By 2025, China's new energy vehicle (NEV) market will have taken on the characteristics of 'fast-moving consumer goods,' with rapid technological advancements leading to significant variations in residual values. According to data from the China Automobile Dealers Association and the auction industry, the domestic second-hand car market saw 9,570,100 units traded in the first half of the year, marking a 2% year-on-year increase, with transaction values surpassing RMB 600 billion. Among these transactions, NEV auctions have exhibited a unique 'bulk sales' trend. Unlike fuel vehicles, which are typically auctioned individually, NEVs, due to centralized updates by ride-hailing platforms, are often sold in large 'packages,' ranging from a dozen to a thousand units per batch, all with similar model years.

When it comes to residual values, NEVs still trail behind their fuel-powered counterparts. As of September 2025, the three-year residual value rate for plug-in hybrid models stood at 43.2%, while for pure electric models, it was 42.8%. In contrast, fuel vehicles maintained an overall residual value rate exceeding 50%. However, some leading NEV brands have managed to stand out. Models such as the Wenjie M9, Xiaomi SU7, and Li Auto L9 have achieved one-year residual value rates exceeding 80% and three-year rates surpassing 50%, approaching the levels of fuel vehicles.

The core reason behind this divergence in residual values lies in the accelerated technological iterations. The update cycle for core components of NEVs has shortened to just 2-3 years, a stark contrast to the 15-20-year lifespan of mature fuel vehicle technologies. From a market perspective, the average auction price for second-hand NEVs in the first half of 2025 was RMB 46,400 for pure electric models and RMB 61,100 for plug-in hybrid models, both lower than the RMB 38,700 average for fuel vehicles. Nevertheless, leading NEV brands have remained resilient in pricing, thanks to strong market demand.

Driven by both policy incentives and market forces, the penetration rate of NEVs continues to soar, reaching 53.3% in the first half of 2025. Full-year sales are expected to exceed 16.5 million units. However, the industry still faces the challenge of reconciling technological iterations with residual values. To address this, measures such as improving battery lifespans and refining residual value assessment systems will be crucial.