- This represents a 16 percent year-on-year increase and a 7 percent rise from September.
- October had 18 working days, fewer than September's 23 days.
China's new energy vehicle (NEV) wholesale sales are poised to hit a historic high last month as growth continues.
Passenger NEV wholesale sales in China are estimated at 1.61 million units in October, up 16 percent year-on-year and an increase of 7 percent from September, the China Passenger Car Association (CPCA) said in a report today.
Despite having 18 working days in October -- fewer than September's 23 -- due to the National Day and Mid-Autumn Festival holidays, automakers still achieved month-on-month growth in wholesale sales, the CPCA noted.
October is traditionally a peak sales season for the auto market. Coupled with sustained export growth, passenger vehicle manufacturers' NEV wholesale sales continued to expand, the CPCA said.
Multiple automakers, including Geely Auto (HKG: 0175), Changan Automobile (SHE: 000625), Chery (HKG: 9973), Leapmotor (HKG: 9863), GWM (HKG: 2333), Xpeng (NYSE: XPEV), and Nio Inc (NYSE: NIO) achieved record-high NEV wholesale sales.
In September, manufacturers with passenger NEV wholesale sales exceeding 10,000 units accounted for 93.8 percent of the month's total NEV wholesale sales.
These automakers' estimated October sales stood at 1.51 million units. Based on last month's structure, China's October passenger NEV wholesale sales are projected to reach 1.61 million units, according to the China Passenger Car Association (CPCA).
From January to October, China's NEV wholesale sales are projected to reach 12.05 million units, representing a 30 percent year-on-year increase, according to CPCA.
In China, NEVs encompass battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Detailed figures are expected to be released later this month.
Among major automakers, BYD (HKG: 1211, OTCMKTS: BYDDY) recorded NEV wholesale sales of 436,856 units, while Geely reached 177,882 units.
SAIC-GM-Wuling recorded 115,688 NEV wholesale units last month, Changan 106,697, Chery 104,588, and Tesla (NASDAQ: TSLA) 61,497.
