraces new technologies and innovations, it will be interesting to see how market share fluctuates in the coming months.
