The recent growth slowdown comes despite generous government incentives and heavy discounting by vehicle manufacturers and dealers. This follows a 38% rise to 9.495 million units in 2023, with NEVs accounting for 32% of total vehicle output. More recently, Geely’s NEV sales almost doubled to over 1 million units in the first eight months of 2025. Battery electric vehicle (BEV) sales surged by 46% to 6.154 million units in this period, while plug-in hybrid vehicle (PHEV) sales rose by just 22% to 3.468 million units. This indicates a significant level of market saturation in the short-term, despite the availability of generous sales incentives.