China's NEV penetration rate was 33.8 percent in November, a new all-time record, the CAAM data show.
China's November new energy vehicle (NEV) sales rose 72.3 percent year-on-year to 786,000 units, surpassing October's 714,000 units and once again setting a new all-time high, data released today by the China Association of Automobile Manufacturers (CAAM) show.
The CAAM's figures are wholesale sales for vehicle companies, where NEVs include battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and fuel cell vehicles.
BEV sales in China in November were 615,000 units, up 67.4 percent year-on-year; PHEV sales were 171,000 units, up 92.6 percent year-on-year; and fuel cell vehicle sales were 400 units, up 149.7 percent year-on-year, according to the CAAM.
China's sales of all vehicles in November were 2.238 million, down 7.9 percent year-on-year and down 7.1 percent from October.
This means that the penetration rate of NEVs in China was 33.8 percent in November, a new all-time record.
From January to November, China's NEV sales were 6.07 million units, up 100 percent year-on-year and accounting for 25 percent of all vehicle sales, according to the CAAM.
Among them, BEV sales were 4.73 million units, up 89.3 percent year-on-year; PHEV sales were 1.33 million units, up 154.6 percent year-on-year; and fuel cell sales were 3,000 units, up 150.9 percent year-on-year.
Total vehicle sales in China for the first 11 months were 24.3 million units, up 3.3 percent year-on-year.
With China's economy under increasing downward pressure and the Covid outbreaks hitting auto consumption, the stable operation of the auto market is under pressure, the CAAM said in its report.
Wholesale auto sales are currently growing at a slower pace and the release of consumption potential is less than expected, the CAAM said, adding that they recommend policymakers to extend the current purchase tax incentives for fuel vehicles in 2023.
In November, 329,000 vehicles were exported from China, up 64.8 percent from a year earlier, but down 2.5 percent from October.
Among them, 95,000 NEVs were exported in November, up 1.5 times year-on-year, but 13.2 percent less than in October.
