Retail sales of NEVs in China reached a record high in October, but NEV penetration declined slightly due to faster growth in gasoline vehicle sales.
Retail sales of new energy vehicles (NEVs) in China reached a record high in October, but NEV penetration declined slightly due to faster growth in gasoline vehicle sales.
Retail sales of passenger NEVs in China totaled 1.196 million units in October, the third consecutive month of more than 1 million, up 56.7 percent from a year ago and up 6.4 percent from September, according to the China Passenger Car Association (CPCA).
The figure was lower than the CPCA's preliminary figure of 1.284 million vehicles released at the beginning of October, but higher than its estimate of 1.15 million vehicles released at the end of last month.
Battery electric vehicles (BEVs) accounted for 56.3 percent of all NEV retail sales in October at 673,000 units, up 36.7 percent year-on-year and up 4.9 percent from September.
Plug-in hybrid electric vehicles (PHEVs), excluding extended-range electric vehicles (EREVs), accounted for 33.9 percent of all NEV retail sales in October with retail sales of 405,000 units, up 107.7 percent year-on-year and up 4.9 percent from September. This represents a 107.7 percent increase year-on-year and an 11.3 percent increase from September.
EREVs contributed 9.8 percent of NEV retail sales in October at 117,000 units, which was up 55.2 percent year-on-year, but down 0.2 percent from September.
Combined retail sales of PHEVs and EREVs were 522,000 in October, up 92.62 percent year-on-year and up 8.30 percent from September.
China's passenger cars, including sedans, SUVs and MPVs, retailed 2.26 million units in October, up 11.3 percent year-on-year and up 7.2 percent from September.
This means that the overall sequential growth rate of China's passenger car retail sales exceeded the growth rate of NEVs.
China's NEV penetration rate at retail stood at 52.9 percent in October, exceeding the 50 percent mark for the fourth consecutive month.
That penetration rate was up 15 percentage points from 37.9 percent a year ago, but down 0.4 percentage points from 53.3 percent in September, the second consecutive sequential decline.
The dip in NEV penetration at retail could be largely due to gasoline vehicle sales seeing faster growth rates, incentivized by the government's trade-in policy.
NEV penetration at retail in October was 74.6 percent for local brands, 24.9 percent for luxury brands and 6.2 percent for mainstream JV brands, according to CPCA.
Wholesale sales of passenger NEVs in China reached a record 1,369,000 units in October, up 55.2 percent year-on-year and up 11.2 percent from September.
NEV penetration in wholesale sales in October was a record 50.1 percent, exceeding 50 percent for the first time, up 14 percentage points from 36 percent a year ago and up 1 percentage point from 49.1 percent in September.
Penetration of local Chinese NEVs in wholesale in October was 65 percent, compared to 35 percent for luxury brands and 6 percent for mainstream JV brands.
Passenger NEVs exported from China amounted to 120,000 units in October, up 10.4 percent year-on-year and up 13.7 percent from September, contributing 27 percent of passenger car exports.
BEVs contributed 80.8 percent of NEV exports in October, with A0 and A00 class BEVs accounting for 46 percent of NEV exports, according to the CPCA.
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