Global EV sales soared in February, as China's market kept its growth pace with 76% surge

Yahoo

12-03-2025

Worldwide sales of electric vehicles (EVs) surged in February, driven mostly by a 76 per cent growth in China even as Europe and the United States erected import barriers to stem the domination of made-in-China marques.
Global sales of battery-powered EVs and hybrids jumped to 1.2 million units in February, 50 per cent more than last year, according to data compiled by Rho Motion. About three-quarters of those took place in China, where purchases soared 87 per cent from last year, according to data released separately by the China Association of Automobile Manufacturers.
"Much of the growth continues to come from China, which is seeing a sales renaissance of pure electric [vehicles] this year compared to the hybrid love affair of 2024," Rho's data manager Charles Lester said.
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China continued its outsize domination of the world's market for EVs and oil-guzzling vehicles. Sales in the first two months of 2025 - which coincided with the Lunar New Year, a seasonal peak for splashing out - rose 35 per cent to 1.4 million units, about 60 per cent of what was sold worldwide during the same period.
Xiaomi's SU7 Ultra electric car at the 2025 Mobile World Congress in Barcelona on March 3, 2025. Photo: Xinhua alt=Xiaomi's SU7 Ultra electric car at the 2025 Mobile World Congress in Barcelona on March 3, 2025. Photo: Xinhua>
Battery-driven EV sales grew 46 per cent in China, as a plethora of new models by BYD, Xiaomi, Xpeng and Zeekr drove consumers to eschew petrol-electric hybrids and go all-in to embrace the electric revolution. Sales of plug-in hybrids grew 22 per cent, slower than the same period last year, Rho said.
BYD, which surpassed Tesla in the fourth quarter of 2023 as the world's largest maker of "pure" battery-powered EVs, maintained its relentless growth pace. The Shenzhen-based carmaker said it sold 133,361 EVs and hybrids in the first two months. Exports doubled in February to 67,025 EVs to set the third consecutive month of records.
Tesla continued to lose market share on the mainland to its Chinese rivals in February, as sales plunged more than 50 per cent to 30,688 units last month, a faster pace than the 49.2 per cent decline in January.
BYD's EV being loaded on NYK Line's ro-ro (roll on/Roll off) ship at Guangzhou port in southern China on February 22, 2025. Photo: AFP. alt=BYD's EV being loaded on NYK Line's ro-ro (roll on/Roll off) ship at Guangzhou port in southern China on February 22, 2025. Photo: AFP.>
The EU imposed tariffs on made-in-China cars at the end of last October after an anti-subsidy probe. The US and Canada also introduced a 100 per cent tariff on Chinese-made EVs while US president Donald Trump threatens to impose more.
"Despite high tariffs, their domestic brand, BYD, shows no signs of slowing down their home and international expansion," Lester noted.
China dominates the EV supply chain, holding more than three-quarters of the world's production capacity for batteries. Mainland companies also account for more than two-thirds of the market in all of the categories of components needed to assemble EVs, according to Beijing-based Insight and Info Consulting.
BYD, in which Berkshire Hathaway's Warren Buffett holds a stake, doubled down on its research spending, announcing a plan to raise US$5.6 billion in a stock sale. BYD appears to be unfazed by tariffs, as its factories in Brazil, Hungary, Indonesia and Thailand approach completion to increase its production capacity, analysts said.
Europe's EV sales increased 20 per cent to 500,000 units in the first two months of the year, while deliveries in North America rose by the same quantum to 300,000 units, Rho said.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
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