In Q3 2025, BEV sales reached 3.71 million units, up 48% YoY, while PHEV sales were 1.67 million units, up 4% YoY.
On November 24, research firm TrendForce released its latest quarterly report on global new energy vehicle (NEV) performance.
Data shows that global NEV sales in the third quarter of 2025 reached 5.39 million units, up 31% year-on-year.
Battery electric vehicles (BEVs) accounted for 3.71 million units, rising 48% year-on-year, while plug-in hybrids (PHEVs) recorded 1.67 million units, an increase of 4%.
In the BEV segment, BYD retained the quarterly crown, though sales declined from the previous quarter. Tesla followed and posted significant quarter-on-quarter growth of 29%, driven by U.S. subsidy deadline effects and improved momentum in China.
SAIC-GM-Wuling ranked third with a 6.1% share but is being rapidly challenged by fourth-placed Geely. Both Geely and Leapmotor recorded strong growth in the third quarter, lifting their market shares to 6% and 4.1% respectively, surpassing XPeng at 3.1% for the second consecutive quarter.
Volkswagen Group fell to seventh as declines in China offset gains in Europe and the U.S. Xiaomi, which sells solely in China, ranked eighth with a 2.9% share.
Hyundai placed ninth, down quarter-on-quarter but still growing year-on-year. BMW (excluding MINI) continued to see BEV declines, pressuring full-year growth prospects.
In the PHEV category, BYD remained in first place but faced saturation and intensified competition in China. Although its Q3 sales improved quarter-on-quarter, they declined year-on-year.
AITO, Chery and Geely rose to second through fourth place, with Chery marking the strongest momentum, reaching a 6.6% share in Q3.
Li Auto slipped from second to fifth as its EREV lineup faced escalating competition; both quarter-on-quarter and year-on-year sales dropped.
European brands remained under pressure, with Mercedes-Benz and BMW both declining quarter-on-quarter, though they continued to post year-on-year growth in the U.S. and select European markets.
TrendForce forecasts that, supported by Q3 growth and automakers’ year-end volume push, global NEV sales in 2025 are expected to reach 20.43 million units, up 25% year-on-year.
Looking to 2026, the report notes that diverging subsidy policies and incentives will widen global market imbalances. The expiration of U.S. subsidies is expected to trigger a contraction.
However, structural electrification remains intact, and global NEV sales are still projected to increase to 22.8 million units in 2026, up 12% year-on-year.
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