[Reading Financial Reports] Listed Automakers' February Sales: Total Vehicle Sales Exceed 1.24 Million Units, Growth in Companies like Golden Dragon Automobile and Zhongtong Bus Accelerating

Source: Xinhua Finance

Xinhua Finance Beijing, March 20 — Recently, automakers have been releasing their February sales data. Xinhua Finance and Bread Finance researchers analyzed the monthly sales figures disclosed by major auto manufacturers listed on the A and H shares, focusing on total vehicle and new energy vehicle (NEV) sales.

According to the data compiled from the announcements, 20 A and H share-listed automakers disclosed their February sales figures. In February 2026, these 20 companies sold a total of 1.248 million vehicles, a year-over-year decrease of 15.32%. Compared to January 2026, companies like Golden Dragon Auto and Zhongtong Bus saw faster sales growth in February; meanwhile, BAIC Blue Valley and Seres experienced slower growth.

Additionally, 16 companies disclosed NEV (including passenger and commercial vehicles) sales data. In February, total NEV sales were approximately 567,600 units, down 20.17% year-over-year, with a NEV penetration rate of about 46.64%. BYD and Geely Auto each sold over 100,000 units; NIO, Geely Auto, and Dongfeng Group showed the highest YoY growth rates.

Total vehicle sales down over 15% YoY; SAIC Motor, Geely Auto, and BYD lead in monthly sales

In February 2026, the 20 listed automakers on the A and H shares sold a combined total of 1.248 million vehicles, a decrease of 15.32% YoY and 19.43% MoM.

Figure 1: Vehicle sales of A and H share-listed auto companies

Data shows that SAIC Motor ranked first with 269,500 units sold in February, followed by Geely Auto, BYD, and Changan Automobile. In terms of YoY growth, Shuguang Co., NIO, and others saw over 50% growth; Golden Dragon Auto and Zhongtong Bus grew over 20%. Conversely, XPeng Motors and five other companies experienced declines of over 20% YoY.

Compared to January 2026, companies like Golden Dragon Auto and Zhongtong Bus saw significant acceleration in sales growth; meanwhile, BAIC Blue Valley and Seres experienced slower growth in February.

Figure 2: February 2026 vehicle sales ranking of A and H share-listed auto companies

SAIC Motor sold 269,500 vehicles in February 2026, down 8.64% YoY. Among its brands, IM Motors and SAIC Passenger Car achieved YoY growth of 77.71% and 34.80%, respectively; SAIC-GM Wuling Indonesia, SAIC-GM, and SAIC Volkswagen all saw declines exceeding 15%.

Golden Dragon Auto sold 4,326 vehicles in February 2026, a YoY increase of 48.05%. Notably, medium-sized buses grew by 271.98%, while light and large buses increased by 38.04% and 15.61%, respectively.

NIO, Geely Auto lead in NEV sales growth in February

Based on the announced data, 16 listed automakers disclosed their NEV (including passenger and commercial vehicles) sales for February.

In February 2026, these 16 companies sold approximately 567,600 NEVs, down 20.17% YoY and 16.05% MoM. The NEV penetration rate for the month was about 46.64%, up 1.99 percentage points from January 2026.

Figure 3: NEV sales of A and H share-listed auto companies

Data shows BYD, Geely Auto, and SAIC Group ranked the top three with NEV sales of 190,200, 117,500, and 71,300 units, respectively. In terms of growth, NIO, Geely Auto, Dongfeng Group, and BAIC Blue Valley each experienced YoY increases of over 15%; meanwhile, Qianli Technology and XPeng saw declines exceeding 45%.

Compared to January 2026, the YoY growth rate of NEV sales for Li Auto and NIO increased, while four companies including Foton Motor and BAIC Blue Valley saw declines of over 80 percentage points in February.

Figure 4: February 2026 NEV sales ranking of A and H share-listed auto companies

NIO sold 20,800 NEVs in February 2026, a 57.65% YoY increase. Its high-end smart electric vehicles totaled 15,159 units, up 65.8%; its Leado brand’s family smart electric cars declined by 26.38% to 2,981 units; and its Firefly brand’s high-end smart electric cars totaled 2,657 units.

Foton Motor sold 4,390 NEVs in February 2026, up 42.14%, while total vehicle sales were 41,200 units, down 12.83% YoY.

【Financial Report Reading】 is a column jointly produced by Xinhua Finance and Bread Finance, mainly focusing on interpreting financial reports of listed companies. Xinhua Finance is a national financial information platform built by Xinhua News Agency, covering global stock markets, forex, bond markets, and providing authoritative, professional, and comprehensive financial information services.