On April 7, 2026, the Ministry of Industry and Information Technology released the 2025 passenger vehicle corporate average fuel consumption and new energy vehicle credit accounting results. BYD Company Limited secured a commanding lead in both categories. The company achieved 14,818,718 average fuel consumption credits and 5,482,572 new energy vehicle credits, significantly outperforming the industry and even surpassing the combined totals of several other automakers.
The Dual Credit Policy is a key industrial measure implemented by China to promote the development of new energy vehicles. Officially titled the Parallel Management Method for Passenger Vehicle Corporate Average Fuel Consumption and New Energy Vehicle Credits, the policy stipulates that positive credits can be traded through market channels. Companies with negative credits must offset them by purchasing positive credits within a specified timeframe or face severe penalties, including suspension of high-fuel-consumption vehicle production and approvals. This market-based incentive mechanism pressures traditional automakers to accelerate energy efficiency improvements and electrification, while providing additional revenue for NEV-focused manufacturers to reinvest in R&D, thereby driving supply-side reform and high-quality development in the automotive sector.
BYD's outstanding dual credit performance stems from its sustained market strength and deep technological expertise. In 2025, BYD's cumulative sales of new energy vehicles exceeded 4.6 million units, a year-on-year increase of 7.73%. Sales of pure electric models surpassed 2.25 million units, surging 27.86% year-on-year. This performance not only propelled BYD ahead of Tesla to become the global leader in pure electric vehicle sales but also secured the company the top spots as the best-selling automaker and brand in the Chinese automotive market, as well as the global leader in new energy vehicle sales. Concurrently, BYD achieved breakthrough growth in overseas markets, with annual exports of passenger vehicles and pickup trucks exceeding 1.04 million units, a remarkable 145% increase, marking the first time the company surpassed the one-million-vehicle export milestone.
Sustained high-intensity R&D investment is the core foundation supporting BYD's leading position in the dual credit assessment. In 2025, BYD's R&D expenditure reached 63.4 billion yuan, a 17% year-on-year increase, with cumulative R&D investment exceeding 240 billion yuan. Leveraging core technologies such as the Blade Battery and DM-i super hybrid system, BYD has established a dual-track product matrix of "pure electric + plug-in hybrid" vehicles covering all price segments.
At every critical juncture of industrial development, BYD has consistently aligned its corporate strategy with national objectives. The core aim of the Dual Credit Policy is to promote energy conservation, emissions reduction, and accelerated electrification within the automotive industry—a direction BYD has steadfastly pursued for over two decades. BYD has internalized policy requirements as a driving force for its long-term development, utilizing comprehensive technological innovation across the value chain and a full portfolio of electrified products to provide a replicable benchmark for policy implementation, achieving true synergy between corporate growth and national strategy.
As a leading enterprise in the new energy vehicle industry, BYD remains committed to promoting the widespread adoption of NEVs through accessible technology, bringing green mobility to households worldwide. Amid the global trend towards low-carbon transformation in the automotive industry, BYD not only provides essential support for China's automotive sector to achieve a competitive leapfrog but also exports a Chinese model for NEV industry development to the world, continuously contributing China's strength to the realization of global carbon peak and neutrality goals.
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