Chinese NEV makers report record October sales

Visitors look at vehicles at the booth of BYD during the 2025 Guangdong-Hong Kong-Macao Greater Bay Area International Auto Show in Shenzhen, south China's Guangdong Province, May 31, 2025. (Xinhua/Liang Xu)

China's new-energy vehicle (NEV) makers released their October delivery figures, with several brands hitting record highs, showing strong market demand. Experts said that the NEV market is set for robust growth in the fourth quarter, driven by policy incentives, replacement programs and a surge in pre-subsidy purchases.

BYD reported sales of 441,706 vehicles in October, its highest monthly figure this year. From January to October, the company sold a total of 3.7 million units.

Leapmotor delivered 70,289 vehicles in October, up more than 84 percent year-on-year, a new monthly record. Harmony Intelligent Mobility followed closely, delivering 68,216 vehicles in October, also a record.

Xpeng reported 42,000 deliveries for the month, a record high and the second consecutive month above 40,000. From January to October, its cumulative deliveries reached 355,200 units, up 190 percent year-on-year.

NIO said that it delivered 40,397 vehicles in October, up 92.6 percent year-on-year. The company's total deliveries have now reached 913,182 units.

Notably, several state-owned automakers' emerging brands have joined the "10,000-unit club," competing head-to-head with leading electric vehicle start-ups like NIO and XPeng.

BAIC's Arcfox sold 23,400 units in October, up 110 percent year-on-year and its first month exceeding 20,000 deliveries.

Dongfeng's Voyah delivered 17,200 vehicles, also a record high, with sales up 82 percent year-to-date and exceeding 10,000 units for eight consecutive months as it moves toward a Hong Kong IPO.

Changan's Avatr sold 13,500 vehicles in October, up 34 percent, marking its eighth straight month above 10,000, while SAIC's IM Motors reported 13,200 units, setting a new record for the second month in a row.

NEV sales growth has been largely driven by expectations of next year's policy rollback, prompting some consumers to advance their purchases, while leading automakers' gains were mainly fuelled by new model launches, Wu Shuocheng, a veteran auto industry analyst, told the Global Times on Sunday.

The adjustment will halve the NEV purchase tax exemption, while local incentives such as scrappage subsidies and free license plate registration are being scaled back. This growth momentum is expected to persist through year-end, Wu added.

"Seasonal demand combined with multiple promotional campaigns has also been a major driver of recent vehicle sales," Liu Dingding, a veteran tech industry analyst, told the Global Times on Sunday.

Liu said that policy expectations have also spurred early purchases, as many consumers rushed to buy NEVs this year amid expectations that subsidies would be scaled back or removed next year. The potential savings, ranging from several thousand to more than 10,000 yuan ($1,405) per vehicle, fuelled a wave of concentrated buying, he noted.

September and October have traditionally been peak months for car sales, and this year's momentum was further boosted by local subsidies, manufacturer discounts, and the early start of the "Double 11" shopping festival promotions — all of which helped fuel consumer enthusiasm and lift NEV sales, he said.

The rapid growth of China's NEV market stems not only from the industry's improving competitiveness but also from rising market confidence driven by policy support and consumer expectations, Liu said.

According to previously announced government policies, starting from January 1, 2026, the purchase tax on NEVs will be cut from a full exemption to a 50 percent reduction, with the maximum tax reduction per vehicle lowered from 30,000 yuan in 2025 to 15,000 yuan.