In February 2026, influenced by seasonal factors such as the Spring Festival holiday, China's automotive market faced significant pressure on retail sales, with most automakers showing a month-on-month decline. However, within the overall weak market environment, the performance of different automaker groups varied significantly: traditional automakers adjusted steadily, leading new energy vehicle (NEV) makers sought breakthroughs amid transformation, and new EV startups competed fiercely, each showcasing their strengths.
According to disclosed February sales figures, the auto market is exhibiting a pattern of "short-term pressure but long-term positive" development. Meanwhile, global expansion and product portfolio upgrades have become core strategies for automakers to break through.
**Divergent Performances Among Leading Automakers; SAIC Group Takes Sales Crown** Among traditional automakers, leading companies demonstrated strong resilience during market fluctuations, leveraging their deep systemic foundations while accelerating their transition to new energy vehicles. SAIC Group sold 269,465 vehicles in February. Although this represented an 8.6% year-on-year decrease, it was enough to secure the top sales position for the month. Furthermore, SAIC's cumulative sales from January to February reached 597,000 vehicles, achieving a 6.8% year-on-year increase, highlighting a robust development trend. In detail, SAIC-GM-Wuling and SAIC Motor Passenger Vehicle were the main contributors, with sales of 101,000 and 61,000 vehicles respectively. SAIC Motor Passenger Vehicle notably achieved a 34.8% year-on-year increase, serving as the core growth engine for the group and underscoring significant results from its NEV transition and product upgrades.
Geely Auto also demonstrated stable performance, with February sales reaching 206,160 vehicles, a slight increase of approximately 0.6% year-on-year, achieving growth against the market downturn. The brand structure within Geely showed a "polarization" trend: the Geely brand itself sold 154,934 vehicles this month, down 10.8% year-on-year, while the Lynk & Co and Zeekr brands performed impressively with year-on-year growth of 59% and 70% respectively, becoming key drivers for the group's growth. Notably, Geely Group's NEV sales in February reached 117,488 vehicles, up 19% year-on-year, with the NEV sales mix rising to 57%, indicating that its new energy transition has entered a scaled development phase with notable success in product upgrades.
BYD, as the NEV industry leader, displayed a pattern of "overall volume decline but outstanding overseas performance" in February. Data shows BYD sold 190,190 new energy vehicles in February, a decrease of approximately 41.1% compared to the same period last year. However, BYD achieved a major breakthrough in its global strategy, with overseas sales in February reaching 100,151 vehicles, surpassing domestic sales for the first time and representing a 41.4% year-on-year increase. Cumulative overseas sales for January-February exceeded 200,000 vehicles, showing rapid development in key markets like Southeast Asia, Latin America, and Europe.
Chery Automobile reported total sales across its five brands of 160,765 vehicles in February, an 11.1% year-on-year decline. Sales of the core Chery brand were 107,781 vehicles, achieving a slight year-on-year increase of 1.4%. Overseas, Chery Group's cumulative exports have surpassed 6 million vehicles, with monthly exports exceeding 100,000 for 10 consecutive months, making international markets a crucial pillar for its growth.
Great Wall Motor (GWM) sold 72,594 vehicles in February, a decrease of 6.79% year-on-year and 19.6% month-on-month. However, cumulative sales for January-February still achieved a 2.58% year-on-year increase. Among its brands, Haval brand saw a marginal 0.83% year-on-year increase, while Wey brand grew 54.13% year-on-year. Brands like Tank, Ora, and GWM Pickup experienced varying degrees of decline, reflecting the challenges and opportunities faced by its brand portfolio during this market adjustment period.
**Fierce Competition Among New EV Startups; Leapmotor Performance Remains Stable** The new EV startup segment in February showed a competitive landscape characterized by "stability at the top and divergence lower down." Deliveries for most companies declined month-on-month, but year-on-year performances varied significantly.
Leapmotor continued to hold the top position among startups, delivering 28,067 new vehicles in February, an 11% year-on-year increase. Cumulative deliveries for the first two months reached 60,126 vehicles, up 19.16% year-on-year, demonstrating strong development resilience. Cumulative sales of its B-platform models have approached 200,000 units, placing it in the first tier of mainstream NEVs in the 100,000-yuan price range. The upcoming pre-sale of its new model, the A10, equipped with several premium features, is expected to further enhance its market competitiveness.
Li Auto secured the second position among startups, delivering 26,421 new vehicles in February, a slight 0.6% year-on-year increase. Although down month-on-month, its overall performance remained relatively stable. As of February 28th, Li Auto had established 539 retail centers, 548 after-sales service and authorized repair centers, and 4,054 supercharging stations across the country, with this comprehensive service network providing strong support for stable sales.
NIO ranked third in deliveries, with a total of 20,797 vehicles delivered in February, a substantial 57.65% year-on-year increase. The new ES8 was a key contributor, with 11,260 units delivered in February and cumulative deliveries surpassing 70,000 units. To further stimulate sales, NIO introduced purchase tax subsidies and low-interest financial schemes for the new ES8, continuously optimizing the customer purchase experience.
Xiaomi Auto continued its typical style of announcing large round numbers, not disclosing specific February sales figures but stating deliveries exceeded 20,000 units, roughly flat compared to the previous year. Xiaomi Auto is currently preparing for the mass production of its next-generation SU7 model while continuing to expand its offline stores to build momentum for future growth.
XPeng faced some pressure, delivering 15,256 vehicles in February, a significant 49.9% year-on-year decrease and a 23.76% month-on-month drop. In this context, XPeng is accelerating its overseas expansion. The new XPeng G6 launched in the UK in February, and the new XPeng P7+ began large-scale shipments overseas, with plans to enter the New Zealand market. International markets have become a crucial direction for XPeng to break through its current bottlenecks. Additionally, the upcoming launch of the 2026 XPeng X9 pure electric version is expected to enhance product competitiveness with its core configurations.
**Commentary: Seasonal Factors Drive February Slump** From an industry-wide perspective, the month-on-month sales decline in February clearly carries seasonal characteristics. The China Automobile Dealers Association pointed out that due to the Spring Festival holiday, the number of effective sales days in February decreased significantly, and store foot traffic dropped sharply. Factors such as pre-holiday inventory clearance, adjustments to NEV purchase tax policies, and consumer anticipation of promotions at spring auto exhibitions exacerbated wait-and-see attitudes. Over 70% of dealers reported February sales fell short of expectations. However, with workers returning to cities after the holiday and the commencement of spring auto exhibitions in many regions, terminal customer traffic and sales are expected to rebound month-on-month in March.
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