In the first quarter of 2025, the sales volume of new energy vehicles is projected to reach 400,000 units. According to TrendForce’s latest report on May 22, it is estimated that in the first quarter of 2025, the combined sales of battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles will amount to 402,000 units, representing a remarkable year-on-year increase of 39%. This growth outpaces the general increase in automobile sales, which is expected to be around 18.4%.
Among these new energy vehicles, battery electric vehicles are expected to see significant growth, with sales projected at 267,000 units, marking an impressive year-on-year increase of 45%. In the battery electric vehicle market, the market share of BYD is anticipated to be 15.4%, placing it in the top position; followed by Tesla with a market share of 12.6%; and the GAC Aion series is expected to achieve a market share of 6.9%, with sales increasing by 443% year-on-year.
In the first quarter of 2025, the leading model in sales is expected to be the affordable Mona M03, which is anticipated to rank high among the models. It is noteworthy that the new energy vehicle segment is dominated by models priced under 200,000 yuan.
For plug-in hybrid electric vehicles, sales are projected at 135,000 units, reflecting a year-on-year increase of 28%. In this segment, the market share of BYD is expected to approach 38.7%, securing the top position; followed by the Geely brand, which is expected to hold a 6.7% market share. The sales of the GAC Aion series are predicted to experience substantial growth, with an increase of 61% year-on-year.
Furthermore, the market share for other new energy vehicles is expected to be around 3.6%, with the figure for hydrogen fuel cell vehicles being 3.2%. TrendForce’s analysis indicates that the new energy vehicle market in the first quarter of 2025 will remain stable, with annual sales projected at 1.947 million units, reflecting a year-on-year growth of 19.6%.
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