China NEV sales at 1.51 million in Nov, 3rd consecutive record month, CAAM data show

Domestic NEV sales in November reached a record high for the third consecutive month at 1,429,000 units, according to data from the CAAM.

China's new energy vehicle (NEV) sales set a new record high last month, as the year-end peak season continues.

In November, China's NEV sales amounted to 1,512,000 units, the third consecutive monthly record high, according to data released today by the China Association of Automobile Manufacturers (CAAM).

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This represents a year-on-year increase of 47.4 percent and a 5.73 percent increase from October.

CAAM's NEV sales are the wholesale sales of automakers, including those in China and those exported to overseas markets. NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles.

BEV sales continue to see strong growth, while the sequential growth of PHEV sales slowed.

November BEV sales were 908,000 units, the second consecutive record month, up 29.3 percent year-on-year and up 7.8 percent from October.

PHEV sales in November were at 604,000 units, the seventh consecutive monthly record high, up 86.8 percent year-on-year and up 2.9 percent from October.

China's all vehicle sales amounted to 3,316,000 units in November, up 11.7 percent year-on-year and up 8.6 percent from October.

This means that NEV penetration stood at 45.6 percent in November, up from 34.5 percent a year earlier but down from 46.8 percent in October.

Excluding exports, domestic NEV sales in November were at 1,429,000 units, the third consecutive month of record sales. This is up 53.8 percent year-on-year and 9.7 percent from October.

In November, 490,000 vehicles were exported from China, up 1.6 percent year-on-year but down 9.5 percent from October.

Of these, NEV exports were 83,000 units, down 14.1 percent year-on-year and 35.2 percent lower than in October.

China exported 58,000 units of BEVs in November, down 29.2 percent year-on-year and 43.8 percent from October.

A total of 25,000 units of PHEVs were exported in November, up 74.3 percent year-on-year and up 1.9 percent from October.

In November, the sentiment in the automobile market continued, with the trade-in policy continuing to boost auto consumption and further release of demand for car purchases, CAAM said in its report.