According to the latest figures released by the CPCA Sub-branch, the retail penetration rate of domestic new energy vehicles (NEVs) surged to 49.5% in February, marking a significant 15-percentage-point jump from the corresponding period last year. Breaking down the numbers, independent brands led with a 70% penetration rate, followed by luxury vehicles at 23%, while mainstream joint venture brands lagged behind at 4%.

In terms of monthly retail market share, independent brands of NEVs dominated with a 73% share in February, up 4.4 percentage points year-on-year. Conversely, joint venture brands saw their share drop to 2.1%, a decline of 1.9 percentage points compared to the previous year. Notably, emerging brands, with Xiaomi Auto as a notable contributor, increased their market share to 19.9%, a 2.6-percentage-point rise year-over-year. Tesla, however, experienced a decrease in its share to 3.9%, down 4 percentage points from the same period last year.