Performance of the New Energy Vehicle Supply Chain in the First Quarter

In the first quarter of 2025, the supply chain of new energy vehicles has shown a complex and diverse development trend in the global market.

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According to data from the China Association of Automobile Manufacturers, in the first quarter of this year, the production of new energy vehicles in China reached 2.833 million units, a year-on-year increase of 22.5%; the sales volume was 2.778 million units, a year-on-year increase of 21.9%. This growth not only benefits from domestic consumers' preference for new energy vehicles but also from the continuous launch of new models and the improvement of product performance and service quality by various automakers. For example, some automakers have introduced new energy models with long endurance and high intelligence, which have been widely welcomed by the market and stimulated consumers' purchasing desire.
In the core segment of the supply chain, the power battery field, the market concentration is high and the competition is fierce. In the first quarter of 2025, the combined market share of the top 5 power battery suppliers reached 83.9%. Leading enterprises, with their leading technology research and development capabilities, large-scale production capacity layout, and extensive customer base, accounted for 42.3% of the market share and had an installed capacity of 43,287 MWh. Through the vertical integration strategy of its parent company and the breakthrough of blade battery technology, another enterprise has a market share of 26.8% and an installed capacity of 27,458 MWh. It not only has a penetration rate of over 95% in the models of its parent company but also has successfully expanded to external customers such as FAW Hongqi and Toyota, demonstrating strong market competitiveness.
In the battery management system (BMS) segment, automakers have an increasingly strong pursuit of independent control. With full application in all models of its parent company, one enterprise occupies 33.2% of the market share. Another enterprise mainly serves brands such as Zeekr and Lynk & Co, ranking among the top with an 8.5% market share. A third enterprise has achieved independent development of algorithms and hardware in the BMS field through comprehensive in-house research and development, accounting for 3.1% of the market share. This trend of automakers' independent control of core technologies will further promote the innovation and development of BMS technology.
The drive motor industry is at a critical juncture of technological transformation and ecological reconstruction. Three leading enterprises ranked among the top three in the first quarter. The first enterprise has a market share of 27.5%, while the second and third enterprises both have a market share of 6.0%. The gap in installed capacity among the three is minimal, and the competition is extremely intense. Technological innovation has become the key to the development of drive motor enterprises. High-efficiency, lightweight, and intelligent drive motor products are constantly emerging to meet the performance improvement requirements of new energy vehicles.
There is also a clear trend of integration in the motor controller industry. Three enterprises, including the first-ranked one with a 27.6% market share, together account for 46.1% of the market share. The motor controller is an important part of the vehicle's electronic and electrical architecture, and the technical integration degree and independent control ability have become important symbols of automakers' technical strength. Enterprises are enhancing their competitiveness in the market by continuously improving the performance and reliability of motor controllers.
In the field of power devices, significant progress has been made in domestic substitution. Three domestic enterprises, including BYD Semiconductor, CRRC Times Semiconductor, and Shilan Microelectronics, together account for 49.4% of the market share, with BYD Semiconductor ranking first with a 27.5% share. This indicates that domestic enterprises have formed a systematic strategic advantage in the field of automotive power devices, gradually breaking the monopoly of foreign enterprises and providing strong support for the independent and controllable development of China's new energy vehicle industry.
In the future, with continuous technological progress, the continuous release of market demand, and the continuous improvement of the supply chain, the new energy vehicle industry is expected to achieve more stable development on a global scale. However, it also needs to continuously pay attention to risks and challenges brought by factors such as fluctuations in raw material prices and geopolitical issues. It should achieve sustainable development by strengthening the coordination of the industrial chain and enhancing technological innovation capabilities.