China’s new energy vehicle (NEV) market saw some fluctuations in February, with wholesale sales of passenger NEVs reaching an estimated 840,000 units. This marked an 82 percent increase compared to the same period last year, although it was a 5 percent drop from January’s figures.
The Chinese New Year holiday period had a significant impact on the market dynamics. Last year, the holidays fell entirely in February, spanning from February 10 to 17. However, this year, the holidays occurred from January 28 to February 4, leading to a shift in consumer behavior and market performance.
Major car manufacturers played a crucial role in driving NEV sales in February. Companies with over 10,000 wholesale sales of passenger NEVs accounted for 91.8 percent of the total sales in January. In February, these manufacturers were estimated to have sold around 770,000 units, contributing to the overall wholesale sales figure of 840,000 units.
NEVs in China include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. The exact breakdown of these categories is expected to be released later this month.
During the Chinese New Year holidays, consumers showed a preference for vehicles with longer range capabilities, especially for long trips and in colder temperatures. This led to a seasonal drop in the penetration of NEVs during the holiday period. However, post-holiday, there was a noticeable shift in consumer preferences, with NEVs gaining traction and driving the recovery of the passenger car market.
Among the major carmakers, BYD, Geely Auto, SAIC-GM-Wuling, Chery, Changan Automobile, and Tesla were prominent players in the NEV market in February. BYD reported wholesale sales of 318,233 units, followed by Geely Auto with 98,433 units. Other players such as SAIC-GM-Wuling, Chery, Changan Automobile, and Tesla also contributed significantly to the market.
Looking ahead, the NEV market in China is expected to see continued growth and innovation as consumer preferences evolve and government policies continue to support the adoption of electric vehicles. Stay tuned for more updates on the latest developments in the NEV industry.
