China’s new energy vehicle (NEV) sales hit a new all-time high in November, marking the third consecutive month of record-breaking sales. According to data released by the China Association of Automobile Manufacturers (CAAM), NEV sales in China reached 1,512,000 units last month, representing a significant year-on-year increase of 47.4 percent and a 5.73 percent rise from October.
The surge in NEV sales was driven by strong growth in battery electric vehicle (BEV) sales, which reached 908,000 units in November, up 29.3 percent year-on-year and 7.8 percent from the previous month. Additionally, plug-in hybrid electric vehicle (PHEV) sales continued their upward trajectory, reaching 604,000 units, marking the seventh consecutive month of record sales and an 86.8 percent increase from the same period last year.
Overall vehicle sales in China also saw a notable increase, totaling 3,316,000 units in November, up 11.7 percent year-on-year and 8.6 percent from October. This growth was attributed to the ongoing trade-in policy that has been boosting auto consumption and driving demand for car purchases.
NEV penetration in the Chinese market stood at 45.6 percent in November, up from 34.5 percent a year earlier. Domestic NEV sales, excluding exports, reached 1,429,000 units, marking the third consecutive month of record sales with a 53.8 percent year-on-year increase.
In terms of exports, China shipped out 490,000 vehicles in November, a 1.6 percent increase from the previous year. NEV exports totaled 83,000 units, a 14.1 percent decline year-on-year. BEV exports reached 58,000 units, down 29.2 percent year-on-year, while PHEV exports totaled 25,000 units, marking a 74.3 percent increase from the same period last year.
The positive momentum in the automobile market is expected to continue, with the trade-in policy and increasing demand for car purchases driving further growth. The CAAM report highlighted the ongoing trend in boosting auto consumption and emphasized the release of pent-up demand for vehicles.
Overall, November was a strong month for NEV sales in China, with record-breaking figures across various categories. The market is poised for continued growth as consumers increasingly embrace electric vehicles and the government continues to support the transition to cleaner transportation options.
