China’s new energy vehicle (NEV) retail sales in July barely exceeded 1 million units, marking a slowdown in growth compared to previous months. According to preliminary data from the China Passenger Car Association (CPCA), passenger NEV retail sales reached 1.003 million units, representing a 14 percent year-on-year increase but a 10 percent decrease from June.
Despite the slight dip in July, the cumulative passenger NEV retail sales for the year have still shown a healthy 30 percent year-on-year growth, totaling 6.47 million units. Wholesale sales of passenger NEVs in July were also up, reaching 1.179 million units, a 25 percent year-on-year increase. However, this figure was 4 percent lower than June’s numbers.
The overall retail sales of passenger vehicles in China reached 1.834 million units in July, a 7 percent year-on-year increase but a 12 percent decrease from the previous month. The penetration rate of NEVs in retail sales was 54.7 percent in July and 50.81 percent year-to-date.
Looking at the weekly breakdown of sales in July, there were fluctuations in daily retail and wholesale numbers. The average daily retail sales of passenger vehicles ranged from 39,660 to 97,491 units, with varying year-on-year and month-on-month changes. Similarly, daily wholesale sales of passenger vehicles fluctuated throughout the month, ranging from 38,757 to 171,756 units.
Overall, China’s wholesale sales of passenger vehicles for the year have reached 15.47 million units, showing a 12 percent year-on-year increase. Despite the slower growth in July, the NEV market in China continues to show promising signs of expansion.
In related news, Nio Inc, a prominent player in the Chinese electric vehicle market, saw a spike in vehicle registrations for insurance last week. The company, which includes brands like Nio, Onvo, and Firefly, registered 7,930 vehicles, marking the highest number in the past 14 weeks. This indicates a growing interest and demand for electric vehicles in the Chinese market.
Overall, the NEV market in China remains dynamic, with fluctuations in sales figures but a general trend of growth and increasing consumer interest in electric vehicles. As the industry continues to evolve and innovate, it is expected to play a significant role in the country’s push towards a more sustainable transportation sector.
