China’s new energy vehicle (NEV) retail sales in August showed steady growth, with total passenger NEV retail sales reaching 727,000 units from August 1 to 24. This marked a 6 percent increase compared to the same period last year and a 7 percent increase from the previous month. The China Passenger Car Association (CPCA) released data indicating that year-to-date, cumulative passenger NEV retail sales in China had reached 7.18 million units, reflecting a 27 percent year-on-year increase.
In terms of wholesale sales, passenger NEVs totaled 711,000 units from August 1 to 24, showing an 11 percent year-on-year increase and a 3 percent month-on-month rise. Year-to-date, cumulative wholesale sales of passenger NEVs in China reached 8.35 million units, representing a 33 percent year-on-year growth.
Overall, China’s total passenger vehicle retail sales during the same period amounted to 1.285 million units, up 3 percent both year-on-year and month-on-month. The cumulative retail sales of all passenger vehicles in China for the year reached 14.03 million units, indicating a 10 percent year-on-year increase.
The data also revealed that China’s NEV retail penetration rate stood at 56.6 percent from August 1 to 24 and 51.87 percent year-to-date. Throughout the month, the average daily passenger vehicle retail sales fluctuated, with a slight decrease in the first week of August, followed by increases in the second and third weeks.
In terms of wholesale sales, China saw a total of 1.341 million units of passenger vehicles sold from August 1 to 24, reflecting a 12 percent year-on-year increase and a 5 percent month-on-month rise. The year-to-date wholesale sales of passenger vehicles in China reached 16.87 million units, showing a 13 percent increase compared to the same period last year.
The data suggests a positive trend in the NEV market in China, with steady growth in both retail and wholesale sales. As the market continues to evolve and expand, it will be interesting to see how these numbers develop in the coming months.
