China’s new energy vehicle (NEV) retail sales in June continued to show strong growth, with passenger NEV retail sales totaling 1.071 million units, marking the second consecutive month above the 1 million mark. This represents a 25 percent year-on-year increase and a 4 percent increase from May. The China Passenger Car Association (CPCA) released preliminary data showing that the NEV penetration rate in retail sales was 52.7 percent in June, with a year-to-date rate of 50.04 percent.
The overall new energy vehicle market in China is thriving, with cumulative retail sales of passenger NEVs reaching 5.429 million units so far this year, up 32 percent year-on-year. Wholesale sales of passenger NEVs in June totaled 1.259 million units, up 28 percent year-on-year and 3 percent from May, with cumulative wholesale sales reaching 6.465 million units year-to-date, up 38 percent year-on-year.
In June, China’s total passenger vehicle retail sales reached 2.032 million units, up 15 percent year-on-year and 5 percent month-on-month. Year-to-date, total passenger vehicle retail sales stood at 10.849 million units, up 10 percent year-on-year. The strong performance of NEVs is evident in the retail penetration rate, which remains high at 52.7 percent in June and 50.04 percent year-to-date.
The daily average retail sales of passenger vehicles in China varied throughout June, with fluctuations in weekly sales volumes. Wholesale sales of passenger vehicles also showed growth, with total wholesale sales reaching 2.473 million units in June, up 14 percent year-on-year and 7 percent month-on-month. Year-to-date, wholesale sales volume of passenger vehicles in China came in at 13.263 million units, up 12 percent year-on-year.
Looking ahead, estimates suggest that China’s NEV wholesale sales for the first half of the year will reach 6.47 million units, reflecting a 38 percent year-on-year increase. The continued growth of the NEV market in China underscores the country’s commitment to promoting sustainable transportation options and reducing carbon emissions.
