CPCA estimates China's October NEV wholesale sales hit record 1.8 million units

• The CPCA expects passenger NEV wholesale sales to rise 12% year-on-year and 8% month-on-month in October.
• BYD, Geely, Chery, Changan and Leapmotor ranked as the top 5 passenger NEV makers by wholesale sales.

China's passenger new energy vehicle (NEV) wholesale sales are estimated to have reached 1.8 million units in October, as persistently high oil prices weighed on demand for gasoline vehicles and created an opening for NEVs to gain ground.

The China Passenger Car Association (CPCA) projected year-on-year growth of 12% and a month-on-month increase of 8% in a preliminary report released on Tuesday.

That would surpass the previous monthly wholesale record of 1,706,000 units set in November 2025, according to data compiled by CnEVPost.

Adding the October estimate to sales in the preceding months puts China's cumulative passenger NEV wholesale sales at about 13.22 million units in the first 10 months of the year, up 9.9% year-on-year.

NEV sales growth significantly outpaced the broader auto market, making the segment a key driver of stability in the passenger vehicle market as it entered a recovery following an earlier adjustment, the CPCA said.

However, supply-chain and trade uncertainty stemming from overseas geopolitical conflicts, combined with a high comparison base created by a rush to buy before trade-in subsidies tightened a year earlier, constrained wholesale sales growth.

The Mid-Autumn Festival holiday fell in September, helping production and sales regain momentum in October. Overseas oil prices remained elevated longer than expected, further supporting China's NEV production and sales, the CPCA said.

As leading automakers accelerated their shift to electrification, several major manufacturers posted their highest-ever October NEV wholesale sales, spanning domestic brands, joint ventures and EV startups.

BYD (HKEX: 1211), Geely Auto (HKEX: 0175), Chery (HKEX: 9973), Changan Automobile (SZSE: 000625) and Leapmotor (HKEX: 9863) ranked as the top 5 passenger NEV makers by wholesale sales in October, all recording strong year-on-year and month-on-month growth.

BYD's passenger NEV wholesale sales totaled 483,125 units in October, followed by Geely with 213,165, Chery with 134,471, Changan with 122,422 and Leapmotor with 103,021.

Geely, Chery, SAIC Passenger Vehicle, Xpeng (NYSE: XPEV) and Great Wall Motor (HKEX: 2333) posted record monthly NEV sales in October.

Joint ventures including SAIC Volkswagen and FAW-Volkswagen saw their NEV wholesale sales double year-on-year in October.

The latest estimate is based on preliminary sales figures from major manufacturers. Automakers with NEV wholesale sales exceeding 10,000 units in September accounted for 93% of total passenger NEV wholesale sales that month.

Those manufacturers reported preliminary combined sales of about 1.62 million units in October. The CPCA used September's market-share breakdown to extrapolate nationwide wholesale sales of about 1.8 million units for October.