New Energy Vehicle Retail Market in China Surges by 33% YoY, Selling 647,000 Units in July: Passenger Car Market Joint Meeting

Car News 562 Views

According to preliminary statistics from the Passenger Federation, China’s passenger car market witnessed a retail decrease of 5% year-on-year in July, with a total of 1.734 million units sold. Additionally, there was an 8% decline in sales compared to the previous month.

New Energy Vehicle Retail Market in China Surges by 33% YoY, Selling 647,000 Units in July: Passenger Car Market Joint Meeting - Car News - 1

However, the new energy vehicle (NEV) market continued its upward trajectory, with impressive growth in July. The retail sales of NEVs reached 647,000 units, reflecting a remarkable year-on-year increase of 33%, despite a slight 3% dip compared to the previous month.

For the entire year, the cumulative retail sales of passenger cars in China have reached 11.259 million vehicles, showing a modest year-on-year increase of 1%. In contrast, national passenger car manufacturers experienced a 6% decrease in wholesales, with 2.017 million vehicles sold in July.

Remarkably, the cumulative wholesale of vehicles, including NEVs, since the beginning of the year has experienced a substantial 6% year-on-year increase, reaching a total of 13.085 million units.

Specifically focusing on the NEV market, China witnessed a remarkable 37% year-on-year increase in sales, totaling 3.733 million units sold since the beginning of the year. The wholesale of NEVs by national passenger car manufacturers also surged by 34% year-on-year.

Notably, the overall demand for batteries showed strong growth. In June, domestic and foreign wholesale sales of new energy passenger vehicles reached 761,000 units, marking a 33% year-on-year increase and a 12% month-on-month increase. The installed battery capacity of passenger cars sold domestically and abroad reached 29.88 million kWh in June and an impressive 141.42 million kWh from January to June, showing a robust 59% growth rate.

Battery demand corresponding to passenger car sales is on the rise, with June sales alone reaching 29.88 million kWh, compared to the demand of 21.48 million kWh in the same period. This indicates a significant upsurge and sets a record high for June.

Among vehicle companies, BYD and Tesla lead the way in battery demand, accounting for 43% of total demand. Other prominent players like GAC Aian, Geely Automobile, Ideal Automobile, SAIC Passenger Vehicle, and Weilai Automobile have also demonstrated strong performances in terms of battery installed capacity.