China’s NEV Market Reaches Record 1.4 Million Wholesale Sales in October, Says CPCA

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The new energy vehicle (NEV) market in China hit an all-time high in October, with wholesale sales estimated to reach 1.4 million units, according to the China Passenger Car Association (CPCA). This marks a 58 percent increase year-on-year and a 14 percent rise from September, underscoring strong growth driven by government incentives for NEV purchases.

China's NEV Market Reaches Record 1.4 Million Wholesale Sales in October, Says CPCA - Car News - 1

The CPCA noted that all provinces across China have now adopted car replacement subsidy policies, sparking a new wave of momentum in the automotive market. The October surge in NEV sales has been supported by these government subsidies, which encourage consumers to trade in older vehicles for new energy models.

In September, automakers with wholesale sales exceeding 10,000 units accounted for a substantial 92.7 percent of total NEV sales. This strong performance continued in October, with these manufacturers estimated to have sold around 1.3 million units, contributing to the record-breaking 1.4 million wholesale sales milestone. This is the fourth time that monthly NEV sales in China have surpassed one million units.

China’s NEV segment includes battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Exact figures for each category are expected later this month. The CPCA highlighted that NEVs have shown impressive traction in the market, with entry-level electric vehicles and plug-in hybrids gaining particular interest from consumers.

Survey data indicates that NEVs now make up over 60 percent of new car purchases through trade-in programs, demonstrating strong demand across consumer segments. Leading automakers in October included BYD, with 500,526 units sold; Geely, with 108,722 units; and Tesla China, with 68,280 units.

This sustained growth in NEV sales points to a robust shift in consumer preference towards greener vehicle options, supported by favorable government policies. As NEVs continue to gain traction, China’s automotive market is poised for further expansion.