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As 2026 gets under way, carmakers have begun releasing their 2025 sales figures, laying bare the intensity of competition across the industry.The numbers tell sharply different stories: some manufacturers have surged far ahead, outperforming expectations on the back of clear strategy, technological strength and strong product line-ups; others are grappling with severe headwinds and struggling to gain traction; while in certain camps, fortunes have diverged dramatically, producing a stark tale of winners and losers.
Newly released sales figures for 2025 suggest that China’s leading domestic carmakers have further consolidated their positions. If anything, the year reinforced a familiar narrative: the strong grew stronger.
BYD once again led the pack. The company sold 4.6024 million vehicles in 2025, achieving its annual target of 4.6 million units. Overseas sales surpassed one million for the first time, with passenger cars and pick-ups reaching 1.0496 million units abroad — a 145% year-on-year increase. The company retained its title as China’s best-selling automotive brand and the global leader in new energy vehicle (NEV) sales.
More significantly, years of investment in battery technology and vertical integration are now paying dividends. Models such as the Qin PLUS DM-i and Dolphin continued to dominate the mass market, while premium offerings including the Denza D9, Fangchengbao Bao 5 and Yangwang U8 strengthened BYD’s foothold in higher segments. Pure electric vehicle sales reached 2.2567 million units — up nearly 28% — surpassing Tesla’s annual figure of 1.636 million vehicles. It marked the first time Tesla has been overtaken in full-year EV sales.
Geely also exceeded expectations. The group recorded annual sales of 3.0246 million vehicles, up 39% year-on-year, comfortably surpassing its 3 million target and reaching a historic high.
The surge was driven largely by its accelerating push into electrification. The Galaxy E5 and Galaxy L7 performed strongly in entry-level segments, while the Galaxy M9 supported Geely’s move upmarket. New energy vehicle sales reached 1.6878 million units — up 90% — with the Galaxy brand alone contributing 1.2358 million vehicles, a 150% increase that surpassed its “one-million Galaxy” goal. Meanwhile, Geely’s internal combustion engine portfolio remained resilient, with the “China Star” series delivering over 1.21 million units.
SAIC Motor reported sales of approximately 4.507 million vehicles in 2025, up 12.3%, with retail deliveries reaching 4.67 million. Its self-owned brands accounted for 2.928 million units — 65% of total sales — while NEV sales rose 33.1% to 1.643 million. Overseas deliveries reached 1.071 million units. The group had earlier set a 4.5 million sales target for 2025 and appears to have met that objective.
Transition Pressures Mount for Others
While leading domestic brands thrived, the broader industry picture was more uneven. The transition to electrification remains the defining competitive battleground.
Changan Automobile came close to its 3 million target, delivering 2.913 million vehicles — achieving 97% of its goal and marking six consecutive years of growth. NEV sales rose 51% to 1.109 million units, driven by its Shenlan, Qiyuan and Avatr brands. Overseas sales reached 637,000 units, highlighting the importance of global expansion.
SAIC-GM-Wuling posted 1.635 million units in annual sales, up 6.2%. NEVs surpassed one million units for the first time, with penetration exceeding 61%. Export growth was also robust, particularly in electric models.
At FAW Group, the Hongqi brand delivered 460,000 vehicles, extending eight consecutive years of growth. NEVs played a central role in sustaining momentum, a pattern mirrored across many established manufacturers.
Not all companies hit their targets. Chery Automobile sold 2.806 million vehicles in 2025, up 7.8%, but fell well short of its ambitious 3.26 million target, achieving just 86% of its goal. Although NEV sales rose nearly 55% to 903,800 units, electrification progress lagged behind leading rivals. Chery’s exports remained a bright spot, with 1.344 million vehicles shipped overseas — extending its record as China’s top passenger car exporter for 23 consecutive years — yet its electric transition remains a pressing challenge.
Great Wall Motor faced even steeper headwinds. Annual sales reached 1.3237 million units, achieving just one-third of its target. NEV sales improved to 403,700 units but remained modest compared to peers. While brands such as Haval and Tank maintain niche strengths, the group’s broader transformation appears slower than that of its competitors.
A Widening Divide Among EV Start-Ups
China’s EV start-up sector saw even sharper divergence.
Leapmotor emerged as one of 2025’s surprise winners, delivering 596,600 vehicles and exceeding its annual target by nearly 20%. The company’s leadership has outlined ambitions of reaching one million annual sales in 2026 — and 4 million within a decade — goals that now appear less far-fetched.
Xiaomi Auto, despite periods of public scrutiny, exceeded its 350,000 delivery target with more than 410,000 vehicles. Founder Lei Jun has since set a 550,000 delivery goal for 2026.
Xpeng delivered 429,400 vehicles — up 126% year-on-year — surpassing its 380,000 target. The success of its MONA series helped it regain momentum in the mainstream market.
Yet several peers struggled. Li Auto delivered 406,300 vehicles, down nearly 19% year-on-year, missing even its revised target. Nio sold 326,000 vehicles — up 46.9% — but achieved just 74% of its annual goal despite operating three sub-brands.
Meanwhile, HIMA (Harmony Intelligent Mobility Alliance) reported 589,000 vehicles sold, with the AITO brand accounting for more than 70% of total deliveries. Its 1 million-unit annual target, however, remained well out of reach.
Conclusion: A New Phase of Competition
The 2025 scoreboard offers a snapshot of an industry in transition. Established domestic leaders, armed with technological depth and expanding product portfolios, continue to dominate. Others show pockets of growth but face mounting pressure to accelerate their transformation.
Among start-ups, the consolidation phase appears to have entered a more intense stage. The era of easy capital and rapid expansion is giving way to a harsher reality: scale, efficiency and technological differentiation now matter more than ever.
But annual targets tell only part of the story. With 2026 already under way, China’s carmakers — domestic giants, joint ventures and start-ups alike — must prepare not just for a battle over market share, but for a deeper contest over long-term value and technological leadership.
