China’s new energy vehicle (NEV) retail sales experienced a slight decline in the first week of September, reflecting a broader weakness in the passenger vehicle market. According to data released by the China Passenger Car Association (CPCA), from September 1-7, retail sales of passenger NEVs in China totaled 181,000 units, marking a 3 percent year-on-year decrease and a 1 percent month-on-month decrease.
Despite the slight dip in retail sales, year-to-date cumulative sales of passenger NEVs in China reached 7.75 million units, showing a 25 percent increase compared to the previous year. Wholesale sales of passenger NEVs from September 1-7 totaled 179,000 units, a 5 percent year-on-year increase and a 12 percent month-on-month rise. Year-to-date wholesale sales of passenger NEVs in China reached 9.12 million units, reflecting a 33 percent year-on-year growth.
In contrast, total retail sales of all passenger vehicles in China during the same period amounted to 304,000 units, down 10 percent year-on-year and 4 percent month-on-month. The data indicates that China’s NEV retail penetration rate stood at 59.6 percent from September 1-7 and 51.44 percent year-to-date.
On average, China saw daily retail sales of 43,483 passenger vehicles during the first week of September. Wholesale sales of all passenger vehicles in China from September 1-7 totaled 307,000 units, down 5 percent year-on-year but up 9 percent compared to the previous month. Year-to-date wholesale sales of passenger vehicles in China reached 18.35 million units, a 13 percent increase compared to the same period last year.
The figures suggest a mixed performance in China’s automotive market, with NEVs showing resilience despite a slight decline in retail sales. The data also highlights the growing importance of NEVs in the Chinese market, with a steadily increasing retail penetration rate. As the automotive industry continues to evolve, these trends provide valuable insights into the changing dynamics of the market.
