Global NEV sales top 4mn in 1Q25; BYD remains dual leader, Xiaomi enters top 10 in BEVs

TrendForce’s latest reports reveal that global NEV sales—including BEVs, PHEVs, and FCEVs—reached 4.02 million units in the first quarter of 2025, marking a 39% YoY increase. NEVs accounted for 18.4% of total global auto sales for the quarter.

BEV sales grew 45% YoY to reach 2.67 million units
BYD brand maintained its lead over Telsa in BEV sales during 1Q25, claiming the top spot with a 15.4% market share, while Telsa followed with 12.6%. Geely ranked third (including Geely and its Galaxy series), driven by continued momentum from the late-2024 launch of the Galaxy E5 and Xingyuan models, along with solid performance from the budget-friendly Panda Mini. Geely’s BEV sales surged 443% YoY.

XPeng ranked sixth, with nearly half of its Q1 deliveries coming from the affordable Mona M03. Xiaomi made a notable debut in the rankings, reaching eighth place with a single model.

Among non-Chinese automakers, Volkswagen came in fifth, with sales rising 41% YoY. Strong growth in Western Europe helped offset a sharp decline in China. In April, Volkswagen launched its “In China, For China” strategy in partnership with Xpeng and FAW to accelerate China-targeted model development and recover local market share.

BMW secured seventh place, though its performance in China lagged, making European sales essential for stability. Hyundai ranked tenth, with growth driven by the US and European markets. As it begins production at its EV plant in the US, Hyundai is stepping up local investment to mitigate the impact of tariffs.

PHEV sales total 1.35 million units, up 28% YoY
BYD brand led the PHEV market with a commanding 38.7% market share. Geely rose to third place, thanks to a 61% QoQ and 158% YoY increase in sales from its Galaxy lineup. However, not all Chinese brands fared equally. AITO, backed by Huawei’s Harmony lntelligent Mobility Alliance(HIMA), dropped to seventh place with a 47% YoY sales decline.

The brand’s differentiation has weakened following Huawei’s launch of additional HIMA-based models (Zhijie, Xiangjie, Zunjie) with multiple carmakers. Deepal and Lynk & Co., both fell out of the top 10, with Lynk & Co. seeing a 25% YoY sales contraction.

TrendForce forecasts 2025 global NEV sales to reach 19.47 million units, up 19.6% YoY. While 1Q25 results were solid, the tariff uncertainties introduced by the US cast a shadow over the global economic outlook. Tariff-driven economic downturns—especially in high-impact markets—could weigh heavily on automotive sales, with higher-priced EVs being particularly vulnerable.

Source: TrendForce, Taiwan.