Cui Dongshu: The promotion of new energy vehicles in February 2026 rebounded to a medium to high level of 10.4%, an increase of 0.5 percentage points compared to the same period.

Cui Dongshu, the deputy secretary-general of the China Passenger Car Association, stated: Since 2025, the promotion and downgrading of passenger car industry nationwide have returned to rationality, and the market order has significantly improved. Due to the resumption of purchase tax on new energy vehicles and the impact of guide prices on consumer vehicle purchase taxes, 17 models were reduced in price in January 2026, and 6 models were reduced in price in February. In February of this year, the market remained relatively restrained, with 4 gasoline models remaining flat compared to the same period; while there were 2 fewer pure electric models. In February 2026, the average price reduction of new energy vehicles reached 35.4 thousand yuan, with an arithmetic average price reduction of 4.8 thousand yuan, achieving a high price reduction rate of 13.5%. In February 2026, the average price reduction of conventional gasoline vehicles reached 37.1 thousand yuan, with an arithmetic average price reduction of 4.6 thousand yuan, achieving a price reduction rate of 12.5%. In February 2026, the average price reduction of new passenger car models reached 36.1 thousand yuan, with an arithmetic average price reduction of 4.7 thousand yuan, achieving a price reduction rate of 13.1%. The reduction in promotion magnitude due to some brands lowering prices has lowered the promotion period. In February 2026, the promotion rate for new energy vehicles has risen to a medium-high level of 10.4%, an increase of 0.5 percentage points compared to the same period, and a slight increase of 0.3% from the previous month. In February 2026, the promotion rate for traditional gasoline vehicles has dropped to 23.5%, a slight decrease of 0.2 percentage points from the previous month, and an increase of 1.8 percentage points compared to the same period.