Retail sales of new energy passenger vehicles in China were 332,000 units in January, lower than the CPCA's estimate of 360,000 units announced on January 28.
China's retail sales of new energy passenger vehicles were 332,000 units in January, down 6.3 percent year-on-year and down 48.3 percent from 640,000 units in December, according to data released today by the China Passenger Car Association (CPCA).
This was below the CPCA's estimate of 360,000 units released on January 28, indicating that market performance was weaker than expected in the final days of January.
Battery electric vehicles (BEVs) continued to dominate, selling 214,000 units in January, down 22.2 percent year-on-year and down 53.2 percent from December, accounting for 64.5 percent of all new energy vehicle (NEV) retail sales.
Plug-in hybrid (PHEV) retail sales in January were 118,000 units, up 48.8 percent year-on-year, but down 36.1 percent from December and accounting for 35.5 percent of all NEV retail sales.
Retail sales of all passenger vehicles in China were 1.293 million units in January, down 37.9 percent year-on-year and down 40.4 percent from December's 2.17 million units.
In terms of retail sales, NEVs had a penetration rate of 25.7 percent in January, up 8.7 percentage points from the 17 percent in January 2022, but down from 29.5 percent in December.
The penetration rate of NEVs among local Chinese brands was 43.8 percent, 21.4 percent for luxury brands, and only 2.7 percent for mainstream joint venture brands.
In terms of wholesale, China's new energy passenger vehicle sales in January were 389,000 units, down 7.3 percent year-on-year and down 48.2 percent from December.
China's NEV wholesale penetration rate was 26.8 percent in January, up 7.4 percentage points from the 19.4 percent penetration rate in January 2022, but down from 33.8 percent in December.
China's passenger vehicle retail sales performance in January was the worst for the same month this century, the CPCA said.
In the NEV industry, that market landscape is being reshaped as consumers stay on the sidelines about the government policies early in year and the withdrawal of subsidies brings a complex adjustment in prices, according to the CPCA.
Despite January's bleak performance in vehicle sales, the CPCA has expectations for February.
February has 20 working days, four more than a year ago, which is good for increased production and sales, the CPCA said.
February is the real market launch period after the Chinese New Year holiday, and passenger vehicle retail sales growth is worth looking forward to, the CPCA added.