China continues to see significant growth in the retail sales of new energy vehicles (NEVs), with a penetration rate of 58.1 percent during the July 1-13 period and 50.56 percent year-to-date. According to data released by the China Passenger Car Association (CPCA), the country’s passenger NEV cumulative retail sales reached 5.8 million units, marking a 33 percent increase year-on-year.
During the first half of July, China’s passenger NEV retail sales reached 332,000 units, representing a 26 percent year-on-year growth despite a 4 percent decline from the previous month. Wholesale sales of passenger NEVs during this period totaled 316,000 units, up 37 percent year-on-year and 1 percent month-on-month. Year-to-date, China’s cumulative wholesale sales of passenger NEVs reached 6.76 million units, a 37 percent increase compared to the previous year.
Overall retail sales of all passenger vehicles in China reached 571,000 units from July 1 to 13, marking a 7 percent year-on-year increase but a 5 percent month-on-month decline. The cumulative retail sales of all passenger vehicles year-to-date stood at 11.47 million units, reflecting an 11 percent year-on-year growth.
The strong performance of NEVs in the market is evident from the penetration rate, which was 58.14 percent during the July 1-13 period and 50.56 percent year-to-date. In the first week of July (July 1-6), the average daily retail sales of passenger vehicles in China reached 39,660 units, while in the second week (July 7-13), the average daily sales increased to 47,548 units.
Wholesale sales of all passenger vehicles in China totaled 555,000 units during the July 1-13 period, up 34 percent year-on-year but down 7 percent month-on-month. The average daily wholesale sales volume of passenger vehicles in China was 38,757 units from July 1 to 6 and 46,085 units from July 7 to 13.
Overall, China’s passenger vehicle wholesale sales year-to-date reached 13.84 million units, showing a 13 percent year-on-year increase. The growth in NEV retail sales and penetration rate indicates the increasing popularity and adoption of electric vehicles in the Chinese market.
In related news, Nio Inc, which includes the Nio, Onvo, and Firefly brands, reported 4,100 insurance registrations in China last week, a decrease of 19.77 percent from the previous week. Despite this slight decline, Nio continues to be a prominent player in the NEV market, contributing to the overall growth and development of the electric vehicle industry in China.
