In February, retail sales of new energy vehicles (NEVs) in China reached 464,000 units, representing a 32.0% decline compared to the same month last year and a 22.1% drop from January, according to data released by the China Passenger Car Association (CPCA). This downturn has been attributed to the timing of the Chinese New Year holiday and a scaling back of market support measures.
Battery electric vehicles (BEVs) accounted for 278,000 units of February NEV retail sales, down 34.9% year-on-year and 20.1% from January. Despite this decline, BEVs made up 59.9% of total NEV sales last month, slightly higher than January’s share of 58.4%.
Retail sales of hybrid models, which include plug-in hybrid electric vehicles (PHEVs) and extended-range electric vehicles (EREVs), totaled 186,000 units in February, a 28.0% decrease year-on-year and a 25.0% fall from January. Excluding EREVs, PHEV sales stood at 134,000 units, representing 28.9% of NEV retail volume but marking the eighth consecutive month of year-on-year decline. EREV sales amounted to 52,000 units, comprising 11.2% of NEV sales and down 15.6% year-on-year.
Overall passenger vehicle sales, including sedans, SUVs and multipurpose vehicles, were reported at just over 1.03 million units in February, a 25.4% decrease from February 2025 and lower than January’s total by 33.1%.
NEV penetration in the retail market was 44.9% last month, below the 49.5% recorded one year earlier but above January’s 38.6%. Domestic marques led with a 64.5% NEV penetration rate, while luxury brands reached 32.6% and mainstream joint ventures held 4.5%.
On the wholesale side, NEV wholesales fell 13.1% year-on-year to 723,000 units, slipping 16.6% from January. The wholesale NEV penetration rate was 47.6%, up marginally from 47.0% a year prior. Domestic brands achieved a 58.9% wholesale penetration rate, compared to 48.2% for luxury brands and 4.6% for mainstream joint ventures.
Exports of passenger NEVs provided a bright spot, surging 124.7% year-on-year to reach 269,000 units, representing 48.5% of China’s total passenger vehicle exports. BEVs made up 58.0% of these exports, while entry-level models (A0 and A00 classes) accounted for 55.0% of the overseas shipments.
BYD reported February NEV sales of 190,190 units, marking its sixth consecutive month of decline.
Source: CnEVPost
