China’s retail penetration of new energy vehicles (NEVs) in October stood at 52.2 percent, with a year-to-date penetration rate of 46.46 percent, according to data released by the China Passenger Car Association (CPCA).
During the period of October 1-27, retail sales of passenger NEVs in China totaled 946,000 units, marking a 49 percent increase from the same period last year. However, this figure represented a 1 percent decline compared to the previous month’s performance.
Cumulatively, China has sold 8.08 million units of passenger NEVs this year, reflecting a 39 percent year-on-year growth. Wholesale sales of passenger NEVs in the same period were 1.047 million units, up 45 percent from last year and 2 percent from the previous month.
Overall, retail sales of all passenger vehicles in China reached 1.81 million units from October 1-27, showing a 9 percent increase from the same period last year and a 2 percent rise from the previous month. The cumulative retail sales of all passenger vehicles in China for the year totaled 17.39 million units, up 3 percent year-on-year.
The NEV penetration at retail in China was reported at 52.2 percent during the specified period and 46.46 percent year-to-date. The National Day holiday from October 1-7 saw an average daily passenger car retail sales of 49,668 units, down 5 percent year-on-year but up 2 percent from the previous month.
In the subsequent weeks, average daily retail sales of passenger cars in China fluctuated, with the second week of October (October 8-13) showing a significant increase of 48 percent year-on-year. However, the fourth week of October (October 21-27) recorded a 5 percent year-on-year decline in average daily retail sales.
Wholesale sales of all passenger cars in China from October 1-27 were 1.978 million units, reflecting a 4 percent year-on-year increase. The month saw fluctuations in average daily wholesale sales, with the third week of October (October 14-20) showing an upward trend of 31 percent year-on-year.
Cumulatively, wholesale sales of passenger cars in China for the year totaled 20.42 million units, marking a 4 percent year-on-year growth. Looking ahead, market analysts expect varying sales figures for EV manufacturers in China, with Nio projected to reach 24,500 units, Tesla at 47,000 units, and BYD at 520,000 units.
The data indicates a dynamic market landscape for NEVs in China, with fluctuations in sales figures across different vehicle categories and manufacturers. As the year progresses, the industry is poised for further growth and development in the electric vehicle segment.
