China's NEV retail penetration rebounded to 48.0 percent in the March 1-17 period.
(Image credit: CnEVPost)
China's new energy vehicle (NEV) sales have rebounded significantly so far this month, as the disruption of the New Year holiday passed.
In the March 1-17 period, China's passenger NEVs sold 335,000 units at retail, up 56 percent from the same period last year and up 115 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 1.395 million units, up 42 percent from the same period last year.
Wholesale sales of China's passenger NEVs from March 1-17 were 312,000 units, up 31 percent from the same period last year and up 138 percent from the same period in February, according to the CPCA.
Cumulative wholesale sales of China's passenger NEVs so far this year totaled 1.448 million units, up 29 percent from a year earlier.
From March 1-17, China's retail sales of all passenger vehicles were 698,000 units, up 13 percent compared with the same period last year and up 27 percent from the same period last month.
Cumulative retail sales of all passenger cars in China so far this year amounted to 3.841 million units, up 16 percent year-on-year.
This means that China's NEV retail penetration was 48.0 percent in the March 1-17 period and 36.3 percent year-to-date.
China's NEV penetration has increased rapidly over the past few years, reaching 40.5 percent in November last year, exceeding 40 percent for the first time.
In December last year, NEV penetration continued above 40 percent at 40.1 percent. However, in January and February, the figure decreased to 33.0 percent and 35.2 percent respectively, mainly due to seasonal factors.
Speaking at a conference held by the Guangdong provincial government on February 18, BYD (OTCMKTS: BYDDF) chairman and president Wang Chuanfu said he expected China could see monthly NEV penetration rates exceeding 50 percent within the year.
Speaking at the China EV 100 Forum on March 16, Wang said NEV penetration had topped 48.2 percent the week before, and at that rate, monthly NEV penetration could top 50 percent in the next 3 months.
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 second week of March -- March 11-17, average daily retail sales of passenger cars in China were 49,045, up 24 percent year-on-year and up 92 percent from the same period in February.
In the March 1-17 period, China's wholesale sales of all passenger cars were 828,000 units, up 25 percent from a year earlier and up 121 percent from the same period last month, the CPCA said.
Cumulative wholesale sales of all passenger cars in China so far this year stood at 4.228 million units, up 13 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.
From March 11-17, average daily wholesale sales of passenger cars in China were 67,335 units, up 58 percent year-on-year and up 245 percent from the same period last month.
BYD chairman expects China's NEV penetration to exceed 50% within next 3 months
