China’s retail sales of new energy vehicles (NEVs) are on track to set another record high this month, as the year-end peak season continues. According to estimates from the China Passenger Car Association (CPCA), retail sales of passenger NEVs in China are projected to reach 1.28 million units in November. This represents a 52 percent increase year-on-year and a 7 percent increase from October.
The continuous growth in monthly retail sales of NEVs in China is a positive sign for the industry, as it marks the fourth consecutive month that sales have exceeded 1 million units. The CPCA also expects China’s NEV penetration at retail to reach 53.3 percent in November, up from 52.9 percent in October.
The CPCA is set to release preliminary figures for November NEV sales early next month, with final figures expected in the middle of the month. Major automakers, who account for approximately 80 percent of passenger car sales, are aiming for a 6.5 percent increase in retail sales in November compared to October.
Preliminary projections indicate that November passenger car retail sales in China are expected to be around 2.4 million units, representing a 15.4 percent year-on-year increase and a 6.1 percent increase from the previous month. Major automakers have seen an uptick in average daily retail sales throughout November, with figures showing steady growth week by week.
In the first week of November, major automakers averaged daily passenger car retail sales of 56,700 units, a 29.3 percent increase year-on-year. The following weeks saw further increases, with average daily retail sales reaching 77,100 units in the second week, 81,400 units in the third week, and an expected 120,600 units in the fourth week.
Overall, the outlook for NEV retail sales in China remains positive, with strong growth expected to continue in the coming months. The industry’s performance in November indicates a healthy demand for electric vehicles in the Chinese market, driven by government incentives and increasing consumer awareness of environmental issues.
