According to data released by the China Association of Automobile Manufacturers (CAAM), in December, the production and sales of new energy vehicles reached 1.718 million and 1.71 million units, respectively, representing year-on-year increases of 12.3% and 7.2%. The sales of new energy vehicles accounted for 52.3% of the total new vehicle sales. In 2025, the cumulative production and sales of new energy vehicles reached 16.626 million and 16.49 million units, respectively, setting new historical highs with year-on-year growth rates of 29% and 28.2%. The sales of new energy vehicles accounted for 47.9% of the total new vehicle sales, while the domestic sales of new energy vehicles made up 50.8% of the total domestic vehicle sales.

PriceSeek's analysis of cobalt indicates a bullish-bearish score of 2. The robust production and sales data for new energy vehicles, with December sales increasing by 7.2% year-on-year and cumulative annual sales rising by 28.2%, along with a sales share of 47.9%, significantly raise expectations for cobalt demand. As a critical material for batteries, the increased demand is expected to drive up the spot price of cobalt, representing a significant positive factor.