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China’s EV Market Expected To Slow Down In 2025 Amid Market Changes

Anis

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The Chinese market for electric vehicles is preparing for a downturn in 2025, according to analysts. This might put a lot of pressure on businesses that are attempting to survive in this competitive market. Chery-Omoda-E5-Exterior-11-full_normal.jpg
Sales of new energy vehicles (NEVs) reached almost 11 million units last year, a 42% increase. While the market leader BYD saw their profit rise by more than 40% to about 4.3 million units. They truly hit the mark, surpassing their growth target of at least 20%.

web_TA_CariCarz_BYD-M6-Launch_-17-full-(2).jpgweb_TA_CariCarz_BYD-M6-Launch_-13-full-(2).jpg


However, analysts at HSBC are only projecting a 20% rise in sales this year. They anticipate a slowdown in BYD's growth to about 14%. Strong sales appear to have helped some struggling businesses survive, but profit margins are becoming more constrained. Just a few companies, including Tesla, Li Auto, and BYD, were able to make money last year. web_CariCarz_MBA_WA_Launch_BYD-Seal-4-(3)-full-(1).jpg
According to HSBC analysts, this position won’t persist forever because they expect the market will undergo significant consolidation in the near future. The combination of subsidies and incentives has helped the electric vehicle market grow rapidly, but things are changing. IMG-20241008-WA0110-full_normal.jpgIMG-20241008-WA0109-full_normal.jpg


Last year, Chinese EV manufacturers intensified their pricing war, primarily due to declining battery manufacturing costs and more market competitiveness. For instance, Xiaomi's electric sedan, which boasts incredible technology and features, launched at a lower price than Tesla's Model 3. When giant carmakers such as BYD and Tesla dropped prices, others had to follow suit, reducing profits across the board. web_LJJ_CariCarz_Xiaomi-SU7-in-Malaysia_-9-full-full.jpgweb_LJJ_CariCarz_Xiaomi-SU7-in-Malaysia_-3-full-full.jpg


A number of local brands began to suffer from sluggish sales growth last year. Human Horizons declared bankruptcy in August of last year after selling less than 8,000 of its high-end EV models in 2023, while Geely's Jiyue EV brand was also at risk of going into bankruptcy in December.





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Written By

Anis

Previously in banking and e commerce before she realized nothing makes her happier than a revving engine and gleaming tyres........

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JPJ Running Numbers

KUALA LUMPUR

VPM4394

SELANGOR

BSG7306

JOHOR

JYE4185

PULAU PINANG

PRT418

PERAK

ANY6459

PAHANG

CFD183

KEDAH

KGB6207

NEGERI SEMBILAN

NEG6254

KOTA KINABALU

SJL9999*

KUCHING

QAB8307L

Last updated 01 Aug, 2025

Fuel Price

Petrol

RON 95

RM 2.05

RON 97

RM 3.17

-0.04

RON 100

RM 5.00

VPR

RM 6.23

Diesel

EURO 5 B10

RM 2.91

EURO 5 B7

RM 3.11

Last updated 31 Jul, 2025

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