December Production and Sales Bulletin
cls: BYD released its December 2025 production and sales bulletin. New-energy vehicle sales were 420,398 in the month, down about 18.2% year on year; full-year sales totaled 4,602,436, up 7.73%. Battery-electric models recorded December sales of 190,712, with a full-year tally of 2,256,714 — a 27.86% jump. The company exported 133,000 NEVs in December.
Gasgoo Auto: ZEEKR published its December and full-year 2025 figures. December deliveries reached 30,267, topping the 30,000 mark for the first time, a record high — up 11.3% from a year earlier and 4.9% from November.
Gasgoo Auto: Xiaomi Auto said December 2025 monthly deliveries surpassed 50,000 for the first time, setting a new monthly record. Its cumulative deliveries have also exceeded 500,000, marking a new phase in mass production and market rollouts.
Gasgoo Auto: XPENG reported full-year 2025 deliveries of 429,445 vehicles, an all-time high, with a robust 126% annual increase — among the fastest in the industry. In December, the company delivered 37,508 vehicles, achieving gains both year on year and month on month.
Gasgoo Auto: Li Auto released December 2025 delivery data. Li Auto delivered 44,246 vehicles in December 2025, and 109,194 vehicles in the fourth quarter. As of December 31, 2025, the company's historical cumulative deliveries stood at 1,540,215.
Gasgoo Auto: Leapmotor announced its December and full-year 2025 sales. December sales topped 60,000, up 42% year on year; full-year sales reached 597,000, up 103%.
cls: NIO said December 2025 deliveries were 48,135 vehicles, up 54.6% year on year; full-year 2025 deliveries were 326,028, up 46.9%.
OEM Trend
Jiemian News: Reports suggest BMW China is adjusting the suggested retail prices of 31 core models from January 1, 2026; 24 models will see cuts of over 10%, five will drop by more than 20%, and some will be reduced by just over 300,000 yuan. The move has been read as BMW gearing up for a price war in China. On January 3, BMW China responded that the adjustment concerns official list prices for certain products, while final transaction prices are set by dealers — so this is not BMW entering a price war. The company added, "The value upgrade on select BMW products reflects a proactive strategy shift in response to market dynamics. BMW will pass tangible benefits to consumers, offering higher value and more competitive product experiences."
cls: Geely said its board has set a 2026 sales target of 3,450,000 vehicles, about 14% above the total achieved in 2025. Targets by brand: Geely at 2,750,000, ZEEKR at 300,000, and Lynk & Co at 400,000. NEV sales are targeted at 2,220,000, up roughly 32% from 2025.
cls: NIO CEO William Li shared an all-hands letter. Li revealed NIO will launch three new models in 2026, expecting the additions to further lift NIO's share in the premium large-vehicle segment.
cls: Tesla delivered 418,227 vehicles in the fourth quarter, down 16% year on year, versus an estimate of 440,907; fourth-quarter production was 434,358, down 5.5% year on year, versus an estimate of 470,780. Tesla's full-year deliveries were 1,640,000, down 8.6% year on year, compared with an estimate of 1,600,000.
Supply Chain News
Gasgoo Auto: Peng Zhihui (Zhihui Jun), chairman of SWANCOR ADVANCED MATERIALS CO., LTD unveiled the Qiyuan Q1 — billed as the world's first small humanoid robot with full-body force control — and announced the company will enter the consumer robotics track under the "SWANCOR Qiyuan" brand. The product breaks new ground in joint systems, overall dimensions and use cases, packing lab-grade humanoid capabilities into a backpack-sized footprint.
Industrial Economy
cls: The Ministry of Commerce said that in 2025, sales under the trade-in initiative exceeded 2.6 trillion yuan, benefiting more than 3.6 trillion people. Of that, over 11.5 million vehicles were traded in and replaced, more than 129 million home appliances were upgraded, over 91 million phones and other digital products were newly purchased, more than 120 million home renovation and kitchen/bath upgrades were completed, and over 12.5 million electric bicycles were traded in.
Jiemian News: Cui Dongshu, secretary general of the China Passenger Car Association (CPCA), wrote that global auto sales reached 87,660,000 units in January–November 2025, with NEVs at 20,330,000; broadly defined NEVs accounted for 30% of global auto sales, up 3.7 percentage points from full-year 2024. The NEV share for January–November 2025 stood at 23.2%, including 15.3% for BEVs and 7.9% for PHEVs — a strong showing. China's share of global NEV passenger-car sales was 68.4% in January–November 2025, rising to 73.7% in November. In terms of contribution to net growth, China accounted for 68%, Germany 5%, and India 4%.
cls: On January 3, Israel's Association of Vehicle Importers published data showing that the JETOUR 7, produced by China's Chery, was Israel's best-selling model in 2025. Chinese brands sold 101,000 cars in Israel in 2025, ranking first, followed by Korean brands at 52,000 and Japanese brands at 41,000. In pure EVs, Chinese brands led with a 79.2% market share, selling 46,000 for the year.
Policy Situation
Chongqing Daily: Starting January 1, Chongqing launched subsidies for scrapping-and-replacing cars, trading-in cars, and upgrading home appliances, as well as purchasing digital and smart products. The first batch of 2026 trade-in subsidies (first quarter of 2026) allocates 210 million yuan for scrappage-and-replacement, 555 million yuan for trade-in replacements, along with 450 million yuan for home appliances and 301 million yuan for digital and smart products.