Retail sales of new energy vehicles (NEVs) in China showed improvement last week, marking a significant narrowing of the month-to-date decline. According to data released by the China Passenger Car Association (CPCA), the passenger NEV retail sales in China from February 1-16 totaled 263,000 units. This figure represented a 79 percent increase compared to the same period last year but a 17 percent decrease from the previous month.
The rebound in NEV sales came as the impact of the Chinese New Year holiday faded. Last year, the holiday fell on February 10-17, while this year it took place from January 28 to February 4. This shift in the holiday period resulted in a higher year-on-year growth rate due to a lower base.
In the year-to-date period, cumulative retail sales of passenger NEVs in China reached 1.007 million units, showing a 23 percent increase from the previous year. Wholesale sales of passenger NEVs from February 1-16 also saw a significant rise, totaling 258,000 units, marking a 109 percent increase from the same period last year.
Despite the overall positive trend in NEV sales, the retail sales of all passenger vehicles in China during February 1-16 amounted to 581,000 units, representing an 11 percent increase compared to the same period last year. However, this figure was 28 percent lower than the previous month’s sales.
The data indicated that China’s NEV penetration at retail stood at 45.27 percent in the February 1-16 period and 42.40 percent year-to-date. Average daily retail sales of passenger cars in China during February 1-9 and February 10-16 showed fluctuations, reflecting the impact of the holiday period and subsequent recovery.
Looking ahead, the continued growth in NEV sales in China reflects the ongoing shift towards electric vehicles in the country’s automotive market. With various brands and manufacturers contributing to the market, the future looks promising for the NEV sector in China.
