China is set to break records once again in the new energy vehicle (NEV) market, with retail sales of passenger NEVs in China estimated to reach 1.4 million units in December. This marks a significant increase of 47.8 percent year-on-year and a 10.4 percent rise from November, according to the latest estimates from the China Passenger Car Association (CPCA).
The CPCA’s projections suggest that December will be the fifth consecutive month where monthly retail sales of Chinese NEVs exceed 1 million units. The NEV penetration rate at retail is expected to be 51.9 percent in December, slightly lower than the previous month’s 52.3 percent.
The CPCA is scheduled to release preliminary data on December NEV sales early next month, with final figures expected to follow in the middle of the month. Major automakers, accounting for approximately 80 percent of passenger car sales, are targeting a 10 percent increase in retail sales in December compared to November.
Preliminary projections indicate that passenger car retail sales are likely to reach around 2.7 million units in December, representing a 14.8 percent year-on-year increase and an 11.4 percent month-on-month increase. Major automakers reported an average daily retail sales of 62,700 units in the first week of December, up 32.1 percent year-on-year and 10.6 percent from the previous month.
In the second week, average daily retail sales rose to 83,000 units, a 35.5 percent year-on-year increase and a 16.5 percent month-on-month increase. The third week is expected to see average daily retail sales of 91,400 units, up 16.4 percent year-on-year and 19.8 percent from the previous month. However, the fourth week is anticipated to see a slight decline in average daily retail sales to 108,600 units, down 1.7 percent year-on-year and 5.8 percent from the previous month.
Overall, the NEV market in China continues to show strong growth and resilience, with December shaping up to be another record-breaking month for the industry. Stay tuned for more updates on the latest developments in China’s NEV market.
