The NEV penetration rate is expected to reach a record 45.5 percent in March as it reversed the pre-holiday slump and rose rapidly, the CPCA said.
China's new energy vehicle (NEV) sales this month are set to rebound significantly from last month, as the impact of the Chinese New Year holiday wanes.
In March, China's retail sales of passenger NEVs are estimated to be around 750,000 units, up 37.1 percent year-on-year and up 93.2 percent from February, according to preliminary data released by the China Passenger Car Association (CPCA) today.
NEV prices fell further after the Chinese New Year break, helping to reverse the pre-holiday slump in NEV penetration, which is expected to reach a record 45.5 percent in March, according to CPCA.
The CPCA is expected to release preliminary data on March NEV sales in early next month and final data in mid-next month.
A survey showed that major automakers contributing around 80 percent of passenger car sales set a retail sales target in March of around 4 percent year-on-year growth.
According to preliminary calculations, retail sales of passenger cars in March are expected to be around 1.65 million units, up 3.7 percent year-on-year and up 49.5 percent from Feburary, basically in line with normal seasonal trends, CPCA said.
March is traditionally the peak season for the auto market. Automakers set relatively high sales targets at the beginning of the month to meet quarterly goals, and local governments also have some stimulus policies to boost auto market recovery, the CPCA noted.
However, the intensifying new round of price wars has led consumers to wait and see, the CPCA said, adding that expectations for details of the trade-in policy further aggravated the wait-and-see sentiment, CPCA said.
The average daily retail sales of passenger cars by major automakers in the first week of March were 35,500 units, up 4.1 percent year-on-year but down 4.2 percent from the same period in February.
In the second week, the average daily retail sales were 49,100 units, up 23.8 percent year-on-year and up 91.8 percent from the same period last month.
In the third week, the estimated average daily retail sales are 58,600 units, up 31.8 percent year-on-year and up 50.7 percent from the same period last month.
In the fourth week, the estimated average daily retail sales are 77,400 units, down 18.1 percent year-on-year but up 37.3 percent from the same period last month.
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