China’s retail sales of new energy vehicles (NEVs) have shown impressive growth in the first few weeks of May compared to the same period last year. According to data released by the China Passenger Car Association (CPCA), from May 1-11, retail sales of passenger NEVs in China reached 294,000 units, marking a 32 percent increase from the same period last year and a 29 percent increase from the previous month.
Cumulatively, China has sold 3.618 million units of passenger NEVs this year, reflecting a significant 35 percent year-on-year increase. Wholesale sales of China’s passenger NEVs from May 1-11 were 257,000 units, up 30 percent from the same period last year and 1 percent from the previous month. The total wholesale sales of China’s passenger NEVs this year stood at 4.238 million units, showing a substantial 41 percent year-on-year growth.
In terms of overall passenger vehicle sales, China sold 574,000 units from May 1-11, a 12 percent increase from the same period last year and a notable 34 percent increase from the previous month. The cumulative retail sales of all passenger vehicles in China for the year amounted to 7.446 million units, up 8 percent year-on-year.
The NEV penetration rate at retail in China was 51.3 percent from May 1-11 and 48.6 percent year-to-date. In the first week of May (May 1-5), average daily retail sales of passenger cars in China were 41,659, down 11 percent year-on-year but up 19 percent from the previous month. However, in the second week of May (May 6-11), average daily retail sales of passenger cars in China surged to 60,896, up 30 percent year-on-year and 44 percent from the previous month.
Wholesale sales of all passenger cars in China during May 1-11 reached 464,000 units, a 25 percent increase from the same period last year but a 2 percent decrease from the previous month. So far this year, China’s wholesale sales of passenger cars totaled 8.932 million units, reflecting a 12 percent year-on-year growth.
In a related update, Nio Inc, comprising the Nio, Onvo, and Firefly brands, witnessed 6,060 insurance registrations in China last week, marking an 18.82 percent increase from the previous week. This data highlights the continued growth and popularity of electric vehicles in the Chinese market.
