China’s new energy vehicle (NEV) sales in China have seen a significant decline in the first few weeks of January, with retail sales of passenger NEVs dropping to 423,000 units. This represents a 39 percent decrease from the previous month, although it is still a 26 percent increase from the same period last year. Wholesale sales of passenger NEVs also saw a decline, with 503,000 units sold during the same period, a 35 percent drop from the previous month.
The overall retail sales of all passenger cars in China for the first 19 days of January were 1.05 million units, marking a 5 percent decrease from the same period last year and a 27 percent decrease from the previous month. Wholesale sales of all passenger cars in China during the same period were 1.244 million units, showing a 25 percent increase from last year but a 17 percent decrease from the previous month.
January is traditionally a slow month for auto sales in China, with December typically being the peak month for sales. The decline in NEV sales can be attributed to this seasonal trend, as well as other market factors.
Despite the downturn in sales, China’s NEV penetration at retail stood at 40.28 percent for the January 1-19 period. This indicates a strong presence of NEVs in the market, despite the overall decrease in sales.
Looking at the daily average sales figures, the first week of January saw an average of 39,014 passenger cars sold per day, a 28 percent decrease from the previous year. The second week saw a slight improvement with 48,286 cars sold per day, while the third week saw the highest daily average sales at 73,779 units.
Overall, the data suggests that while NEV sales have declined in the first few weeks of January, there is still a strong demand for these vehicles in the Chinese market. As the year progresses and the market stabilizes, it will be interesting to see how NEV sales perform in the coming months.
