China’s retail sales of new energy vehicles (NEVs) in February showed a slight decline compared to January, according to preliminary data released by the China Passenger Car Association (CPCA). In February, retail sales of passenger NEVs in China reached 720,000 units, marking an 85 percent year-on-year increase but a 3 percent decrease from the previous month.
The higher year-on-year growth can be attributed to the fact that last year’s Chinese New Year holiday fell entirely in February, while this year the holiday spanned from January to February. Cumulative retail sales of China’s passenger NEVs so far this year have reached 1.465 million units, reflecting a 38 percent year-on-year increase.
Wholesale sales of China’s passenger NEVs in February were up 82 percent year-on-year, totaling 842,000 units. However, this figure represents a 5 percent decrease from January. Cumulative wholesale sales of passenger NEVs in China for the year have reached 1.732 million units, showing a 49 percent year-on-year increase.
In terms of overall retail sales of passenger vehicles in China, February saw a total of 1.397 million units sold, representing a 26 percent year-on-year increase but a 22 percent decrease from January. Cumulative retail sales of all passenger cars in China for the year have reached 3.191 million units, marking a 1 percent year-on-year increase.
The NEV penetration rate in China stood at 51.54 percent in February and 45.91 percent for the year so far. Average daily retail sales of passenger cars in China fluctuated throughout February, with the highest figures recorded in the fourth week.
Wholesale sales of all passenger cars in China in February totaled 1.781 million units, up 35 percent from a year ago. Cumulative wholesale sales of passenger cars in China for the year have reached 3.882 million units, up 13 percent year-on-year.
Overall, the NEV market in China continues to show strong growth, with both retail and wholesale sales of passenger NEVs experiencing significant year-on-year increases. The data for February highlights the resilience and potential of the NEV sector in the Chinese automotive market.
