Compared with the situation where the service life of ICEs mainly concentrates on more than 6 years, NEVs are updated and replaced more frequently, resulting in a general service life of within 2 years, and the proportion of those with a service life of over 4 years has decreased significantly. This also brings huge room for the used NEV market.

Compared with ICEs, the transaction prices of used NEVs have dropped sharply. In 2025 Q1, the average transaction price of used NEVs was 129.6k yuan, a decrease of 6.8% compared to 2024, while ICEs saw a decrease of 2.9% compared to 2024. Among the major market segments, B-SEDAN and A-SEDAN have seen a decline of more than 10%, while B-SUV and A-SUV have decreased by 8.6% and 6.4% respectively.

The trading volume of used NEVs has rapidly increased in various provinces and cities. Among regions with over 10% share in national used NEV transactions, Shanghai accounts for nearly 20%, Henan accounts for more than 15%, and Tianjin and Hainan reach 13.9% and 13.4% respectively. In addition, Hebei, Beijing, etc. also exceed 10%.

In the BEV market, vehicles using BYD’s 125-140Wh/kg battery packs accounted for approximately 125k units, while those with 140-160Wh/kg packs reached 77k units, with the PHEV/EREV market dominated by <125Wh/kg battery packs at around 256k units.

Compared to the same period last year, BYD’s internal battery usage share decreased to 78.7% in the first two months of 2025, while its supply to other manufacturers reached 21.3%. Among these external customers, XPeng and Onvo ranked top two in terms of battery usage.

In the top ten rankings of model battery usage, XPeng’s MONA m03 ranks first with a usage of 1.8 GWh, accounting for a high proportion of 11.5%. Onvo’s L60 ranks sixth with a usage of 0.7 GWh, accounting for 4.4%. The remaining models in the list are all under BYD.

Export volume has increased year by year, with Chery passenger vehicles growing from 26k units exported in 2015 to 700k units in 2024, with exports accounting for nearly 30% of its total sales.

ICEs remain Chery’s main sales type, accounting for more than 80% of its total internal sales. BEVs have been promoted for several years but still cannot bear the main burden. PHEV+EREV has already surpassed BEV.

Chery PV currently has four brands, among which the Chery brand’s share has shrunk to 69%, while Jetour maintains a 22% share, and Exeed and Luxeed (the latter in collaboration with Huawei) together account for 8%. Tiggo 8, Jetour T-1, Exeed M38T, and Luxeed S7 are the main selling models for each brand.

Chery PV sales are currently concentrated in the 100k-200k RMB range, increasing from 46% in 2020 to 63% in 2024. The proportion of 200k-300k models has also increased to 11%. Upward movement in product strength has achieved positive results.

Except for North America, which declined by 27.9%, Chery’s exports to other regions showed significant growth in 2024. Europe and Asia are its main export regions, accounting for 45% and 32% of the share respectively.

Among the top 10 export countries, Russia is Chery’s main export destination, accounting for 36.8% of export share and growing 21% YoY in 2024. Mexico is the only country among the top ten that declined YoY, while Brazil grew by more than 86%, ranking third.