Geely Automobile's Xing Yuan emerged as China's best-selling electric vehicle last year, overtaking BYD's Seagull and Tesla's Model Y.
The Hong Kong-based South China Morning Post reported on the 23rd, citing data from the state-run China Automotive Technology and Research Center (CATARC), that Xing Yuan topped mainland China's EV sales rankings. The model sold approximately 459,000 units in China last year, more than eight times the 52,570 units sold in 2024.
Industry analysts attribute the surge to the vehicle's low-price strategy. The Xing Yuan is priced between 68,800 and 98,800 yuan (approximately 14.41 million to 20.70 million won), depending on specifications.
Wuling's Hongguang Mini, competing in the same price segment, ranked second with 427,000 units sold, up 55% year-on-year. The ultra-compact EV is priced between 38,300 and 99,900 yuan (approximately 8.02 million to 20.93 million won).
Tesla's Model Y, which led sales in 2024, fell to third place after selling only 382,300 units last year, a 21% decline from the previous year. BYD's Seagull, produced by the world's largest EV maker, also slipped from second to fourth place as China sales dropped 31% to 307,000 units. The Seagull starts at 69,800 yuan (14.63 million won).
"Despite Tesla introducing various installment programs for the Model Y, priced between 260,000 and 310,000 yuan (approximately 54.48 million to 64.96 million won), sales remained sluggish," SCMP reported. "This demonstrates the fierce competition among mainland Chinese EV manufacturers."
Meanwhile, China's State Administration for Market Regulation announced "Compliance Guidelines for Pricing Practices in the Automobile Industry" on the 11th, prohibiting the sale of new vehicles below production costs through any means, including discounts or subsidies.