According to preliminary monthly data from the China Passenger Car Association (CPCA) on September 2nd, August nationwide new energy passenger vehicle manufacturer wholesale sales reached 1.3 million units, up 24% year-over-year and 10% month-over-month. Cumulative wholesale sales for January-August totaled 8.93 million units, up 34% year-over-year.

Bank of Communications International noted that multiple new models are set to launch in Q3 and Q4 2025, including Li Auto i6, NIO ES8, and Aito M7, which will further enrich market supply. With the traditional "Golden September Silver October" sales peak season approaching and automakers rolling out promotional policies, Bank of Communications International is optimistic about September NEV sales.

The CPCA pointed out that recent electrification breakthroughs by major automakers and the launch of some blockbuster new products drove structural high growth in the August auto market. In August, manufacturers including GEELY AUTO, LEAPMOTOR, Dongfeng Motor, XPENG, NIO, Dongfeng Nissan, and GAC Toyota achieved record-high monthly NEV wholesale sales, while Great Wall Motor and FAW Hongqi also delivered excellent performance with near-record monthly figures. Many second-tier automakers performed exceptionally well, boosting overall NEV sales.

On September 1st, major automakers released their August sales data as scheduled, with the NEV market remaining red-hot. Based on published August sales data, traditional automotive giants continue to control the market fundamentals.

BYD COMPANY maintained its leading position with 373,600 units, nearly matching last year's performance. Pure electric passenger vehicle sales reached 199,600 units, accounting for over 50%, while plug-in hybrid models continued their strong performance.

GEELY AUTO followed closely with 147,300 NEV sales, up 38% year-over-year. Particularly noteworthy, Geely Galaxy achieved 110,600 units in August, surging 173% year-over-year to a record high.

SAIC Group's August NEV sales reached 129,800 units, up 49.89% year-over-year. Its IM Motors sold nearly 6,600 units, up 42.9% year-over-year, with the new IM L6 ranking among the top three in the RMB 200,000+ mid-to-large pure electric sedan market.

Among new forces, LEAPMOTOR delivered 57,100 units, setting a new record and becoming the biggest dark horse among new forces. XPENG-W and NIO-SW delivered 37,700 and 31,300 units respectively, also achieving their best historical performance.

Huawei-supported Hongmeng Smart Travel delivered 44,579 new vehicles across all series in August, with an average transaction price of RMB 380,000, achieving both volume and price growth. Aito M9 delivered 10,067 units, becoming the sales champion in the RMB 500,000+ market segment; M8 delivered 21,537 units, taking the lead in the RMB 400,000 market.

Additionally, Xiaomi Auto's August deliveries continued to exceed 30,000 units. Leveraging brand influence, intelligent advantages, and strong supply chain integration capabilities, it quickly established a foothold in the market.

Dongfeng Group's subsidiary Yipai Technology achieved 29,118 units in August, up 62.39% year-over-year; Voyah delivered 13,505 units in August, up 119% year-over-year. These brands are rapidly capturing market share with traditional automakers' supply chain support and technological accumulation.

Bank of Communications International pointed out that multiple new models are set to launch in Q3 and Q4 2025, including Li Auto i6, NIO ES8, and Aito M7, which will further enrich market supply. With the traditional "Golden September Silver October" sales peak season approaching and automakers rolling out promotional policies, Bank of Communications International is optimistic about September NEV sales. The firm is bullish on XPENG's G7/new P7/range-extended models launching successively, driving sales and gross margin improvement; GEELY AUTO's privatization of Zeekr promoting internal resource integration; and Seres' Aito series further expanding the high-end market and boosting profitability.

Minsheng Securities released a research report stating that according to CPCA's preliminary estimates, August narrow passenger car retail market size was approximately 1.94 million units, up 2.0% year-over-year and 6.2% month-over-month, with NEV retail expected to reach 1.1 million units, achieving a penetration rate of around 56.7%.

In August, the country continued to regulate NEV competition order, with terminal discounts contracting and price systems becoming more stable. Meanwhile, new batches of subsidy funds gradually arrived, various regions gradually restarted trade-in policies and optimized subsidy mechanisms, further releasing terminal consumption potential and achieving steady overall market growth.

**Related Concept Stocks:**

**BYD COMPANY (01211)**: BYD's August auto sales reached 373,600 units, with overseas growth particularly significant. Monthly NEV exports reached 80,800 units, more than doubling compared to last year, accelerating global expansion.

**GEELY AUTO (00175)**: Geely's total August sales reached 250,200 units, up 38% year-over-year and 5% month-over-month. NEV sales growth was impressive at 147,300 units, up 95% year-over-year and 13% month-over-month, with NEV penetration reaching 59%, demonstrating significant NEV transformation results.

**SAIC Group (600104.SH)**: On September 1st, SAIC Group officially announced August total vehicle sales of 363,371 units, up 41.04% year-over-year, including NEV sales of 129,771 units, up 49.89% year-over-year.

**LEAPMOTOR (09863)**: After LEAPMOTOR first broke the 50,000-unit barrier in July this year, August sales momentum remained strong at 57,100 units. This marks LEAPMOTOR's eighth consecutive month of sales growth and second consecutive month exceeding 50,000 units.

**XPENG-W (09868)**: In August, XPENG delivered a total of 37,700 new vehicles, up 169% year-over-year and 3% month-over-month, setting a new record. From January to August 2025, XPENG delivered a cumulative 271,600 new vehicles, up 252% year-over-year.

**NIO-SW (09866)**: In August 2025, NIO delivered 31,300 new vehicles, up 55.2% year-over-year, selling 10,300 more units than the previous month, setting a new record.