Chinese EV brands set ambitious target for 2025, with incentives to tap govt's trade

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By Chu Daye (Global Times) 11:16, February 06, 2025

Voyah, the luxury EV brand of Dongfeng Motor Corp, has set a 133 percent year-on-year growth target for the year, eyeing the delivery of 200,000 units, according to Hubei Daily on Monday.

Avatr Technology, an EV brand based in Southwest China's Chongqing Municipality, has targeted a 199-percent increase for the year, according to the report.

The luxury version of Xiaomi's flagship EV, the SU7 Ultra, will be launched at the end of February, with a sales target of 10,000 units for this year, founder Lei Jun said on his Red Note account on Wednesday, according to Reuters.

US EV maker Tesla has thrown out its biggest ever discount package in the Chinese market in history, offering consumers buying Model 3 with 8,000 yuan ($1,100) worth of insurance subsidies and five-year car loans with zero interest and charging pole entitlements simultaneously, according to the Securities Times on Wednesday.

Nio, which said in November that it was eyeing doubling annual sales for 2025, also rolled out financing promotions on February 1, according to a statement sent to the Global Times.

Brands are banking on a nationwide auto trade-in program, which saw over 5 million units in upgrades and new purchases with subsidies as of December 10, according to the Ministry of Commerce.

China's auto sales will continue to receive a boost from trade-in programs in 2025, Cui Dongshu, secretary general of the China Passenger Car Association, told the Global Times on Wednesday.

(Web editor: Tian Yi, Zhong Wenxing)