- China's NEV retail sales improved last week, significantly narrowing the month-to-date decline.
- NEV sales started to rebound as the impact of the Chinese New Year holiday faded.
Retail sales of new energy vehicles (NEVs) in China improved last week, narrowing the month-to-date decline significantly.
In the February 1-16 period, China's passenger NEV retail sales amounted to 263,000 units, up 79 percent from a year ago, but down 17 percent from a month ago, according to data released today by the China Passenger Car Association (CPCA).
The higher year-on-year growth rate was mainly due to a low base resulting from last year's Chinese New Year holiday. Last year the public holiday was February 10-17, and this year it was January 28-February 4.
In February 1-9, China's passenger NEV retail sales were 95,000 units, up 11 percent from a year ago but 36 percent lower than the same period last month, according to last week's data.
For the year-to-date period, cumulative retail sales of passenger NEVs totaled 1.007 million units, up 23 percent from a year earlier.
Wholesale sales of China's passenger NEVs from February 1-16 were 258,000 units, up 109 percent from the same period last year but down 34 percent from the same period last month, according to the CPCA.
So far this year, cumulative wholesale sales of passenger NEVs stood at 1.147 million units, up 39 percent from a year earlier.
From February 1-16, China's retail sales of all passenger vehicles were 581,000 units, up 11 percent compared with the same period last year, but 28 percent lower than the same period last month.
So far this year, China's retail sales of all passenger cars were 2.375 million units, down 7 percent from a year earlier.
This means that China's NEV penetration at retail stood at 45.27 percent in the February 1-16 period and 42.40 percent year-to-date.
During February 1-9, average daily retail sales of passenger cars in China were 26,528, down 31 percent year-on-year and 39 percent lower than the same period last month.
During February 10-16, average daily retail sales of passenger cars in China were 48,910, up 91 percent year-on-year, but down 17 percent from the same period last month.
During February 1-16, China's wholesale sales of all passenger cars were 588,000 units, up 65 percent year-on-year, but 40 percent lower than the same period last month.
During February 1-9, China's average daily wholesale sales of passenger cars were 24,379 units, unchanged from a year ago but down 58 percent from a month earlier.
During February 10-16, China's average daily wholesale sales of passenger cars were 52,656, up 169 percent year-on-year, but down 21 percent from the same period last month.
Year-to-date Chinese passenger car wholesale sales stood at 2,689,000 units, up 9 percent year-on-year.
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