According to data from the China Passenger Car Association (CPCA), wholesale sales of electric passenger vehicles by manufacturers in China reached 1.61 million units in October 2025, a year-on-year increase of 16% and a month-on-month increase of 7%. Cumulative wholesale sales from January to October 2025 are estimated to have reached 12.054 million units, a year-on-year increase of 30%.
China's electric vehicle (EV) market continued its strong growth trend in the traditional peak consumption season of September and October, driven by the anticipated reduction of the EV purchase tax exemption at year-end. The tightening of vehicle trade-in subsidy policies in some regions further increased consumers' urgency to purchase vehicles in the retail market.
Furthermore, leading automakers reported widespread growth in deliveries, pushing EV's penetration rate close to the historic high of 60%. Despite October having only 18 working days, manufacturers' wholesale sales of electric passenger vehicles still achieved slight month-on-month growth, demonstrating strong market animation and robust consumer demand.
In detail, companies including BYD, Geely Auto, and SAIC-GM-Wuling firmly held the top three spots in the sales rankings, enhancing their market leadership positions.
Source: CPCA
Among the TOP 15 in EV sales for October, automakers including Geely Auto, Changan Auto, Chery Auto, Leapmotor, Seres, Dongfeng Motor, Great Wall Motor, XPeng Motors, and NIO saw their monthly wholesale sales hit record highs for any month in their history. Additionally, companies like SAIC-GM-Wuling and SAIC Motor achieved their second-highest monthly sales records. This growth was attributed to proactive policy support, comprehensive product matrices, and the further release of consumer demand.
However, the year-on-year performance showed significant divergence among these OEMs. Specifically, within the TOP 15, the following automakers stood out with notable year-on-year growth including Xiaomi Auto (+93.5%), Leapmotor (+84.1%), XPeng Motors (+75.7%), Geely Auto (+63.6%), and Chery Auto (+56.4%). In contrast, some experienced declines like BYD (-12.7%), Tesla China (-9.9%), and Li Auto (-38.2%).
This divergence in performance reflects the evolving competitive landscape of the EV industry, meaning consumers are increasingly prioritizing product innovation, performance, and overall competitiveness when choosing EVs. To maintain a competitive edge, OEMs must rely on launching hit models and building systematic capabilities.
It is worth noting that OEMs with significant growth often depend on market-attractive hit models. These models not only meet diverse consumer needs but also effectively increase brand market share. For instance, the rapid growth of Leapmotor and Xiaomi Auto benefits from their core competitiveness involving technological innovation and product differentiation.
Looking ahead, the EV market is undergoing a transition from quantitative expansion to qualitative improvement. Leading OEMs are further strengthening their competitive advantages through technological breakthroughs and refined market operations. Meanwhile, small and medium-sized OEMs need to break through bottlenecks by targeting niche markets precisely and employing high-value-for-money product strategies.
Meanwhile, with continued policy support and growing consumer awareness of EVs, the market is expected to enter a more mature stage of development in the coming years. OEMs should focus on technological innovation, product upgrades, and precisely aligning with consumer demand, enhancing their competitiveness in areas like intelligence, connectivity, and environmental protection.
Written by Aggie Hu, huchenying@mysteel.com
