China’s New Energy Vehicle (NEV) Retail Sales Reach 172,000 in September 1-10, Marking a 9% Increase Compared to the Previous Month

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In the initial ten days of September, China experienced a notable surge in the adoption of New Energy Vehicles (NEVs) at retail, reaching an impressive 39.18%. When we consider the year-to-date figures, the penetration of NEVs stands at a substantial 33.8%.

China's New Energy Vehicle (NEV) Retail Sales Reach 172,000 in September 1-10, Marking a 9% Increase Compared to the Previous Month - Car News - 1

According to the latest data released by the China Passenger Car Association (CPCA), between September 1 and September 10, retail sales of passenger NEVs in China reached an impressive 172,000 units. This marks a remarkable 40% increase compared to the previous year and a commendable 9% rise from the preceding month.

Throughout the current year, China has witnessed a substantial growth in retail sales of passenger NEVs, with a total of 4.615 million units sold. This represents a substantial year-on-year increase of 36%.

In the same period, wholesale sales of passenger NEVs in China during September 1 to September 10 also performed impressively, totaling 172,000 units. This signifies a significant 12% growth compared to the previous year and an impressive 13% increase from the same period in August.

Year-to-date figures for wholesale sales of passenger NEVs in China indicate a total of 5,252,000 units sold, reflecting a substantial 37% year-on-year increase.

When considering the broader category of all passenger cars, retail sales in China for the period between September 1 and September 10 reached 439,000 units. This represents a notable 14% increase from the same period in the previous year, with no significant change from the previous month.

Cumulatively, retail sales of passenger cars in China for the entire year stand at 13.65 million units, reflecting a modest yet steady 2% year-on-year increase.

In summary, China’s adoption of NEVs in the retail sector surged to 39.18% during the first ten days of September, with a year-to-date penetration rate of 33.8%. The average daily retail sales of passenger cars in China for this period reached 43,885 units, displaying a 14% year-on-year growth and maintaining stability compared to the previous month.

Despite retail auto sales remaining flat when compared to August, the CPCA noted that they did not face significant pressure. The successful Chengdu auto show and the accelerated launch of new models have contributed to maintaining a healthy consumption pace in the market, according to the CPCA.