China’s new energy vehicle (NEV) retail sales have shown a mixed performance in the month of July, according to data released by the China Passenger Car Association (CPCA). From July 1 to 20, the retail sales of passenger NEVs in China reached 537,000 units, marking a 23 percent year-on-year increase. However, there was a 12 percent decline compared to the previous month.
The cumulative retail sales of passenger NEVs in China for the year so far have totaled 6.006 million units, indicating a significant 32 percent year-on-year growth. On the wholesale front, the sales of passenger NEVs from July 1 to 20 stood at 514,000 units, showing a 25 percent year-on-year increase but a 12 percent decrease from the previous month.
Overall, China’s total retail sales of passenger vehicles during the same period reached 978,000 units, reflecting an 11 percent year-on-year increase. The penetration rate of NEVs in retail sales was recorded at 54.9 percent from July 1 to 20 and 50.56 percent year-to-date.
Looking at the daily average retail sales of passenger vehicles in China, there was a mixed trend observed in July. The first week saw an average daily sales of 39,660 vehicles, followed by 47,548 in the second week and 58,207 in the third week. While there was a year-on-year increase in each week, there was a decline compared to the previous month.
On the wholesale front, China’s daily average wholesale sales of passenger vehicles also showed a similar trend. From July 1 to 20, the wholesale sales of all passenger cars in China reached 960,000 units, up 22 percent year-on-year but down 12 percent from the previous month. The daily average wholesale sales ranged from 38,757 in the first week to 57,826 in the third week.
Nio Inc, a prominent player in the Chinese EV market, witnessed a rise in insurance registrations for its Nio, Onvo, and Firefly brands. The registrations increased to 4,900 units in the recent week, showing a 19.51 percent growth from the previous week.
With the EV market in China experiencing fluctuations in sales performance, stakeholders are closely monitoring the trends to gauge the overall growth and impact of NEVs in the automotive industry. The data indicates a resilient market with potential for further expansion and adoption of electric vehicles.
