According to analysis from GTHT, China's passenger vehicle wholesale sales reached 1.518 million units in February 2026, representing a year-on-year decrease of 14% and a month-on-month decrease of 23%. Wholesale sales of new energy passenger vehicles were 723,000 units, down 13% year-on-year and 17% month-on-month. The firm believes that with seasonal demand recovery, the concentrated launch of new products and technologies, and the catalytic effect of the Beijing International Automotive Exhibition in April, automotive market sales are expected to rebound. Key viewpoints from GTHT are as follows:

Traditional automaker BYD reported February sales of 190,000 vehicles, with the official release of its megawatt-level flash charging technology. BYD delivered 190,000 new vehicles in February, including 101,000 units sold overseas, up 50% year-on-year and flat month-on-month.

Geely Auto achieved year-on-year growth for the second consecutive month at the start of the year, leading in both globalization and premiumization. Geely Auto delivered 206,000 new vehicles in February, an increase of 1% year-on-year, marking two consecutive months of year-on-year growth. The company exported 61,000 vehicles, surging 138% year-on-year.

Changan Auto saw a 13% month-on-month increase in February sales despite the overall downturn, with its Qiyuan brand performing notably. Changan Auto delivered 152,000 new vehicles in February, down 6% year-on-year but up 13% month-on-month. Sales of its proprietary brands and new energy vehicles reached 125,000 and 42,000 units, respectively.

Great Wall Motor delivered 72,000 new vehicles in February, with its premiumization strategy steadily advancing. The company delivered 72,000 new vehicles in February, down 7% year-on-year and 20% month-on-month, including 13,000 new energy vehicles.

New energy vehicle startup Leapmotor reported a 11% year-on-year increase in February sales, with its A10 model set to begin pre-sales. Leapmotor delivered 28,000 new vehicles in February, up 11% year-on-year.

XPeng delivered 15,000 new vehicles in February, as the 2026 all-electric version of the XPeng X9 officially launched. February deliveries totaled 15,000 units, down 50% year-on-year and 24% month-on-month.

Li Auto delivered 26,000 new vehicles in February, with its Li L9 Livis model scheduled for release in the second quarter of 2026. The company delivered 26,000 vehicles, up 1% year-on-year but down 5% month-on-month.

NIO reported a 58% year-on-year increase in February sales, with month-on-month growth in intelligent driving penetration. NIO delivered 21,000 new vehicles in February, up 58% year-on-year.

Risk warnings include lower-than-expected new energy vehicle sales and significant increases in raw material prices.