伯恩斯坦-电动汽车追踪报告：2025年10月：年底电动汽车销售增长停滞

4 December 2025Global Energy StorageEV TRACKER - October 2025: EV sales growth stalls into year endNeil Beveridge, Ph.D.+852 2123 2648neil.beveridge@bernsteinsg.comEunice Lee, CFA+852 2123 2606eunice.lee@bernsteinsg.comStephen Reitman+44 20 7762 5535stephen.reitman@bernsteinsg.comVenugopal Garre+65 6326 7643venugopal.garre@bernsteinsg.comMasahiro Akita+81 3 6777 6998masahiro.akita@bernsteinsg.comHarry Martin, CFA+44 20 7676 8965harry.martin@bernsteinsg.comSteve Pereira Fernandes, CFA+44 20 7676 7254steve.pereira-fernandes@bernsteinsg.comBrian Ho, CFA+852 2123 2615brian.ho@bernsteinsg.comHengliang Zhang+852 2123 2629hengliang.zhang@bernsteinsg.comGali Salvatorelli Naraghi+44 20 7676 6741gali.salvatorelli-naraghi@bernsteinsg.comAlice Buckley+44 20 7676 6739alice.buckley@bernsteinsg.comMika Fu+852 2166 4805mika.fu@bernsteinsg.comTomohiro Kashimoto+81 3 6777 6975tomohiro.kashimoto@bernsteinsg.comOctober’25 global passenger xEV (BEV + PHEV) sales reached 1.92M (+9% YoY,-8% MoM). 2025YTD xEV sales grew by 24% YoY to 16.4M units. For October, Chinaaccounted for 66% of global xEV sales followed by Europe at 19% and N. America at 6%.Readers can download the EV tracker data set here: Model: Monthly EV Tracker.Sales growth of EVs in China slowed to +2% YoY, while the U.S. saw a sharp -30%YoY decline following the removal of CVC incentives. In contrast, Europe and the RoWrecorded strong growth. EV sales in China were 1,276K units (+2% YoY) in October and10.2M units YTD (+22% YoY). European EV sales remained solid at 370K units (+37%YoY, +33% YTD). N. America saw a decline in demand with EV sales of 110K units (-30%YoY, +5% YTD). RoW grew by 80% YoY to 166K units.Outside of China the YoY growth rate of PHEV sales (35%) exceeded BEV (21%),but BEV demand remained stronger in China (19% vs. -17%). PHEV sales declined by8% y-o-y to 645K units in October’25 (+13% 25YTD, +53% in 2024) while BEVs grew by+19% to 1,277K units (+31% 25YTD, +14% in 2024). BEV sales accounted for 63% ofChina xEV sales, 67% for Europe, 80% for North America and 82% for RoW in this month.Among the OEMs, BYD, Geely and Tesla continued to lead sales, although bothBYD and Tesla posted a YoY sales decline. In October, BYD (SNE data) sold the mostmonthly units with 315K (-34% YoY, flat YTD). Geely was second at 124K units (+81% YoY),followed by Shanghai GM Wuling with 111K units (+32% YoY). Tesla sold 90K units (-27%YoY, -8% YTD) including 57K of Model Y and 29K of Model 3. For European brands, VWwas strongest with 43K units (+47% YoY), BMW sold 42K units (+3%), Mercedes 29K units(-2%), and Volvo 25K units (-9%).Li-ion battery demand for passenger EVs increased 15% YoY to 94GWh in Octoberwhich was higher than xEV sales. Battery sales in China were 57.0GWh (+13% YoY),Europe were 19.5GWh (+33% YoY), N. America were 8.5GWh (-27% YoY). 2025YTDbattery demand was up +28% YoY at 814GWh.SVOLT, Gotion and CALB posted the fastest growth YTD. CATL market shareremained at 36% in 2025YTD. For October, CATL