China’s new energy vehicle (NEV) retail sales showed a steady increase in the first 10 days of August, despite a slightly sluggish overall market performance. According to data released by the China Passenger Car Association (CPCA), passenger NEV retail sales in China reached 262,000 units from August 1 to 10, marking a 6 percent year-on-year and month-on-month growth.
The cumulative retail sales of passenger NEVs in China for the year thus far have reached 6.717 million units, reflecting a 28 percent year-on-year increase. Additionally, wholesale sales of passenger NEVs during the same period totaled 229,000 units, showing a 15 percent year-on-year growth but a 2 percent month-on-month decline. The year-to-date wholesale sales of passenger NEVs in China have reached 7.862 million units, demonstrating a robust 35 percent year-on-year increase.
In the broader context of the automotive market, total retail sales of passenger vehicles in China from August 1 to 10 amounted to 452,000 units, marking a 4 percent year-on-year decrease but a 6 percent month-on-month increase. The cumulative retail sales of all passenger vehicles in China for the year have reached 13.2 million units, showing a 10 percent year-on-year growth.
Notably, the penetration rate of NEVs in retail sales during the specified period was 57.9 percent, while the year-to-date penetration rate stands at 50.89 percent. In the first week of August, the daily average retail sales of passenger vehicles in China were recorded at 45,207 units.
On the wholesale front, China saw a total of 403,000 units of passenger vehicles being wholesaled from August 1 to 10, reflecting a 16 percent year-on-year increase but a 3 percent month-on-month decrease. The average daily wholesale sales of passenger vehicles in China during this period stood at 40,253 units. Year-to-date wholesale sales of passenger vehicles in China have reached 15.93 million units, showing a solid 13 percent year-on-year growth.
In related news, Nio Inc.’s insurance registrations last week totaled 6,100 units, with 3,240 units coming from Onvo. This underscores the continued growth and interest in the electric vehicle market in China.
Overall, the data points to a resilient performance of the NEV sector amidst challenging market conditions, showcasing the growing importance and adoption of electric vehicles in China’s automotive landscape.
