China’s new energy vehicle (NEV) market saw a slight dip in retail sales at the beginning of April compared to the previous month, largely attributed to a public holiday. According to data released by the China Passenger Car Association (CPCA), retail sales of NEVs in China totaled 113,000 units from April 1-6. While this marked a 17 percent increase from the same period last year, it represented a 17 percent decrease from the previous month.
The Qingming Festival, which fell on April 4 this year, led to a public holiday from April 4-6, impacting consumer spending patterns. Despite the temporary slowdown, cumulative retail sales of passenger NEVs in China for the year reached 2,533,000 units, reflecting a 35 percent year-on-year increase.
In terms of wholesale figures, 120,000 passenger NEVs were sold in China from April 1-6, showing a 25 percent rise from the previous year but a 16 percent decline from the previous month. The cumulative wholesale sales of passenger NEVs for the year stood at 2.968 million units, indicating a 42 percent year-on-year increase.
Overall, retail sales of all passenger vehicles in China for the same period totaled 210,000 units, a 2 percent increase from last year but a 14 percent decrease from the previous month. Cumulative retail sales of all passenger vehicles in China for the year reached 5.336 million units, up by 6 percent year-on-year.
With a retail penetration rate of 53.81 percent from April 1-6 and 47.47 percent year-to-date, NEVs continue to gain traction in the Chinese market. The average daily retail sales of all passenger vehicles in China for the first week of April were 34,918 units.
On the wholesale front, 212,000 units of all passenger vehicles were sold in China from April 1-6, an 11 percent increase from the previous year but a 21 percent decrease from the previous month. Year-to-date wholesale sales of passenger vehicles in China reached 6.49 million units, up by 11 percent compared to the same period last year.
Overall, the NEV market in China remains dynamic, with fluctuations in retail and wholesale sales influenced by various factors such as public holidays and consumer preferences. As the industry continues to evolve, it will be interesting to see how NEVs further penetrate the Chinese automotive market in the coming months.
