Kicking off the year with a bang, wholesale sales of new energy passenger vehicles surged significantly in January 2025, hitting a record-breaking 890,000 units, representing a robust 27% year-over-year growth. This stellar performance stood in stark contrast to the 13% year-over-year decline observed in wholesale sales of traditional vehicles. The retail market for new energy vehicles likewise thrived, experiencing a 27% year-over-year increase, intensifying competition in the fuel vehicle market. The market penetration of new energy vehicles continued its upward trajectory, with the January wholesale penetration rate soaring to 41.5%, marking a 9 percentage point increase from the previous year. Notably, domestic brands led the charge with a penetration rate of 54%, followed by luxury vehicles at 34%, while mainstream joint venture brands lagged behind at just 2%. In terms of vehicle types, pure electric vehicles (EVs) dominated the market with a 58% share, extended-range electric vehicles (EREVs) accounted for 9%, and plug-in hybrid electric vehicles (PHEVs) in a narrow sense claimed 34% of the market.