China’s new energy vehicle (NEV) market saw a slight decline in sales in February, as seasonal factors continued to impact the industry. According to data released by the China Association of Automobile Manufacturers (CAAM), NEV sales totaled 892,000 units last month, up 87.1 percent year-on-year but down 5.5 percent from January.
The wholesale sales of NEVs, which include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles, were closely monitored. In February, China sold 544,000 BEVs, marking an 85.1 percent increase from the previous year but a 5.2 percent decrease from January. PHEV sales also saw growth, with 348,000 units sold, up 90.3 percent year-on-year but down 5.95 percent from January.
Overall, China’s all vehicle sales reached 2,129,000 units in February, showing a 34.4 percent increase from the previous year but a 12.2 percent decrease from January. NEVs accounted for 41.9 percent of total vehicle sales, up from 30.1 percent a year earlier and 39.0 percent in January.
When excluding exports, domestic NEV sales in February reached 760,000 units, up 92.6 percent year-on-year but down 4.2 percent from January. A total of 441,000 vehicles were exported from China in February, up 16.9 percent year-on-year but down 6.2 percent from January. NEV exports accounted for 131,000 units, up 60.5 percent year-on-year but down 12.6 percent from January.
BEV exports totaled 81,000 units in February, representing a 22.4 percent increase from the previous year but an 18.9 percent decrease from January. PHEVs exports reached 50,000 units, showing a significant 220 percent year-on-year increase but a slight 0.2 percent decrease from January.
Despite the slight decline in sales, the NEV market in China continues to show strong growth and potential. With ongoing advancements in technology and increasing consumer demand for environmentally friendly vehicles, the NEV industry is expected to remain a key player in the global automotive market.
