China’s new energy vehicle (NEV) retail penetration rate continues to grow, reaching 49.57 percent in the October 1-13 period and 45.98 percent year-to-date. According to data released by the China Passenger Car Association (CPCA), retail sales of passenger NEVs in China totaled 408,000 units during this period, marking a significant increase of 64 percent compared to the same period last year and a notable 8 percent increase from the previous month.
Cumulatively, retail sales of passenger NEVs in China have reached 7.54 million units so far this year, demonstrating a substantial 39 percent growth from the same period last year. Wholesale sales of passenger NEVs from October 1-13 also saw a positive trend, with 383,000 units sold, representing a 55 percent increase from the same period last year and a 3 percent increase from the previous month.
China’s overall retail sales of passenger vehicles, including NEVs, reached 823,000 units during the October 1-13 period, marking a 20 percent increase compared to the same period last year and a 17 percent increase from the previous month. Cumulatively, retail sales of all passenger vehicles in China have totaled 16.4 million units year-to-date, showing a 3 percent increase from the previous year.
The data indicates that China’s NEV penetration at retail has continued to rise, standing at 49.57 percent during the specified period and 45.98 percent year-to-date. During the first week of October, average daily retail sales of passenger cars in China were 49,668, a slight decrease of 5 percent year-on-year but a 2 percent increase from the previous month.
In the second week of October, average daily retail sales of passenger cars in China surged to 79,225, marking a significant 48 percent increase year-on-year and a substantial 31 percent increase from the previous month. Wholesale sales of all passenger cars in China during October 1-13 totaled 713,000 units, a 20 percent increase year-on-year but a 2 percent decrease from the previous month.
The average daily wholesale sales of passenger cars in China during the specified period varied, with 32,664 units sold during October 1-7, representing a 14 percent decrease year-on-year and a notable 29 percent decrease from the previous month. However, in October 8-13, average daily wholesale sales of passenger cars in China increased to 80,723 units, showing a 47 percent increase year-on-year and a 21 percent increase from the previous month.
Cumulatively, year-to-date wholesale sales of passenger cars in China have reached 19.16 million units, indicating a 4 percent increase from the previous year. The continuous growth in NEV sales and penetration rates in China highlights the country’s commitment to promoting electric vehicles and sustainable transportation solutions.
