China’s new energy vehicle (NEV) market continues to break records, with domestic NEV sales reaching 1.3 million units in October, marking the second consecutive month of record highs. The overall market is showing significant improvement, with NEV sales in China reaching a new high of 1.43 million units last month, surpassing the previous record set in September.
According to data released by the China Association of Automobile Manufacturers (CAAM), NEV sales saw a 49.6 percent increase year-on-year and an 11.1 percent increase from September. These sales include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles.
PHEV sales continue to see strong growth, with October sales reaching 587,000 units, a 89.7 percent increase year-on-year and a 14.9 percent increase from September. On the other hand, BEV sales also saw a record high of 842,000 units in October, marking a 30.4 percent increase year-on-year and an 8.7 percent increase from September.
In October, China’s overall vehicle sales reached 3.05 million units, a 7 percent increase year-on-year and an 8.7 percent increase from September. NEV penetration in the market was 46.8 percent in October, up from 45.8 percent in September and significantly higher than the 33.5 percent recorded a year earlier.
Excluding exports, domestic NEV sales reached 1.3 million units in October, marking the second consecutive month of record highs. This represents a 56.5 percent increase year-on-year and a 10.7 percent increase from September. Additionally, 542,000 vehicles were exported from China in October, with NEV exports reaching 128,000 units, a 3.6 percent increase year-on-year and a 16 percent increase from September.
The trade-in purchase policy and local auto shows and promotions have significantly boosted auto consumption, according to CAAM. The intensive launch of new models has also contributed to the boom in the car market.
Overall, China’s NEV market is experiencing rapid growth, with record-high sales and increasing penetration in the market. With strong sales of both PHEVs and BEVs, as well as a growing export market, the future looks bright for the country’s electric vehicle industry.
