MotiveAsia

China hits new milestone as NEVs exceed 50% of Oct auto sales

China Daily | English | News | Nov. 13, 2025 | UndeterminedOperating Results

China's new energy vehicle (NEV) market achieved a significant milestone in October 2025, with NEVs accounting for more than half (51.6%) of all new car sales nationwide for the first time. From January to October, China's total automobile production and sales reached approximately 27.7 million units each, marking over 10 percent growth year-on-year.

NEV production hit 13.02 million units, while sales reached 12.94 million units, reflecting robust year-on-year increases of 33.1 percent and 32.7 percent, respectively. The majority of NEV passenger car sales were priced between 100,000 yuan ($14,043) and 200,000 yuan, with cumulative sales in this price range reaching 5.45 million units, up 29.4 percent from the previous year.

Export figures for NEVs also saw rapid growth, with 2.01 million units exported from January to October, representing a sharp 90.4 percent increase year-on-year. This data highlights the strengthening domestic and international demand for China's new energy vehicles in 2025.

China's NEV sales surpass 50% of new car sales in Oct

Peoples Daily | English | News | Nov. 13, 2025 | UndeterminedEconomic Growth

China's new-energy vehicle (NEV) market showed strong growth from January to October 2025, with NEV sales surpassing 50 percent of all new car sales in October for the first time. Chinese automakers produced 27.69 million vehicles and sold 27.68 million during this period, up over 10 percent year-on-year. NEV production reached 13.02 million units, a 33.1 percent increase, while sales hit 12.94 million, up 32.7 percent.

Exports of NEVs also surged, with 2.014 million units shipped between January and October, marking a 90.4 percent increase year-on-year. The strong market performance was partly driven by nationwide auto trade-in subsidies and a consumer rush ahead of the planned halving of NEV purchase taxes in 2026. This policy shift caused buyers to accelerate their purchases to avoid paying a 5 percent tax after 2025.

Industry experts noted that promotional events like the Double 11 sales campaign supported sales but were not the primary driver. The underlying strength came from the quality and range of Chinese NEVs, which now cover a broad spectrum from affordable models to luxury vehicles, offering superior intelligence, performance, and reliability compared to traditional fuel cars and foreign competitors. This product quality has built trust among both average and high-income consumers, further boosting market demand.

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Foxconn Group Reportedly to Acquire Luxgen; Honhua Advanced Secures Own Brand… Completing the Electric Vehicle Industry Puzzle

Yahoo Finance | Local Language | News | Nov. 13, 2025 | UndeterminedMergers & Acquisitions

The Hon Hai Group (Foxconn) is reportedly planning to acquire the Luxgen brand from the Yulon Group through its joint venture Honghua Advanced. This acquisition would provide Hon Hai with its own electric vehicle (EV) brand, marking a significant step in completing its EV industry chain. The expected rebranding of the Luxgen n5 electric vehicle to "Foxtron Bria" reflects the transition to sales under Hon Hai’s Foxtron brand. Although no official confirmation has been made, industry insiders believe the deal is in its final stages pending board approval.

Luxgen, originally Yulon’s proprietary brand, has been shifting toward an asset-light model with Honghua Advanced becoming its primary production partner following a joint venture with Hon Hai five years ago. If the acquisition is completed, Luxgen would move from Yulon to Honghua Advanced's control, with Yulon maintaining a minority shareholding but relinquishing operational control over the brand. This move supports Hon Hai’s strategy to expand its global EV presence, with the n5 vehicle slated for launch in Taiwan in Q4 2025 and the U.S. version to begin shipping by year-end. From 2026, Hon Hai will contract manufacture for Mitsubishi Motors and export Model B–based EVs to multiple markets.

In broader corporate developments, Hon Hai posted record October revenues driven by strong AI server sales, reaching 895.7 billion NTD—a new single-month high—and is poised for positive Q4 and 2026 guidance amid global trade uncertainties. Additionally, Hon Hai is advancing cooperation with Sharp, planning to repurpose Sharp’s Kameyama No. 2 plant to produce AI servers starting in fiscal 2027, aiming to serve the Japanese market and capitalize on increasing demand from generative AI data centers. The expected sale of the facility to Hon Hai is anticipated to finalize by the end of 2025.

Financially, Honghua Advanced reported a net loss of 2.253 billion NTD for the first three quarters of 2025 despite revenue of 3.573 billion NTD, underscoring ongoing challenges in its EV business segment. Meanwhile, Yulon’s October consolidated revenue declined 3.41% year-on-year, reflecting broader market pressures. Other Taiwanese blue-chip firms such as TSMC and Nanya Technology also set new revenue records in October 2025, highlighting sustained strength in the semiconductor and electronics sectors.