China witnessed a substantial growth in the retail sales of new energy vehicles (NEVs) during the first week of June. According to data released by the China Passenger Car Association (CPCA), from June 1 to 8, the retail sales of passenger NEVs in the country totaled 202,000 units, marking a 40 percent increase compared to the same period last year and a 4 percent increase from the previous month.
The cumulative retail sales of passenger NEVs in China for the year reached 4.559 million units, reflecting a 34 percent year-on-year growth. Wholesale sales of passenger NEVs in China during the same period amounted to 166,000 units, showing a 5 percent year-on-year increase but a 6 percent decrease from the previous month. The total wholesale sales of passenger NEVs in China for the year have reached 5.373 million units, up by 39 percent compared to the previous year.
In terms of overall passenger vehicle sales, China recorded a total of 343,000 units sold during the June 1-8 period, representing a 19 percent year-on-year increase but a 12 percent decrease from the previous month. Year-to-date, the cumulative retail sales of all passenger vehicles in China reached 9.159 million units, marking a 10 percent year-on-year growth.
The penetration rate of NEVs in retail sales stood at 58.8 percent during the June 1-8 period and 49.78 percent year-to-date. The average daily retail sales volume of passenger vehicles in China was 42,835 units during this period. Meanwhile, the total wholesale sales of passenger vehicles in China from June 1 to 8 amounted to 311,000 units, showing a 10 percent year-on-year increase but a 2 percent decrease from the previous month. The average daily wholesale sales of passenger vehicles in China during this period were 38,836 units.
Year-to-date, China’s wholesale sales of passenger vehicles reached 11.1 million units, marking a 12 percent year-on-year growth. The strong performance of NEVs in the retail and wholesale markets reflects the growing popularity and adoption of electric vehicles in China’s automotive industry.
