Only 6 All-Electric Models Exceeded 10,000 Units in February Sales

[Market Slump] February all-electric vehicle sales plummeted significantly, with only six models surpassing 10,000 units in monthly sales. The Xingyuan led the pack with 27,000 units.

Key Trends: Top Models See Collective Decline, Entire Market Under Pressure

Although Xingyuan ranked first, its sales dropped noticeably from nearly 30,000 units in January. Xiaomi YU7 fell from nearly 40,000 units in January to 20,000. NIO ES8 declined from 17,000 to just over 10,000. Former bestsellers like the Dolphin and Seagull both dropped below 6,000 units, while the Wuling Hongguang MINIEV sold only around 4,000 units.

Key Data: Overall Sales Plunge 30% Year-over-Year

According to data from the China Passenger Car Association (CPCA), February’s new energy vehicle (NEV) retail sales totaled 464,000 units, a year-over-year decline of 32.0%, with a market penetration rate of 44.9%. Across all vehicle categories, only 8 NEV models exceeded 10,000 units in sales, highlighting particularly weak performance in the all-electric segment.

Industry Impact: Price Wars Fail to Revive Weak Demand

Despite an average price reduction of RMB 48,000 per NEV in February, sales were not effectively stimulated. With policy incentives waning, the market urgently needs a new breakthrough.