China’s retail penetration of new energy vehicles (NEVs) reached 53.5 percent in the period from May 1 to May 25, with year-to-date penetration standing at 49.2 percent. This data, released by the China Passenger Car Association (CPCA), indicates a growing trend towards electric vehicles in the country.
Retail sales of passenger NEVs in China during the May 1-25 period totaled 726,000 units, marking a 31 percent increase from the previous year and an 11 percent increase from the previous month. Cumulative retail sales of passenger NEVs for the year reached 4.05 million units, showing a significant 35 percent growth compared to the same period last year.
Wholesale sales of passenger NEVs from May 1-25 amounted to 753,000 units, reflecting a 26 percent increase from the same period last year. Cumulative wholesale sales for the year stood at 4.734 million units, indicating a 39 percent growth from the previous year.
In terms of overall passenger vehicle sales, China saw retail sales of 1.358 million units in the May 1-25 period, representing a 16 percent increase from the previous year. Cumulative retail sales of all passenger vehicles for the year totaled 8.23 million units, showing a 9 percent year-on-year growth.
The data reveals that NEVs accounted for a significant portion of China’s retail vehicle sales, with a penetration rate of 53.5 percent in the May 1-25 period and 49.2 percent year-to-date. This indicates a growing preference for electric vehicles among Chinese consumers.
The month of May saw fluctuations in daily retail and wholesale sales of passenger cars in China. While average daily retail sales showed both year-on-year increases and decreases throughout the month, wholesale sales remained relatively stable, with an overall growth trend compared to the previous year.
Overall, China’s wholesale sales of all passenger vehicles during May 1-25 reached 1,389,000 units, showing a 17 percent increase from the previous year. Cumulative wholesale sales for the year stood at 9,858,000 units, marking a 12 percent growth compared to the same period last year.
The data reflects a positive trend in China’s automotive market, with a notable shift towards electric vehicles. As the country continues to prioritize sustainability and innovation in the automotive sector, the growth of NEVs is expected to play a significant role in shaping the future of transportation in China.
