China’s NEV retail sales saw a significant rebound in August, with passenger new energy vehicle (NEV) sales surpassing 1 million units. This marks a 7.5 percent year-on-year increase and an 11.6 percent rise from July, according to data from the China Passenger Car Association (CPCA).
The surge in NEV sales was driven by the continued growth of battery electric vehicles (BEVs), which reached 686,000 units in August. This represents a 17.2 percent year-on-year increase and a 13.0 percent rise from July. BEVs accounted for 62.3 percent of total NEV retail sales in August, up 8 percentage points from the previous month.
On the other hand, hybrid vehicle sales, including plug-in hybrid electric vehicles (PHEVs) and extended-range electric vehicles (EREVs), experienced a 6.8 percent year-on-year decline in August. This marks the second consecutive month of year-on-year decline in hybrid vehicle retail sales.
BEVs continued to dominate the NEV market, accounting for a significant portion of total sales. PHEVs, excluding EREVs, saw a 7.3 percent year-on-year decrease in retail sales but a 13.1 percent increase compared to July. EREVs, on the other hand, recorded a 0.3 percent year-on-year increase in retail sales but a 1.4 percent decrease from the previous month.
China’s passenger vehicle retail sales, including sedans, SUVs, and MPVs, totaled 1.995 million units in August, marking a 4.6 percent year-on-year increase and an 8.2 percent rise from July. The NEV retail penetration rate in August reached 55.2 percent, up 1.5 percentage points year-on-year and 1.2 percentage points month-on-month.
Domestic brands led the NEV market in August, achieving a 76 percent retail penetration rate, while luxury brands reached 31.9 percent and mainstream joint-venture brands recorded 6.6 percent. China’s passenger NEV wholesale sales totaled 1.282 million units in August, up 22.3 percent year-on-year and 7.8 percent month-on-month.
In terms of exports, passenger NEVs exported from China reached 204,000 units in August, surging 102.7 percent year-on-year but declining 6.5 percent month-on-month. BEVs accounted for 66 percent of NEV exports, down from 80.4 percent in the same period last year. Exports of A0-class and A00-class BEVs represented 38 percent of NEV exports, up from 23 percent in the same period last year.
Overall, August saw a strong rebound in China’s NEV retail sales, driven by the growth of BEVs and a recovery in the passenger vehicle market. Domestic brands continue to lead the NEV market, with a high retail penetration rate and strong wholesale sales performance.
