China’s retail sales of new energy vehicles (NEVs) in China showed a modest increase last week, failing to prevent a decline in month-to-date figures. From February 1-23, the country’s passenger NEV retail sales reached 445,000 units, marking a 77 percent increase from the previous year but a 16 percent decrease from the previous month, according to data released by the China Passenger Car Association (CPCA).
The year-on-year growth rate was primarily influenced by a low base effect resulting from the timing of last year’s Chinese New Year holiday, which fell on February 10-17 compared to January 28-February 4 this year.
Cumulatively, China’s passenger NEV retail sales for the year so far have totaled 1.189 million units, reflecting a 29 percent increase from the previous year. Wholesale sales of passenger NEVs from February 1-23 reached 517,000 units, a significant 128 percent surge from the same period last year. However, this figure represents a 19 percent drop from the previous month.
The total wholesale sales of passenger NEVs in China for the year to date stand at 1.406 million units, showcasing a 52 percent growth compared to the same period last year. On the other hand, retail sales of all passenger vehicles in China during the same period reached 924,000 units, marking an 18 percent rise from the previous year but a substantial 30 percent decrease from the previous month.
Cumulatively, retail sales of all passenger cars in China for the year so far have totaled 2.718 million units, which represents a 4 percent decline from the previous year. The NEV penetration at retail in China stood at 48.16 percent for the February 1-23 period and 43.75 percent year-to-date.
The daily average retail sales of passenger cars in China for the respective time frames of February 1-9, February 10-16, and February 17-23 were 26,528, 48,910, and 49,013 units. These figures show varying year-on-year and month-on-month changes, indicating fluctuations in the market demand during different periods.
Similarly, the wholesale sales of all passenger cars in China during February 1-23 reached 993,000 units, registering a 60 percent increase from the previous year but a sharp 34 percent decrease from the previous month. The average daily wholesale sales of passenger cars in China for the respective time frames of February 1-9, February 10-16, and February 17-23 were 24,379, 52,656, and 57,916 units.
Overall, China’s passenger car wholesale sales for the year so far have reached 3.094 million units, indicating a 13 percent increase from the previous year. The data reflects the dynamic nature of the automotive market in China, with fluctuations in sales figures influenced by various factors such as holidays, market conditions, and consumer preferences.
