China’s electric vehicle (NEV) market in China continues to show impressive growth, with retail sales hitting a record high of 1.38 million units in December. This marks the fifth consecutive month that retail sales have surpassed the 1 million mark, according to preliminary data from the China Passenger Car Association (CPCA).
In December alone, retail sales of passenger NEVs in China reached 1.379 million units, a 46 percent increase from the same period in 2023 and a 10 percent increase from November. This surge in sales contributed to a total of 10.98 million units sold throughout 2024, representing a 42 percent year-on-year growth.
Wholesale sales of passenger NEVs also saw significant growth, totaling 1.5 million units in December, a 35 percent increase from the previous year and a 5 percent increase from November. Cumulatively, wholesale sales for the year reached 12.22 million units, up 38 percent compared to 2023.
Overall, retail sales of all passenger vehicles in China reached 2,622,000 units in December, an 11 percent increase from the previous year and a 9 percent increase from November. For the entire year of 2024, cumulative retail sales of all passenger vehicles in China were 22.88 million units, reflecting a 5 percent year-on-year growth.
The penetration of NEVs in the Chinese market was particularly notable, with a retail penetration rate of 52.6 percent in December and 47.97 percent for the entire year of 2024.
Looking at weekly sales figures, average daily retail sales of passenger cars in China saw steady growth throughout December. The first three weeks of the month showed year-on-year increases in sales, with the fourth week experiencing a slight dip compared to the previous month.
Wholesale sales of all passenger cars in China also saw growth in December, totaling 3,064,000 units for the month. Average daily wholesale sales of passenger cars showed varying trends throughout the month, with fluctuations in year-on-year and month-on-month comparisons.
For the year 2024, China’s passenger car wholesale sales reached 27.18 million units, reflecting a 6 percent increase from the previous year.
The CPCA is expected to release more detailed monthly figures in the coming days, providing further insights into the performance of the NEV market in China.
Overall, the impressive growth in retail and wholesale sales of NEVs in China underscores the country’s position as a key player in the global electric vehicle market. With increasing consumer demand and government support for sustainable transportation solutions, the future looks bright for the NEV industry in China.
