China’s new energy vehicle (NEV) retail sales in China experienced a slowdown last week, impacting the overall performance for the month. According to data released by the China Passenger Car Association (CPCA), retail sales of passenger NEVs in China reached 609,000 units from October 1-20, showing a 45 percent increase compared to the previous year and a 1 percent increase from the previous month.
The cumulative retail sales of Chinese passenger NEVs for the year so far totaled 7,741,000 units, marking a 38 percent year-on-year growth. Wholesale sales of passenger NEVs during the same period were 679,000 units, showing a 51 percent increase from the previous year and a 9 percent increase from the previous month.
Overall retail sales of all passenger vehicles in China during October 1-20 totaled 1.26 million units, representing a 16 percent increase from the previous year and a 12 percent increase from the previous month. The cumulative retail sales of all passenger vehicles in China for the year so far stood at 16.84 million units, showing a 3 percent year-on-year growth.
The NEV penetration rate at retail in China was 48.18 percent from October 1-20 and 45.97 percent year-to-date. The performance of passenger car retail sales in China varied throughout October. Average daily retail sales of passenger cars in China during the first week of October were 49,668, down 5 percent year-on-year but up 2 percent from the previous month.
In the second week of October, average daily retail sales of passenger cars in China were 79,225, marking a 48 percent increase year-on-year and a 31 percent increase from the previous month. However, in the third week of October, average daily retail sales of passenger cars in China were 69,954, showing a 9 percent increase year-on-year and a 4 percent increase from the previous month.
Wholesale sales of all passenger cars in China during October 1-20 reached 1,336,000 units, up 25 percent year-on-year and 9 percent from the previous month. The cumulative year-to-date wholesale sales of passenger cars in China totaled 19.78 million units, showing a 5 percent year-on-year growth.
The data also revealed that different NEV manufacturers had varying numbers of insurance registrations for the week ending October 20. Nio had 3,900 registrations, Tesla had 13,200, Xiaomi had 5,600, and BYD had 89,600 registrations.
As the NEV market in China continues to evolve, it is essential for stakeholders to monitor sales trends and performance indicators to make informed decisions and strategies for the future.
