August 1-27 China NEV Retail Sales Reach 538,000, Showing 2% Increase from Previous Month

In the initial four weeks of August, the adoption of New Energy Vehicles (NEVs) in China’s retail market reached a notable 39.67 percent. This figure contrasts with the year-to-date penetration of 33.70 percent.

Between August 1 and August 27, China observed a robust performance in the retail segment of passenger New Energy Vehicles (NEVs), tallying up to 538,000 units sold. This marked an impressive 28 percent surge in comparison to the same period last year and a steady 2 percent rise from the preceding month. The China Passenger Car Association (CPCA) released this data today.

Cumulatively for this year, the retail sales of passenger NEVs in China totaled 4.265 million units, depicting a substantial 35 percent year-on-year growth.

In the period spanning from August 1 to August 27, wholesale transactions of passenger NEVs in China reached 615,000 units. This showcases a notable 23 percent annual growth and a modest 3 percent increase compared to the prior month, as reported by the CPCA.

Year-to-date, China’s wholesale volume of passenger NEVs amounted to an impressive 4.895 million units, signifying a remarkable 39 percent year-on-year increase.

Within the timeframe of August 1 to 27, the retail sales of all passenger vehicles in China totaled 1.356 million units, manifesting a solid 6 percent upswing from the previous year and a commendable 3 percent rise from the preceding month.

Reflecting on the broader year-to-date perspective, the retail sales of passenger cars in China posted a modest yet positive 2 percent year-on-year growth, accumulating to 12.653 million units.

To delve further into these figures, during the initial four weeks of August, the retail adoption rate of NEVs in China reached a prominent 39.67 percent, while the comparable metric for the year stood at 33.70 percent.

Between August 1 and 27, wholesale transactions of all passenger cars in China reached 1,433,000 units, representing a 3 percent annual increment. However, this figure exhibited a marginal 3 percent decline from the previous month. Notably, the year-to-date wholesale sales surged by 6 percent, culminating in a total of 14.564 million units.

Analyzing the daily retail sales figures more closely, between August 1 and August 6, China experienced an average of 40,150 units sold per day for passenger cars. While this reflected a marginal 1 percent decline from the previous year, it still marked a commendable 9 percent increase compared to the same period of the prior month, as outlined by the CPCA.

Transitioning to the subsequent period, from August 7 to August 13, the average daily retail sales of passenger cars in China spiked to 49,051 units, demonstrating a substantial 13 percent growth from the corresponding period the previous year. Additionally, this figure exhibited a notable 16 percent rise from the same period of the preceding month, as reported by the CPCA.

The trend continued as the timeframe shifted to August 13 to August 20, witnessing an average daily retail sales volume of 51,869 units for passenger cars in China. This showcased a modest yet encouraging 3 percent increase when contrasted with the parallel period from the prior year, alongside a similar 3 percent rise compared to the same period of the preceding month.

Lastly, in the span of August 21 to August 27, the average daily retail sales of passenger cars in China reached 58,396 units. This indicated a noteworthy 7 percent expansion from the identical period in the preceding year. However, it’s important to note that this figure also represented an 8 percent decline from the same period of the preceding month.