Global NEV Sales Up 31% in 3Q25; Full-Year Growth Expected to Reach 25%

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TrendForce’s latest investigations reveal that global NEV sales hit 5.39 million units in the third quarter of 2025, showing a 31% YoY growth. BEVs made up 3.71 million units, with a notable 48% YoY growth, while PHEVs reached 1.67 million units, marking a 4% increase year over year.

BYD (brand) maintained its status as the leading BEV seller in 3Q25, despite a drop in sales from the previous quarter. Tesla, holding the second place, posted a robust quarter with a 29% sequential increase, driven by the expiration of subsidies in the U.S. and renewed growth in China. Both Geely and Leapmotor delivered outstanding results, capturing market shares of 6% and 4.1%, respectively, and surpassing Xpeng for the second straight quarter.

Volkswagen slipped to seventh place owing to substantial declines in China, which offset its growth in Europe and the US. Hyundai moved to ninth place with quarterly sales falling, yet its year-over-year growth stayed positive. BMW, excluding MINI, kept facing declining BEV sales, which puts pressure on its full-year growth forecast.

In the PHEV segment, BYD (brand) encountered increased saturation and fierce competition in China. Although its sales for the third quarter of 2025 showed a quarter-over-quarter improvement, they declined compared to the previous year. AITO, Chery, and Geely moved up to second, third, and fourth positions respectively. Notably, Chery experienced rapid growth, boosting its market share to 6.6% in Q3.

Li Auto, previously second last quarter, experienced both quarter-over-quarter and year-over-year drops as increased competition from other automakers offering range-extended electric vehicles (REEVs) impacted its market share. Meanwhile, European brands like Mercedes-Benz and BMW saw declines from the previous quarter but performed better than last year in the U.S. and some European markets.

TrendForce predicts that worldwide NEV sales will hit 20.43 million units in 2025, representing a 25% increase from the previous year due to robust third-quarter performance and automakers' aggressive efforts to meet year-end targets. For 2026, variations in subsidy policies and incentive structures across regions are expected to widen disparities in global electrification developments. The expiration of U.S. subsidies is likely to weaken its domestic market. However, the global shift toward electrification persists strongly, with TrendForce projecting NEV sales reaching 22.8 million units by 2026, a 12% year-over-year increase.