In 2025, sales of locally assembled vehicles in Pakistan (PAMA members only) rose by 42.1% year-on-year to 183,000 units, bringing the market nearly back to its pre-pandemic level of over 200,000 units. Domestic economic stability is returning thanks to financial support from the IMF and other sources. Furthermore, the reduction of the policy interest rate—from 22% in mid-2024 to 11–12% in 2025—to stimulate consumption encouraged auto loan users to decide it was the “time to buy,” contributing to the recovery in sales volume. By vehicle type, passenger Read more...

In 2025, automobile sales in Taiwan fell for the second consecutive year, decreasing by 9.5% year-on-year to 414,000 units. The primary cause of this slump was consumer hesitation. Taiwan had previously introduced commodity tax reductions for automobiles and motorcycles to encourage the replacement of older, less fuel-efficient, and high-emission vehicles with newer models; this measure was originally scheduled to expire on January 7, 2026. Speculation spread among consumers that the extension of these tax cuts might include expanded incentives. FurthermRead more...

In 2025, South Korea’s automobile sales reached 1.68 million units, a 3.2% increase compared to the previous year. This growth was driven by factors such as a temporary reduction in the individual consumption tax rate for vehicles—lowered from 5.0% to 3.5% through December 2025—and a recovery in economic sentiment following economic measures implemented by the Lee Jae-myung administration, which took office in June 2025 to stabilize the political situation. By vehicle type, passenger vehicle sales rose by 5.0% year-on-year, exceeding the 1.5-million-uniRead more...

India’s 2025 automobile sales (wholesale units reported by the Society of Indian Automobile Manufacturers, SIAM) rose 5.5% year-on-year to 5.52 million units (an increase of 287,000 units), marking a record high for the fourth consecutive year. India also maintained its position as the world’s third-largest market for the fourth straight year, following China and the United States. While growth slowed between January and September 2025 at just 0.5% year-on-year (up 19,000 units), the growth pace recovered in the October–December period, surging 20.8% (upRead more...

This article, the final part of a two-part series whose first part was published on March 5, 2026, provides an overview of the current status of major Chinese automotive semiconductor companies. This report introduces three enterprises—Black Sesame Technologies, Horizon Robotics, and Shanghai Visinex Technology—that engage in the development and manufacture of automotive semiconductors for driving assistance and autonomous driving systems.Black Sesame Technologies and Horizon Robotics are both startup companies established in the mid-2010s, primarily devRead more...

In 2025, Vietnam’s automobile sales reached a record high of 604,000 units, representing a 22.2% increase year-on-year. This total comprises figures reported by the Vietnam Automobile Manufacturers’ Association (VAMA), as well as non-member figures from Hyundai’s local subsidiary Hyundai Thanh Cong Vietnam (HTCV) and the local manufacturer VinFast. Sales from VAMA member manufacturers rose 5.9% year-on-year to 313,000 units. This was supported by commercial vehicle sales, which climbed 22.6% to 79,000 units due to increased logistics demand from governmRead more...

Total automobile sales in Asia (covering 13 countries across South Asia, ASEAN, and East Asia excluding Japan and China*) rose by 4.5% year-on-year in 2025 to 11.24 million units, marking the first time sales have exceeded the 11 million mark and the first increase in two years. In addition to a turnaround in Thailand, where demand had been sluggish due to tight lending, sales grew in Malaysia, the Philippines, and Vietnam. South Korea also outperformed its previous year ’s results, as did India, the largest market in Asia outside of China. Looking at aRead more...

In 2025, Philippine automobile sales reached 464,000 units based on figures from the local industry associations CAMPI and TMA, a 0.8% decrease from the previous year. However, when including figures from non-member BYD, total sales rose 3.8% to 490,000 units. The decline among association members was primarily driven by a slump in the passenger car segment (sedans and hatchbacks), notably with the Toyota Vios and Mitsubishi Mirage series in the sub-1 million PHP budget range. This “wait-and-see” approach is attributed to growing economic uncertainty amoRead more...

In 2025, Thailand’s automobile sales recovered to 621,000 units (up 8.5% year-on-year). Growth was driven by government BEV subsidies and excise tax incentives for HEVs. Conversely, the one-ton pickup truck segment—a national staple—continued to decline due to persistent loan tightening. By vehicle type, passenger cars rose 6.7% to 239,000 units, buoyed by a 9.0% increase in small passenger cars. Commercial vehicles grew 9.6% to 382,000 units. Within this segment, SUVs surged 39.4% to 164,000 units as Chinese brands leveraged BEV subsidies to launch comRead more...

In 2025, Malaysia’s automobile sales rose 0.2% year-on-year to 821,000 units, marking a fourth consecutive record high and overtaking other ASEAN nations in sales volume for the first time. Income growth driven by economic expansion fueled demand; however, growth slowed significantly, with the volume increase totaling only 1,979 units. By vehicle type, passenger cars grew 1.4% to 759,000 units, led by a 12.4% surge in SUVs (229,000 units). Rising incomes shifted demand from passenger cars (sedans and hatchbacks) toward SUVs, supported by an influx of neRead more...

In Indonesia, 2025 automobile sales (on a wholesale basis) fell 7.2% year-on-year to 804,000 units, staying below the 1-million mark for the second consecutive year. In addition to structural issues such as the declining purchasing power and shrinking size of the middle class—the primary buyers of new cars—tightened auto loan screening is believed to have cooled demand. Monthly sales showed that nine months saw year-on-year declines, with six of those months recording double-digit drops. On the other hand, the fourth quarter saw last-minute demand ahead Read more...

In 2025, motorcycle sales across nine Asian countries (this report covers India, Pakistan, six ASEAN countries [Indonesia, Vietnam, Thailand, Philippines, Malaysia, Singapore] and Taiwan) reached a record high of 35.97 million units, an increase of 2.03 million units (6.0%) over the previous year, surpassing the 2018 record of 35.94 million units by 30,000 units. While sales in Vietnam, Malaysia, and Taiwan fell below previous-year levels, a significant surge in demand in India and Pakistan drove the overall market growth. In India, new motorcycle regisRead more...

In its June 2025 strategy briefing, Panasonic Automotive Systems, a global Tier 1 automotive supplier that specializes in advanced in-vehicle technologies, unveiled a new medium-to-long-term vision centered on three core management agendas. To drive global standardization and productivity, the company is transitioning from a division-led structure to one that empowers regional subsidiaries and utilizes a newly established cross-divisional operations headquarters. Under the leadership of an externally recruited chief transformation officer, the firm is unRead more...

Hesai Technology is a global leader in three-dimensional LiDAR solutions, providing the “eyes” for autonomous driving, ADAS, and robotics systems. Between January and September 2025, Hesai reported LiDAR shipments of 989,000 units, a 3.5-fold increase compared to the same period in the previous year. Within this total, shipments for ADAS applications grew 3.2-fold to 830,000 units, while shipments for robotics saw a 9.5-fold surge to 159,000 units. Driven by this significant increase in volume, revenue for the period rose 49.3% year-over-year to 2.03 bilRead more...

Suzhou CalmCar Electronics Technology Co., Ltd. is a Chinese developer of Level 2 driver assistance systems and Level 4 autonomous driving systems. As the adoption of driver assistance and autonomous driving features expands in the Chinese automotive market, CalmCar ’s revenue reached 480 million CNY in 2024, a 2.4-fold increase from the previous year. In the first half of 2025, revenue hit 160 million CNY, up 2.8 times year-over-year. Within this growth, revenue from the Level 4 autonomous driving system business expanded rapidly, reaching 240 million CRead more...

Beijing WeLion New Energy Technology (WeLion) is engaged in the development and production of semi-solid-state and all-solid-state batteries. With the expanding application of semi-solid-state batteries, WeLion is working to increase production capacity, stabilize material procurement, and expand its customer base, while accelerating the development of high-energy-density all-solid-state batteries. In March 2025, a semi-solid-state battery production line with a planned capacity of 6 GWh/year became operational at the Zhuhai Plant in Guangdong Province.Read more...

RNBC Nabaichuan New Energy Co., Ltd. is a Chinese thermal management system (TMS) manufacturer headquartered in Wenzhou, Zhejiang Province. The company develops, produces, and sells TMSs for NEV drive batteries and energy storage systems (ESS), as well as radiators for ICEVs. Driven by strong sales, revenue in 2024 reached 1.44 billion CNY, a 26.5% increase year-on-year. By segment, revenue from drive battery components rose 6.6% to 920 million CNY, ICEV components grew 10.5% to 160 million CNY, and ESS components tripled to 340 million CNY. The companRead more...

With the growth of the automotive market, particularly the expansion of the electric vehicle (EV) sector, demand for automotive semiconductors is surging. This article has analyzed the latest trends of major Chinese automotive chip companies. The first part of this report features four companies focused on control-system semiconductors: Tsinghua Unigroup, SemiDrive, AutoChips, and ChipON. Tongxin Micro (Tsinghua Unigroup subsidiary): Primarily develops chips for digital keys, T-Box / OBD, eUICC, and OBU-ESAM. SemiDrive: Specializes in SoCs and high-perfRead more...

Amid global turmoil in the automotive industry, FOURIN spoke in February 2026 with Sanaz Taheri, an automotive analyst based in Iran, about the country’s current situation, which has remained difficult for many years due to economic sanctions imposed by former Western bloc countries. According to Taheri, after European automakers withdrew from production in Iran in 2010–2011, the country’s automotive industry has continued its business activities based primarily on Chinese technology. Although both production and sales have declined in scale, the marketRead more...

NIO, an emerging automaker, has achieved cumulative sales exceeding 949,000 units from the launch of its first mass-produced vehicle in December 2017 through the end of November 2025. The company’s cumulative sales are projected to reach the 1 million mark by approximately January 2026. Driven by growing sales, NIO’s revenue continues to climb. Revenue in 2024 rose 18.2% year-on-year to 65.73 billion CNY, while in H1 2025 saw a 13.5% increase to 31.04 billion CNY, and in Q3 2025 expanded by 16.7% to 21.79 billion CNY. However, due to heavy investment inRead more...

BYD launched the Sealion 6 in December 2025. While the company has previously limited its Japanese lineup to BEVs, this marks the fifth passenger model and the first PHEV introduced to the market. With this PHEV, BYD aims to address consumer concerns regarding BEVs, such as cruising range, charging infrastructure, and vehicle pricing. The FWD model is priced at 3.982 million JPY, and the AWD model at 4.488 million JPY. Deliveries are scheduled to begin in late January 2026 for the FWD and late March for the AWD. The Sealion 6 features high fuel efficienRead more...

Since the start of 2025, Tesla has focused on expanding its product lineup in China. However, due to intensifying competition in the Chinese NEV market, new vehicle registrations in 2025 (based on compulsory liability insurance data, including imports) fell 5.4% year-on-year to 628,000 units. This marks the first decline since local production began in December 2019. Regarding new product trends, Tesla launched the six-seater Model Y L in August 2025, targeting middle- to high-income consumers seeking spacious interiors and long range. Additionally, TesRead more...

In India, new electric motorcycle registrations reached 1.28 million units in 2025—an increase of 130,000 units (11.4%) over the previous year—setting a record high. Since June 2023, the central government has gradually phased down purchase subsidies for electric motorcycles; however, demand has continued to grow. This sustained momentum is driven by the introduction of new models, expanded product lineups, price reductions, and the strengthening of sales and service networks. Regarding market trends, TVS Motor claimed the top sales position for the firRead more...

Pakistan’s automobile market—specifically sales of locally assembled vehicles by PAMA member manufacturers—is projected to recover to approximately 180,000 units in 2025, a 40.0% increase year-on-year. This rebound is largely attributed to the conclusion of a series of policy rate cuts that began in mid-2024 (dropping from a peak of 22%). As the government shifted its stance to hold rates steady at 11–12%—levels seen prior to the pandemic—the resulting surge in auto loan utilization has significantly bolstered the market recovery. In 2025, the PakistaniRead more...

Taiwan’s automobile sales for 2025 are projected to decline by 9.1% year-on-year to approximately 416,000 units. This contraction is attributed to consumer wait-and-see behavior driven by two factors: Expectations that renewal of the Commodity Tax Act would bring even greater incentives for trade-ins; and speculation that ongoing trade talks with the U.S. would lead to lower import tariffs on U.S.-made vehicles. In September 2025, the government enacted an amended ordinance extending and expanding these tax benefits. Supported by subsequent manufacturer Read more...

The South Korean automobile market is expected to recover to 1.73 million units in 2025, a 6.0% increase from the previous year. In the first half of the year, political instability surrounding former President Yoon Suk-yeol’s martial law declaration spilled over into the economy, causing real GDP growth to stall at 0.0% in the first quarter. However, real GDP growth has seen a sharp recovery since the second quarter, driven by a rebound in domestic demand following the new Lee Jae-myung administration’s economic measures and an increase in exports fueleRead more...

Vietnam’s total automobile sales for 2025—combining figures from the Vietnam Automobile Manufacturers’ Association (VAMA), Hyundai Thanh Cong Vietnam (HTCV), and local automaker VinFast—is projected to reach a record high of 540,000 units, a 9.2% increase year-on-year. Since February 2025, a surge in government infrastructure projects and robust export activity have stimulated logistics demand. This has led to a consistent double-digit year-on-year increase in commercial vehicle sales, driving the overall market growth. With December marking the peak shoRead more...

The automobile sales in the Philippines for 2025 are projected to reach approximately 470,000 units, remaining on par with the previous year. While most models showed a growth trend, this was offset by a decline in sales of the Toyota Vios, the market’s best-selling model. Furthermore, concerns over the impact on household finances due to additional US tariffs (19% tax rate) and a “wait-and-see” approach by consumers—who wish to wait until policy interest rates hit the lowest level before committing to auto loans—are also considered factors that hinderedRead more...

Malaysia’s automobile sales for 2025 are projected to reach 800,000 units, a 2.0% decrease from the previous year. This decline is attributed to a sharp drop in sales in January 2025, which occurred as a reaction to the historic-high monthly sales recorded in December 2024 (82,000 units). On the other hand, consumer sentiment remains resilient due to rising household incomes driven by economic growth. From February onwards, sales have been performing at levels comparable to or exceeding those of 2024, indicating that the sudden slump in January was an exRead more...

Indonesia’s new vehicle sales are projected to drop by 11.3% year-on-year to 768,000 units in 2025. While a recovery to 800,000 units (up 4.2% year-on-year) is forecast for 2026, it is expected that reaching the 1-million-unit level—a benchmark maintained stably throughout the 2010s—will take some time. The IMF predicts that real GDP growth, which has hovered around 5.0% since 2022, will be 4.9% for both 2025 and 2026. Nominal GDP per capita is expected to surpass 5,000 USD in 2025. Furthermore, the average annual consumer price inflation forecast for 2Read more...

The Indian automobile market (based on wholesale data) in 2025 is forecast to grow by 5.1% year-on-year to approximately 5.5 million units, marking a record high for the fourth consecutive year. While volumes remained flat through September, the government’s reduction of the Goods and Services Tax (GST) on September 22nd led to an average price drop of 50,000 to 100,000 INR per vehicle, allowing growth momentum to recover from October onward. Although some view the tax cut as temporary, the government believes increased consumption will offset the fiscalRead more...

Thailand’s automobile sales in 2025 are projected to recover to 600,000 units, a 4.8% increase from the previous year. After bottoming out in March 2025, sales have consistently seen year-on-year growth since April. For the full year, the recovery trend is expected to be maintained, driven by the economic impact of the “Half-Half Plus” stimulus package (which allows registered individuals who buy goods from local shops to pay only half the price of their purchases with the government subsidizing the other half) launched by the new administration headed bRead more...

In 2025, factory shipments (domestic sales and exports) of new energy vehicles (NEVs, including BEVs, PHEVs, and FCEVs) in China are forecast to reach approximately 17 million units, with exports expected to double year-on-year to about 2.6 million units. Excluding exports, the scale of domestic sales is highly likely to exceed 14 million units. In 2026, NEV shipments are predicted to expand to around 19 million units, with domestic sales (excluding exports) expected to surpass 16 million units. While the growth rate of NEVs is anticipated to slow down,Read more...

Commercial vehicle shipments (for the domestic market and exports) in 2024 decreased by 3.9% year-on-year due to a slowdown in macroeconomic growth and a reactionary decline from the previous year, with the domestic production and sales scale, excluding exports, dropping by 9.0%. In 2025, the market recovered, supported by government trade-in support measures for commercial trucks and urban route buses, among others, leading to a projected increase in full-year factory shipments of over 8% compared to the previous year. Commercial vehicle exports are forRead more...

From January to October 2025, China's passenger vehicle shipments (for the domestic market and exports) rose by 12.9% year-on-year to 24.21 million units. For the full year, shipments are highly likely to exceed 30 million units for the first time, marking a record high. Alongside the increase in shipments, export volumes have also reached record levels and are expected to hit the 6-million-unit milestone in 2025. Conversely, in the luxury-heavy import market, the popularity of imported vehicles is declining due to the rise of Chinese high-end new energRead more...

In 2025, China's factory shipments of automobiles are expected to exceed the previous year's 31.44 million units, marking the fifth consecutive year of record highs since 2021. Of this total, export volume is projected to increase from 5.86 million units in the previous year to approximately 7 million units, making China the world's largest auto exporter for the third consecutive year. Domestic automobile sales—calculated by subtracting exports from factory shipments and adding imports—are forecast to approach 28 million units. One of the factors supportRead more...

In India, new motorcycle registrations in 2025 are expected to exceed 20 million units for the first time, surpassing the previous record of 19.57 million units set in 2018. This growth is driven by stimulated demand following the reduction in vehicle prices under the GST reform introduced on September 22. Strong demand is anticipated to continue into 2026, with registrations projected to reach around 21 million units, marking a record high for the second consecutive year. To leverage its massive domestic market as an engine for economic growth, the IndRead more...