New energy vehicles refer to vehicles that use unconventional vehicle fuels as a power source (or use conventional vehicle fuels and adopt new vehicle power devices), integrate advanced technologies in vehicle power control and drive, and form vehicles with advanced technical principles, new technologies, and new structures. New energy vehicles include pure electric vehicles, extended-range electric vehicles, hybrid vehicles, fuel cell electric vehicles, hydrogen engine vehicles, etc. In 2021, the annual output of new energy vehicles was 3.677 million, an increase of 152.5% over the previous year, ending three consecutive years of negative growth; the latest statistics from the China Association of Automobile Manufacturers show that in 2022, China’s new energy vehicle production and sales will reach 7.058 million and 6.887 million respectively, an increase of 96.9% and 93.4% year-on-year, respectively, and will remain the world’s first for 8 consecutive years. On February 28, 2023, the National Bureau of Statistics released the “Statistical Communiqué of the People’s Republic of China on the National Economic and Social Development in 2022”, showing that the annual output of new energy vehicles in 2022 was 7.003 million, an increase of 90.5% over the previous year. In January 2025, the China Association of Automobile Manufacturers released the latest data, and my country’s automobile production and sales both exceeded 31 million in 2024.
On February 28, 2025, the National Bureau of Statistics released the “Statistical Communiqué of the People’s Republic of China on National Economic and Social Development in 2024”, with the production of new energy vehicles reaching 13.168 million, an increase of 38.7% over the previous year. In 2024, 11.25 million new energy vehicles were newly registered, accounting for 41.83% of the number of newly registered vehicles. In 2024, China’s annual production and sales of new energy vehicles reached the level of tens of millions of vehicles, reaching 12.888 million and 12.866 million respectively, and the production and sales of new energy vehicles ranked first in the world for 10 consecutive years. In the past 10 years, China’s annual production and sales of new energy vehicles have leaped from tens of thousands to tens of millions, and products have been exported to more than 70 countries and regions, becoming a “bright business card” of Made in China.
1. BYD: As the global sales champion of new energy vehicles (sales volume reached 4.16 million units in 2024), BYD has firmly ranked first in the industry with its self-developed battery, motor, and electronic control technology, as well as the advantages of the entire industry chain covering economy to high-end models. Its representative models include the Han, Tang, and Song series, especially the blade battery technology is in a leading position in the industry.
2. Tesla: As a global pioneer in electrification, Tesla continues to consolidate its high-end market position by relying on its supercharging network and autonomous driving technology (such as Cybertruck, Model Y and other models). In 2025, it plans to launch new localized models in China to cope with competition.
3. NIO: Focusing on high-end intelligent configurations (such as the NIO OS system), NIO has occupied a place in the mid-to-high-end market through battery swap technology and user service systems (such as ES8, ET7), and plans to launch more small electric vehicles to expand its product line.
4. Ideal Auto: With extended-range electric technology to solve mileage anxiety (such as Ideal L7 and L8), Ideal Auto has outstanding performance in the family car market. In 2024, it will become the first profitable new force automaker, and plans to achieve a sales target of 500,000 vehicles in 2025.
5. Xpeng Motors: Through full-scenario intelligent driving (XNGP system) and high-voltage platform technology (such as P7i and MONA M03), Xpeng Motors has formed competitiveness in the 200,000-300,000 yuan price range, with a sales target of 300,000 vehicles in 2025.
6. Geely Galaxy: Relying on Geely’s supply chain advantages and hybrid technology (such as Galaxy L7 and Galaxy E5), the Galaxy brand quickly occupied the market with a price range of 100,000-160,000 yuan, and sales continued to rise to more than 10,000 per month in 2025.
7. Xiaomi Auto: With Xiaomi’s ecological chain integration capabilities (such as SU7), Xiaomi Auto has broken through the market with high cost performance and intelligent interconnection functions. In 2025, it plans to expand its product line and impact higher sales levels.
8. Zeekr: As Geely’s high-end electric brand, Zeekr meets performance needs through hunting coupe (Zekr 001) and SUV (Zekr X), but needs to be wary of the impact of intensified market competition.
9. Aion: GAC Group’s brand is based on cost-effectiveness (such as Aion S, Aion Y) and the online car-hailing market, but needs to cope with the impact of new power brands, and may break through through high-end transformation in the future.
10. Denza Auto: Relying on BYD technology (such as D9 MPV), Denza has formed a differentiated advantage in the 300,000+ price range with luxurious configurations (such as refrigerators and massage chairs), but needs to improve the stability of the supply chain to support sales growth.
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