Power Battery Sales Surge and NEV Market Growth
Power battery sales have surged dramatically! The latest data reveals that in February, the sales of power batteries in China reached 66.9 GWh, representing an impressive year-on-year growth of 98.8%. Notable companies include CATL, whose power battery sales grew by 58%, BYD with a 147% increase, Guoxuan High-Tech at 618.9%, and EVE Energy with a 148.6% rise.
On the same day, the China Association of Automobile Manufacturers reported that in February, China’s new energy vehicle (NEV) production and sales totaled 888,000 and 892,000 units, respectively, marking year-on-year increases of 91.5% and 87.1%. On Tuesday, U.S. markets saw a collective surge in Chinese automotive stocks, with Zeekr up over 18%, NIO increasing by over 17%, Xpeng Motors rising nearly 15%, and Li Auto climbing 7%.
According to CMB International, the growth in February’s NEV market was driven by trade-in subsidies and promotional activities from various manufacturers. With the introduction of trade-in policies, increased penetration of smart driving technologies, and the launch of new models, the NEV sector is expected to continue its robust growth.
February Power Battery Sales Skyrocket by 98.8%
On March 11, the China Automotive Power Battery Industry Innovation Alliance released its monthly report for February 2025. The data indicated that the combined production of power and other batteries for the month was 100.3 GWh, down 7.0% month-on-month but up 128.2% year-on-year. From January to February, the cumulative production of power and other batteries reached 208.1 GWh, with a year-on-year growth of 89.2%.
In terms of sales, February saw a total of 90.0 GWh for power and other batteries, a month-on-month increase of 12.0% and a year-on-year increase of 140.7%. Power batteries accounted for 66.9 GWh of this total, representing 74.3% of sales, with a month-on-month rise of 6.4% and a year-on-year increase of 98.8%. Other batteries sold 23.1 GWh, making up 25.7% of total sales, with a month-on-month increase of 32.2%.
Among companies, BYD, Guoxuan High-Tech, EVE Energy, Canoo, Honeycomb Energy, and Ruipu Lanjun all experienced sales growth rates exceeding the industry average in February. Specifically, BYD, Guoxuan High-Tech, and EVE Energy saw year-on-year increases of 147%, 618.9%, and 148.6%, respectively. CATL maintained its position as the top seller, reporting a 58% year-on-year increase.
From January to February, the cumulative sales of power and other batteries reached 170.4 GWh, a year-on-year growth of 80.3%. Power batteries accounted for 129.8 GWh, or 76.2% of total sales, with a year-on-year growth of 54.3%, while other batteries reached 40.6 GWh, comprising 23.8% of total sales with a remarkable year-on-year increase of 291.1%.
Export Data Highlights
In February, China exported 21.1 GWh of power and other batteries, reflecting a month-on-month increase of 21.0% and a year-on-year increase of 144.7%, which accounted for 23.5% of total sales for the month. Of this, power battery exports reached 12.8 GWh, making up 60.6% of total exports, with a month-on-month increase of 15.2% and a year-on-year increase of 51.4%.
The top ten companies in terms of power battery exports in February included CATL, BYD, Guoxuan High-Tech, Aulton, Canoo, Honeycomb Energy, EVE Energy, Ruipu Lanjun, SinoHytec, and Weima Power. Notably, BYD saw an astounding year-on-year increase in battery exports of 129.7%, while Guoxuan High-Tech experienced a 515.4% surge, and Honeycomb Energy saw an 813.6% increase.
February NEV Sales Soar by 87.1%
The China Association of Automobile Manufacturers reported on March 11 that February witnessed rapid growth in automotive production and sales, reaching 2.103 million and 2.129 million units, respectively, with year-on-year increases of 39.6% and 34.4%. NEVs accounted for 888,000 and 892,000 units of production and sales, respectively, showing year-on-year increases of 91.5% and 87.1%. In February, NEV sales made up 41.9% of total new vehicle sales.
In February, domestic NEV sales reached 760,000 units, reflecting a month-on-month decrease of 4.2% but a year-on-year increase of 92.6%. Among these, domestic sales of electric passenger vehicles were 719,000, down 5% month-on-month but up 93.2% year-on-year, while sales of electric commercial vehicles reached 42,000, with a month-on-month increase of 12% and a year-on-year increase of 82.6%.
From January to February, total automotive production and sales reached 4.553 million and 4.552 million units, with year-on-year growth of 16.2% and 13.1%, respectively. During this period, NEV production and sales totaled 1.903 million and 1.835 million, both reflecting year-on-year increases of 52%.
In terms of exports, 28,200 NEVs were exported from January to February, representing a year-on-year growth of 54.5%. Among these, electric passenger vehicles accounted for 26,800, up 50.9%, while electric commercial vehicles totaled 14,000, marking an increase of 190%.
In February, Chery led the way among the top ten exporting manufacturers with an export volume of 86,000 units, a 9% increase year-on-year, representing 19.6% of total exports. BYD exhibited the most significant growth, exporting 71,000 units, a twofold increase compared to the previous year.
