China's wholesale sales of passenger NEVs are expected to come in at 1.05 million units in August, which would be the first time this year that they have exceeded 1 million units.
China's new energy vehicle (NEV) sales rebounded last month, after slipping in July during a slow season.
Wholesale sales of passenger NEVs in China are expected to come in at 1.05 million units in August, up 32 percent from a year earlier and up 11 percent from July, the China Passenger Car Association (CPCA) said in a report today.
In July, manufacturers with wholesale sales of more than 10,000 passenger NEVs contributed 89.5 percent of all wholesale NEV sales, CPCA said.
The estimated sales of these carmakers in August are 940,000 units, and based on last month's structure, China's August passenger NEV wholesale sales will be at 1.05 million units, the CPCA said.
This would be the first time this year that China's monthly NEV wholesale sales have exceeded 1 million units, the CPCA noted.
China's monthly NEV wholesale sales last exceeded 1 million units in December 2023, when they stood at 1,114,804 units.
Some small and medium-sized automakers saw strong NEV sales in August, and retail NEV penetration is expected to continue to exceed 50 percent in August, CPCA said.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and fuel cell vehicles. Their exact numbers are expected to be announced later this month.
China's manufacturing PMI fell to 49.1 percent in August due to the recent hot and rainy weather, and some industries entering a slow season, the CPCA said.
However, as the Chinese government increased subsidies for the replacement of old vehicles, consumption in the NEV market has been stimulated, with strong growth in the entry-level battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) markets, the CPCA said.
As of 10 am Beijing Time on August 31, a total of 800,000 applications had been filed for trade-in subsidies for older vehicles, the report noted.
This means there were more than 13,300 new applications on average on a single day in the second half of August, the CPCA said, adding that the significant sequential increase in applications for the trade-in subsidies in recent months reflects the policy's boost to auto consumption.
China doubles subsidies to encourage consumers to replace old cars
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