The penetration rate of NEVs in wholesale sales in February was 21.8 percent, up 12.2 percentage points from 9.6 percent in February 2021.
Wholesale sales of new energy passenger vehicles in China reached 317,000 units in February, up 189.1 percent year-on-year and down 24.1 percent from January, the China Passenger Car Association (CPCA) said today.
That includes 245,000 BEVs (battery electric vehicles) and 72,000 PHEVs (plug-in hybrid vehicles), accounting for 77.3 percent and 22.7 percent, respectively.
China's retail sales of new energy passenger vehicles were 272,000 units in February, up 180.5 percent year-on-year and down 22.6 percent from January, the CPCA said. That includes 206,000 BEVs and 66,000 PHEVs.
Wholesale sales of all passenger vehicles by automakers in China were 1.455 million units in February, up 26.9 percent from a year earlier and down 32.6 percent from January.
Retail sales of passenger vehicles in February were 1.246 million units, up 4.2 percent year-on-year and down 40 percent compared to January.
In the new energy vehicle (NEV) market, orders were weak in late January due to price increases, but picked up significantly in February, the CPCA said.
Although there was still outbreak of Covid-19 cases in China, the relatively mild prevention initiatives did not have a significant impact on residential travel and vehicle consumption, which boosted NEV sales, the CPCA said.
Wholesale sales penetration at 21.8 percent
In wholesale sales in February, the penetration rate of NEVs was 21.8 percent, up 12.2 percentage points from 9.6 percent in February 2021.
In February, the penetration rate of NEVs among local brands was 38 percent and 29.4 percent for luxury vehicles, compared to only 3.3 percent for mainstream joint venture brands.
Wholesale sales of pure-play EVs in February were 245,000 units, up 161.7 percent year-on-year, while plug-in hybrid sales were 72,000 units, up 350.9 percent year-on-year.
Wholesale sales of A00-class electric vehicles were 68,000 units, with a 28 percent share of pure electric vehicles.
Class A0 was 33,000, accounting for 14 percent of pure EV sales.
The share of Class A EVs was 23 percent and the share of Class B EVs was 35 percent.
Volkswagen's joint ventures in China saw wholesale sales of 11,916 NEVs in February, accounting for a 58 percent share of mainstream joint venture brands, the CPCA said, adding that the German automaker's determined electrification transition strategy is beginning to pay off.
Retail sales penetration at 21.8 percent
The penetration of NEVs in China was 21.8 percent of retail sales in February, up 13 percentage points from 8.1 percent in February 2021.
In February, the penetration rate of NEVs among local brands was 41.9 percent, luxury brands was 17.4 percent, and mainstream joint venture brands was only 3.5 percent.
NEVs exported from China in February were 45,300 units, down from 52,000 units in January.
Tesla exported 33,315 China-made vehicles in February, SAIC Passenger Cars exported 4,325 NEVs, and Dongfeng eGT exported 4,536 vehicles.
Five companies exceeded 10,000 wholesale sales
There were five companies whose wholesale sales exceeded 10,000 units in February, two more than in the same month last year.
BYD's wholesale sales in February were 87,473 units, Tesla China 56,515 units, SAIC-GM-Wuling 26,046 units, Geely 14,285 units and Chery 10,271 units.
With the withdrawal of NEV purchase subsidies and rising raw material prices, price adjustments for some models led to a brief downturn in orders, the CPCA said.
After the Chinese New Year, consumers began to accept the new prices for NEVs, and many car companies have a backlog of undelivered orders, so March sales will not be significantly affected by the withdrawal, the CPCA said.