China’s new energy vehicle (NEV) sales saw a significant decline in the first nine days of February compared to the previous month, attributed to disruptions caused by the Chinese New Year holiday. Retail sales of passenger NEVs in China reached 95,000 units from February 1-9, marking an 11 percent increase from the same period last year but a 36 percent decrease from the previous month, according to data released by the China Passenger Car Association (CPCA).
The cumulative retail sales of passenger NEVs in China so far this year totaled 839,000 units, showing an 11 percent increase from the same period last year. Wholesale sales of passenger NEVs from February 1-9 reached 101,000 units, up 44 percent from the same period last year but down 47 percent from the previous month. Cumulative wholesale sales of passenger NEVs in China stood at 990,000 units so far this year, reflecting a 29 percent increase from the same period last year.
The Chinese New Year holiday, which took place from January 28 to February 4 this year, disrupted production and consumption activities in the automotive industry. This period coincided with a decline in retail sales of all passenger cars in China, totaling 239,000 units from February 1-9, a 31 percent decrease from the same period last year and a 39 percent decrease from the previous month. The cumulative retail sales of all passenger cars in China for the year stood at 2.032 million units, down 15 percent from the previous year.
Despite the challenges posed by the holiday disruptions, China’s NEV penetration at retail remained relatively high at 39.75 percent during February 1-9 and 41.29 percent so far this year. The average daily retail sales of passenger cars in China during this period were 26,528 units. On the wholesale front, China saw 219,000 units of all passenger cars sold from February 1-9, the same as the previous year but down 58 percent from the previous month. The average daily wholesale sales of passenger cars in China during this period were 24,379 units, with cumulative wholesale sales of 2.32 million units so far this year, remaining flat from the same period last year.
As the automotive industry navigates through the challenges brought on by the Chinese New Year holiday disruptions, it is essential for manufacturers and retailers to adapt their strategies to meet the evolving demands of the market. The data provided by the CPCA offers valuable insights into the performance of the NEV sector in China and highlights the resilience of the industry in the face of external factors.
