Retail penetration of NEVs in China rebounded to 43.38 percent in the March 1-10 period.
(Image credit: CnEVPost)
China's new energy vehicle (NEV) sales saw significant growth in the first 10 days of March, as the disruption of the New Year holidays came to an end.
During March 1-10, China's passenger NEV retail sales stood at 154,000 units, up 39 percent from the same period last year and up 64 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).
Cumulative retail sales of passenger NEVs in China so far this year totaled 1.214 million units, up 38 percent from the same period last year.
Wholesale sales of passenger NEVs from March 1-10 were 150,000 units, up 24 percent from the same period last year and up 93 percent from the same period in February, according to the CPCA.
Cumulative wholesale sales of passenger NEVs so far this year totaled 1.286 million units, up 28 percent from the same period last year.
From March 1-10, China's retail sales of all passenger vehicles stood at 355,000 units, up 4 percent compared with the same period last year, but down 4 percent from the same period last month.
This means that from March 1-10, China's NEV retail penetration was 43.38 percent.
Retail penetration of NEVs in China in February was 35.8 percent, up 2.9 percentage points from 32.8 percent in January, according to CPCA data released earlier this month.
Retail sales of passenger NEVs in February were at a new low since February 2023 at 388,000 units, down 11.6 percent year-on-year and down 42.1 percent from January. This was mainly due to the impact of the Chinese New Year holiday, which took place from February 10-17.
Cumulative retail sales of all passenger cars in China so far this year are up 16 percent year-on-year to 3.497 million units, today's data showed.
In the first week of March -- March 1-10 -- average daily retail sales of passenger cars in China were 35,490, up 4 percent year-on-year but down 4 percent from the same period in February.
In the March 1-10 period, China's wholesale sales of all passenger cars were 357,000 units, down 2 percent from a year earlier while up 50 percent from the same period last month.
Cumulative wholesale sales of all passenger cars in China so far this year stood at 3.757 million units, up 10 percent from a year earlier.
From March 1-10, China's average daily wholesale sales of passenger cars were 35,705 units, down 2 percent from a year earlier but up 50 percent from a month earlier.
