Much of this is likely due to a low base caused by last year's Chinese New Year holiday.
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New energy vehicle (NEV) sales in China have rebounded significantly in the past two weeks, though there is a small catch.
From February 1-12, retail sales of NEVs in China were 114,000 units, up 106 percent year-on-year, but down 18 percent from the same period in January, according to data released today by the China Passenger Car Association (CPCA).
That year-on-year gain is impressive, though much of it may be due to last year's low base.
January 31-February 6, 2022 was the Chinese New Year holiday at that time, meaning that last year's February 1-12 NEV sales would have taken a significant hit due to the holiday.
The Chinese New Year holiday in 2023 fell from January 21 to January 27, and the holiday caused a significant drop in Chinese NEV sales in January.
However, China's NEV sales have continued to recover over the past two weeks in terms of insurance registrations.
For the week ending February 12, insurance registrations for NEVs in China were 85,572, up 22.79 percent from 69,692 the previous week.
Retail sales of NEVs in China so far this year are up 9 percent to 445,000 units, according to The CPCA today.
In terms of wholesale, NEV sales in China from February 1-12 were 139,000 units, up 46 percent year-on-year but down 2 percent from the same period in January. Year-to-date NEV wholesale sales were 527,000 units, up 3 percent year-on-year.
From February 1-12, retail sales of all passenger vehicles in China were 464,000 units, up 46 percent year-on-year but down 18 percent from the same period in January.
Year-to-date retail sales of passenger cars in China were 1.757 million units, down 27 percent year-on-year.
From February 1-12, wholesale sales of passenger cars in China were 425,000 units, up 27 percent year-on-year but down 18 percent from the same period in January. Year-to-date wholesale sales were 1.874 million units, down 25 percent year-on-year.
February's retail sales growth in China's auto market is worth waiting for, the CPCA said, adding that this month is the real market start-up period in China after the Chinese New Year and the end of the Covid outbreak that lasted three years.
China's auto market should pick up significantly in February, and the market is expected to see a wave of consumer purchases of entry-level vehicles after the holidays, the CPCA said.
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