BEIJING -- China's automobile production and sales both exceeded 34 million units last year, setting a new record high, industry data showed on Wednesday.

Total auto output reached 34.531 million units last year, up 10.4 percent compared with the 2024 level, while sales rose 9.4 percent year-on-year to 34.4 million units, according to the China Association of Automobile Manufacturers (CAAM).

China's auto output and sales remained first globally for 17 consecutive years, the association noted. Automobile production and sales have remained above 30 million units for three consecutive years.

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New energy vehicles (NEVs) accelerated their growth momentum, with production and sales totaling 16.626 million and 16.49 million units, respectively, marking respective year-on-year increases of 29 percent and 28.2 percent, and maintaining the top position in the world for 11 straight years, the CAAM confirmed.  

Second-hand vehicle sales top 20 million 

China's used car market hit a record high in 2025, with transactions topping 20 million units, according to data from the China Automobile Dealers Association (CADA).

In December, the vehicle transfer rate, a key gauge of cross-regional circulation, climbed to 34.9 percent, up 4.7 percentage points from a year earlier.

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The increase has helped unlock the circulation value of used vehicles and ease inventory pressure on local dealers, said Luo Lei, vice-president of CADA.

Supported by the continued expansion of China's new energy vehicle (NEV) holdings, used NEV transactions reached 1.6 million units in 2025, accounting for 7.9 percent of total used car sales, an increase of 2.2 percentage points year-on-year.

Looking ahead, Luo said that measures to rein in excessive competition in the auto industry, combined with the broader rollout of vehicle trade-in programs, are expected to help stabilize new car prices in 2026, thereby creating more favorable conditions for the used car market.