China NEV retail at 786,000 in Jan, up 17% year-on-year while down 40% from Dec, preliminary CPCA data show

Overall passenger car retail sales in January were 1,853,000 units, 9 percent lower year-on-year and 30 percent lower than in December.

China's NEV penetration rate at retail was 42.42 percent in January.

(A Chery model on display at the June 2024 Shanghai new energy vehicle show. Image credit: CnEVPost)

China's new energy vehicle (NEV) retail sales declined last month from December, as the slow season set in.

Retail sales of passenger NEVs in China totaled 786,000 units in January, up 17 percent year-on-year but down 40 percent from December, according to preliminary data released today by the China Passenger Car Association (CPCA).

China's wholesale sales of passenger NEVs in January were 900,000 units, up 29 percent year-on-year but 40 percent lower than in December.

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In January, China's retail sales of all passenger vehicles were 1.853 million units, 9 percent lower year-on-year and 30 percent lower than in December.

This means that China's NEV retail penetration was 42.42 percent in January.

In China's auto market, the beginning of the year, especially the month in which the Chinese New Year holiday falls, is usually the low point for sales, while the end of the year is usually the high point. This year, the Chinese New Year holiday was from January 28 to February 4.

During the first week of January -- January 1-5 -- average daily retail sales of passenger cars in China were 39,014 units, 28 percent lower year-on-year and 38 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 units, down 16 percent year-on-year and down 35 percent from the same period last month.

In the third week of January -- January 13-19 -- average daily retail sales of passenger cars in China were 67,425 units, up 9 percent year-on-year but 21 percent lower than the same period last month. The figure was revised down from 73,779 units previously reported by the CPCA.

In the fourth week of January -- January 20-25 -- average daily retail sales of passenger cars in China were 76,777 units, up 15 percent year-on-year but 20 percent lower than the same period last month.

In the fifth week of January -- January 26-31 -- average daily retail sales of passenger cars in China were 64,555 units, 20 percent lower year-on-year and 38 percent lower than in the same period last month.

In January, China's wholesale sales of all passenger cars amounted to 2.048 million units, 3 percent lower year-on-year and 33 percent lower than in December.

From January 1-5, China's average daily wholesale sales of passenger cars were 59,064, up 26 percent year-on-year, but down 16 percent from 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.

During January 13-19, average daily wholesale sales of passenger cars in China were 74,117, up 32 percent year-on-year but 15 percent lower than the same period last month. The figure was revised down from the previously published 79,290.

During January 20-25, average daily wholesale sales of passenger cars in China were 75,016, up 19 percent year-on-year but 36 percent lower than in the same period last month.

During January 26-31, average daily wholesale sales of passenger cars in China were 65,113, down 46 percent year-on-year and 55 percent lower than in the same period last month.