• Retail and wholesale sales of passenger NEVs in China fell sharply in the January 1-12 period compared to the same period last month.
  • The overall passenger car market declined slightly less, leading to a decline in NEV penetration.
China NEV retail at 206,000 in Jan 1-12, down 50% from same period last month-CnEVPost
(A Polestar 4 on display at the June 2024 new energy vehicle show in Shanghai. Image credit: CnEVPost)

China's new energy vehicle (NEV) sales in early January were significantly lower than in the previous month, as the end of the year typically sees higher volumes and the beginning of a new month sees slower deliveries.

Retail sales of passenger NEVs in China for the January 1-12 period were 206,000 units, up 8 percent from the same period last year, but down 50 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).

Wholesale sales of China's passenger NEVs in January 1-12 were 261,000 units, up 45 percent from the same period last year, but down 42 percent from the same period last month, according to the CPCA.

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China's retail sales of all passenger vehicles were 533,000 units in January 1-12, 21 percent lower than the same period last year and 36 percent lower than the same period last month.

This means that China's NEV penetration at retail stood at 38.65 percent from January 1-12, significantly lower than December's 49.4 percent.

In the first week of January -- January 1-5, the average daily retail sales of passenger cars in China were 39,014 units, 28 percent lower year-on-year and 28 percent lower than the same period last month.

In the second week of January -- January 6-12 -- average daily retail sales of passenger cars in China were 48,286, down 16 percent year-on-year and down 35 percent from the same period last month.

For January 1-12, China's wholesale sales of all passenger cars were 689,000 units, up 14 percent year-on-year but 23 percent lower than the same period last month.

During January 1-5, average daily wholesale sales of passenger cars in China were 59,064, up 26 percent year-on-year but 16 percent lower than the same period last month.

During January 6-12, average daily wholesale sales of passenger cars in China were 56,211, up 6 percent year-on-year but down 27 percent from the same period last month.

China EV insurance registrations by brand for week ending Jan 12: Nio 1,500, Onvo 1,800, Tesla 7,800, BYD 42,800