China’s New Energy Vehicle (NEV) market in retail sales continues to show strong growth, with penetration reaching 54.38 percent in October and 46.92 percent year-to-date, according to initial data from the China Passenger Car Association (CPCA). This marks a significant increase from the same period last year.
In October, retail sales of passenger NEVs in China hit a new high, surpassing 1 million units for the third consecutive month. Preliminary data from the CPCA reveals that retail sales totaled 1.284 million units, up 67 percent year-on-year and 14 percent from September.
Cumulatively, retail sales of China’s passenger NEVs have reached 8.42 million units so far this year, reflecting a 41 percent increase from the same period last year. Wholesale sales of passenger NEVs in October were also strong, totaling 1.4 million units, up 58 percent year-on-year and 14 percent from September. Cumulative wholesale sales for passenger NEVs in China stood at 9.31 million units, up 37 percent year-on-year.
Furthermore, retail sales of all passenger vehicles in China reached 2.36 million units in October, a 16 percent increase from the previous year and 12 percent from September. Cumulative retail sales of all passenger vehicles in China for the year totaled 17.94 million units, showing a 4 percent growth year-on-year.
The data also indicates a fluctuation in daily retail sales of passenger cars throughout October. Average daily sales saw a decline during the National Day holiday week (October 1-7) but rebounded in the following weeks. Wholesale sales of all passenger cars in China for October totaled 2.77 million units, up 13 percent year-on-year.
From the first week of October to the last, there were varying trends in average daily wholesale sales of passenger cars, with some weeks showing significant increases compared to the same period last month and year. Cumulative year-to-date wholesale sales of passenger cars in China reached 21.22 million units, up 5 percent year-on-year.
Overall, the data highlights the continued growth and strength of China’s NEV market, with both retail and wholesale sales showing positive momentum. This indicates a promising outlook for the NEV sector in China and reinforces the country’s position as a leader in the electric vehicle industry.
