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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":697,"relatedVideos":698},150922938860816,"7de458a0-0657-40d8-8d37-346c42d4def5","EV manufacturers fail to meet their 2025 expectations","ev-manufacturers-fail-to-meet-their-2025-expectations","article/ev-manufacturers-fail-to-meet-their-2025-expectations",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":672,"featured":51,"reporter":673,"component":684,"seo_title":543,"categories":685,"visibility":687,"data_vis_image":688,"featured_image":691,"seo_description":672,"formattedDate":695,"formattedArticleDate":696},"f17d6063-b7fe-40ee-9307-f570bc776035","2026-03-03 00:00",[550,553,556],{"slug":551,"name":552},"ev","EV",{"slug":554,"name":555},"xiaomi","Xiaomi",{"slug":557,"name":558},"byd","BYD",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,618,623,640,645,650,657,662,667],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,579,589,591,598,600,607,609,616],{"text":577,"type":578},"EV-only manufacturers performed poorly relative to their expectations in 2025, with Xiaomi and Xiaopeng Motors the only notable exceptions. ","text",{"text":580,"type":578,"marks":581},"Over the past two years",[582],{"type":583,"attrs":584},"link",{"href":585,"uuid":586,"anchor":49,"target":587,"linktype":588},"/article/the-ev-market-past-present-and-future","fe291a62-d1e1-42fc-bf34-907bb7976f84","_self","story",{"text":590,"type":578}," many legacy OEMs have scaled back their electrification ambitions, a consequence of slower EV adoption than first expected when the targets were set, due to ",{"text":592,"type":578,"marks":593},"current geopolitical trends",[594],{"type":583,"attrs":595},{"href":596,"uuid":597,"anchor":49,"target":587,"linktype":588},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-1-2026","ce29258c-984f-40e2-8a4c-e4eabcf2debf",{"text":599,"type":578}," and the weakening of legislation, ",{"text":601,"type":578,"marks":602},"subsidies ",[603],{"type":583,"attrs":604},{"href":605,"uuid":606,"anchor":49,"target":587,"linktype":588},"/article/germany-confirms-its-new-ev-subsidy-scheme","7381307a-486b-41af-b923-1af8fdda11f2",{"text":608,"type":578},"and ",{"text":610,"type":578,"marks":611},"incentives supporting EV adoption",[612],{"type":583,"attrs":613},{"href":614,"uuid":615,"anchor":49,"target":587,"linktype":588},"/article/tax-changes-for-2026-hamper-norway-s-ev-sales","e11a55fc-8518-46e0-8327-2bc105a9615b",{"text":617,"type":578},".",{"type":573,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":578},"However, the majority of EV-only manufacturers continue to set annual sales targets. Primarily because this is the key indicator of expansion for these brands, as they do not have hybrid electric vehicles (HEV) or ICE vehicle sales to rely on for growth.",{"type":624,"attrs":625,"content":627},"heading",{"level":626,"textAlign":49},2,[628,635],{"type":629,"attrs":630},"image",{"id":631,"alt":632,"src":633,"title":632,"source":632,"copyright":632,"meta_data":634},150923122371694,"","https://a.storyblok.com/f/287943243085208/1134x592/b0b7d61460/brand.png",{},{"text":636,"type":578,"marks":637},"Many OEMs revised their expectations partway through the year",[638],{"type":639},"bold",{"type":573,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":578},"BYD, Rivian, Lucid and Li Auto all lowered their targets partway through 2025. Rivian and Lucid both just met the lower bounds of their revised targets while Li Auto still missed its revised target of 640,000, down from 700,000 units, by 37%.",{"type":573,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":578},"Xiaomi and Leapmotor were the only OEMs to raise their EV sales expectations during the year. Leapmotor increased its targets from 500,000-600,000 EVs to 580,000-650,000 EVs and went on to deliver just under 600,000 units.",{"type":624,"attrs":651,"content":652},{"level":626,"textAlign":49},[653],{"text":654,"type":578,"marks":655},"Why did many miss their 2025 expectations?",[656],{"type":639},{"type":573,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":578},"The majority of OEMs only manufacturing EVs are Chinese companies relying on the domestic market for their vehicle sales. The Chinese market experienced strong growth in 2024, with EV sales rising 35% compared to 2023. This growth was underpinned by an increase in the generosity of China’s trade-in scheme, which works to subsidise the purchase of EVs, midway through the year. Chinese OEMs benefited significantly from this: BYD grew 44% compared to 2023, NIO grew 39%, and Li Auto grew 33%.",{"type":573,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":578},"Chinese OEMs set their 2025 expectations during a period of high positivity in the Chinese market. This positivity continued into the first half of 2025 with strong year-on-year growth rates every month. However, year-on-year growth stalled in the second half of the year, as sales in the second half of 2024 had been heavily boosted by the change in the trade-in scheme that year.",{"type":573,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":578},"China’s EV sales growth is expected to slow again in 2026 due to the introduction of a purchase tax on EVs for the first time since 2014, as well as a reduction in the generosity of China’s trade-in scheme. Chinese OEMs are increasingly turning to overseas markets to fuel their growth. For instance, BYD is looking to sell 1.3 million EVs outside China in 2026. Despite the changes in China’s EV market conditions this year, several OEMs continue to set strong targets for 2026. Zeekr’s target requires growth of 34% relative to 2025, Li Auto’s requires over 35% growth, and NIO’s requires 40% growth.","EV-only manufacturers performed poorly relative to their expectations in 2025, with Xiaomi and Xiaopeng Motors the only notable exceptions.",[674],{"slug":675,"name":676,"content":677},"george-whitcombe","George Whitcombe",{"job_title":678,"image":679,"bio":681,"linkedin":682,"markets_covered":683},"Analyst - EV",{"filename":680},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/","EV and Battery","article",[686],{"slug":551,"name":552},"private",{"id":49,"alt":49,"name":632,"focus":49,"title":49,"source":49,"filename":632,"copyright":49,"fieldtype":689,"meta_data":690},"asset",{},{"id":692,"alt":632,"name":632,"focus":632,"title":632,"source":632,"filename":693,"copyright":632,"fieldtype":689,"meta_data":694,"is_external_url":50},129064587089142,"https://a.storyblok.com/f/287943243085208/005d0156fa/bm-a-new-ford-mustang-mach-e-gt-x-electric-vehicle-parking-at-electrify-america-ev-charging-station.jpg",{},"Mar 03, 2026","3rd March 2026",[],[],1780500913972]