China’s new energy vehicle (NEV) retail sales have shown steady growth in the first half of August, according to recent data released by the China Passenger Car Association (CPCA).
From August 1 to 17, the total passenger NEV retail sales in China reached 502,000 units, marking a 9 percent year-on-year increase. This figure also represents a 12 percent month-on-month growth, indicating a positive trend in the NEV market.
Cumulatively, China has sold 6.958 million units of passenger NEVs so far this year, reflecting a significant 28 percent year-on-year increase in sales. Wholesale sales of passenger NEVs from August 1 to 17 totaled 474,000 units, up 18 percent year-on-year and 10 percent month-on-month.
In terms of overall passenger vehicle sales, China recorded a total of 866,000 units sold in the first 17 days of August, showing a 2 percent year-on-year increase and an 8 percent month-on-month increase. Year-to-date, the cumulative retail sales of all passenger vehicles in China reached 13.61 million units, up 10 percent from the previous year.
The penetration rate of NEVs in retail sales during the specified period was 58.0 percent, indicating a growing interest and adoption of electric vehicles among consumers. Year-to-date, the penetration rate stands at 51.12 percent.
Looking at the weekly trends, the average daily retail sales of passenger cars in China were 45,207 in the first week of August, down 4 percent year-on-year but up 6 percent from the previous month. In the second week, daily retail sales increased to 59,068 units, marking an 8 percent year-on-year growth and a 10 percent month-on-month increase.
Wholesale sales of all passenger cars in China from August 1 to 17 totaled 841,000 units, up 20 percent year-on-year and 7 percent month-on-month. The average daily wholesale sales of passenger cars during this period were 62,690, showing a 22 percent year-on-year increase and a 19 percent month-on-month increase.
Overall, China’s wholesale sales of passenger cars for the year have reached 16.37 million units, reflecting a 13 percent year-on-year growth in the market.
The data suggests a positive outlook for China’s NEV market, as both retail and wholesale sales continue to show growth compared to previous years. The increasing penetration rate of NEVs in retail sales indicates a shift towards more sustainable transportation options in the country.
