In a research report issued by Huatai Securities, the passenger vehicle sector exhibited robust performance in the first quarter of 2025, fueled by trade-in incentives. Revenue surged by 8% year-over-year, while net profit attributable to shareholders climbed by 19% over the same period. Notably, independent new energy vehicle brands witnessed enhanced profitability, contrasting with a decline in sales for joint venture brands. Huatai Securities anticipates that the passenger vehicle market will sustain its momentum in the second quarter, propelled by pro-consumption policies and the introduction of intelligent new vehicles.
