According to data from the China Passenger Car Association (CPCA), from November 1 to 30, 2025, the wholesale sales of electric passenger vehicles nationwide reached 1.72 million units, representing a year-on-year (YoY) increase of 20% and a month-on-month (MoM) growth of 7%. The cumulative year-to-date wholesale sales of electric vehicles (EVs) have reached 13.78 million units, rising 29% YoY, data showed.
Source: CPCA
As the year-end approaches, mainstream OEMs are accelerating their efforts to boost sales, driving sustained market demand. Against the backdrop of the lingering momentum from the traditional peak sales periods of September and October, coupled with pre-holiday promotions for the "Double 12" shopping festival, most brands achieved record-high monthly sales.
Meanwhile, the competitive landscape of the market is gradually establishing, with leading companies continuing to expand their market share advantages.
The strong performance of the EV market in November 2025 primarily stemmed from the interplay of policies, corporate promotion campaigns, and market conditions.
Among these, adjustment of the purchase tax policy set to take effect beginning 2026 is believed to be the most powerful driver. According to regulations, starting January 1, 2026, the purchase tax for EVs will shift from full exemption to a 50% reduction. The cost difference resulting from this policy change has stimulated consumers with purchase plans to place orders before the year-end. Additionally, some provinces and cities have suspended subsidies for vehicle trade-in, further intensifying consumers' rush to " catch the last chance" and driving sales growth.
To address consumer concerns about missing out on purchase tax benefits due to delivery delays, many mainstream automakers (such as NIO, Xiaomi, Deepal, Chery, Li Auto, and Zeekr) have actively introduced "cross-year purchase tax subsidy plans." These plans promise that consumers who place orders before the year-end will have the purchase tax credit difference covered by the OEMs, even if delivery is delayed due to production arrangements. This campaign has effectively alleviated consumer concerns and further boosted sales growth.
Lastly, the industry development has provided a solid foundation for sales growth. Currently, the market penetration rate of EVs has exceeded 50%, and the industry has gradually transitioned from an initial policy-driven phase to a market-driven stage fueled by economic efficiency, product strength, and technological iteration. With the continuous emergence of high-quality products, EVs can now meet the needs of more segmented consumer groups, driving endogenous market growth.
Looking at the performance of OEMs, the leading ones have largely secured their positions for the year As 2025 draws to a close.
In November, companies such as Geely, Chery, Leapmotor, and Seres achieved record-high monthly wholesale sales of EVs in their histories. Meanwhile, automakers like SAIC Motor and NIO also delivered outstanding performances, achieving their second-highest monthly sales on record.
Notably, BYD's exports in November increased by 48,000 units month-on-month, driving robust growth in EV exports and further boosting overall sales of electric passenger vehicles.
Looking ahead to 2026, competition in the EV market is expected to become more "intense and fierce." On one hand, the phased reduction of policy support may lead to some demand being advanced, putting downward pressure on sales in the early part of 2026. On the other hand, the focus of market competition is anticipated to shift from pure "price competition" to "technological innovation and service quality." Intelligence, premiumization, and global expansion will become new growth engines for OEMs, driving the industry into a higher-quality competitive phase.
Written by Aggie Hu, huchenying@mysteel.com
