- Overall passenger car retail sales in January were 1.794 million units, down 12.1 percent year-on-year and down 31.9 percent from December.
- Many consumers completed their car-buying plans at the end of 2024, and there was less time for effective sales in January than before, the CPCA said.
China's new energy vehicle (NEV) sales declined significantly last month from the previous month, as the Chinese New Year holiday had an impact and the market entered a slow season at the beginning of the year.
Retail sales of passenger NEVs in China totaled 744,000 units in January, up 10.5 percent year-on-year but down 42.9 percent from December, according to data released today by the China Passenger Car Association (CPCA).
The figure was lower than the preliminary figure of 786,000 units released by the CPCA on February 8, but higher than the 720,000 units it estimated at the end of last month.
Battery electric vehicles (BEVs) had retail sales of 430,000 units in January, up 13.3 percent from a year earlier but down 44.5 percent from December.
BEVs contributed 57.8 percent of all NEV retail sales in January, down from 58.5 percent in December.
Plug-in hybrid electric vehicles (PHEVs), excluding extended-range electric vehicles (EREVs), contributed 33.6 percent of all NEV retail sales in January with 250,000 units sold. This is up 19.3 percent year-on-year, but down 40.3 percent from December.
Retail sales of EREVs were 64,000 units in January, contributing 8.6 percent of NEV retail sales, which was 24.2 percent lower year-on-year and 41.1 percent lower than December.
Combined retail sales of PHEVs and EREVs were 314,000 in January, up 7.53 percent year-on-year but down 41.96 percent from December.
China's passenger cars, including sedans, SUVs and MPVs, retailed 1,794,000 units in January, down 12.1 percent year-on-year and down 31.9 percent from December.
Many consumers completed their pre-Chinese New Year car purchasing plans at the end of 2024, so the auto market performance in January was weaker than in previous years, CPCA said.
Additionally, effective selling time in January was over four days less than last year, so the decline in retail sales was in line with expectations, the CPCA said.
Industrial production and consumer activity was disrupted by the Chinese New Year holiday from January 28 to February 4, when people usually return to their hometowns for vacation.
China's retail penetration of NEVs stood at 41.5 percent in January, up 9 percentage points from a year earlier but down 7.9 percentage points from December.
Retail penetration of NEVs of local brands was 60.6 percent in January, compared to 20 percent for luxury brands and 3 percent for mainstream JV brands, according to CPCA.
China's wholesale sales of passenger NEVs were 889,000 units in January, up 27.1 percent year-on-year but down 41.2 percent from December.
The penetration rate of NEVs in wholesale in January was 42.3 percent, up 9 percentage points year-on-year while down 6.9 percentage points from December.
The penetration rate of NEVs in January was 54 percent for local Chinese brands, 34 percent for luxury brands and 2 percent for mainstream joint venture brands.
Passenger NEVs exported from China amounted to 139,000 units in January, up 29.4 percent year-on-year and up 13.9 percent from December, contributing 36.6 percent of passenger car exports.
BEVs contributed 66 percent of January's NEV exports, with class A0 and A00 BEVs exports accounting for 38 percent of NEV exports, according to the CPCA.
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