China has seen a significant increase in the retail sales of new energy vehicles (NEVs) this year, with cumulative sales reaching 10.41 million units, marking a 43 percent increase from the previous year. The latest data from the China Passenger Car Association (CPCA) reveals that in the period from December 1 to 22, retail sales of passenger NEVs totaled 817,000 units, showing a 60 percent year-on-year increase and a 4 percent month-on-month increase.
Comparing this period with the earlier half of December, where sales stood at 536,000 units, representing a 71 percent year-on-year increase and a 6 percent month-on-month increase, we see a slight slowdown in sales growth. However, the overall trend remains positive, with China’s passenger NEV retail sales continuing to show strong performance.
Wholesale sales of passenger NEVs from December 1 to 22 also saw a year-on-year increase of 56 percent, with 913,000 units sold during this period. The cumulative wholesale sales of passenger NEVs for the year now stand at 11.63 million units, reflecting a 39 percent growth compared to the previous year.
In terms of overall passenger vehicle sales, China saw 1.69 million units sold from December 1 to 22, marking a 25 percent increase from the same period last year and a 14 percent increase from the previous month. Cumulative retail sales of all passenger vehicles in China for the year have reached 21.95 million units, showing a 6 percent year-on-year growth.
The penetration rate of NEVs in the retail market in China stood at 48.28 percent for the December 1-22 period and 47.44 percent year-to-date, indicating a strong presence of electric vehicles in the market. The average daily retail sales of passenger cars in China saw a steady increase throughout December, with 62,730 units sold from December 1-8, 83,024 units from December 9-15, and 86,946 units from December 16-22.
Wholesale sales of all passenger cars in China for the December 1-22 period reached 1.77 million units, showing a 30 percent year-on-year increase. The average daily wholesale sales of passenger cars also saw a rise, with 70,600 units sold from December 1-8, 81,826 units from December 9-15, and 90,364 units from December 16-22.
Overall, China’s automotive market continues to show resilience and growth, with NEVs playing a significant role in driving sales and shaping the future of transportation in the country. With a strong performance in both retail and wholesale markets, the outlook for the electric vehicle industry in China remains promising.
