- China's NEV retail penetration rate reached 59.5% between April 1 and April 12.
- Overall passenger vehicle retail sales in China stood at 377,000 units during April 1-12, down 20% year-on-year.
Retail sales of new energy vehicles (NEVs) in China declined in the first 12 days of April compared to the same period last year, as the slow season persists.
Passenger NEV retail sales in China totaled 224,000 units between April 1 and April 12, dropping 11% year-on-year but rising 7% from the same period last month, data released Wednesday by the China Passenger Car Association (CPCA) showed.
During this period, the retail penetration rate of NEVs reached 59.5%, indicating that the transition to electrification continues to accelerate despite an overall market downturn.
Year-to-date, cumulative retail sales of passenger NEVs in China stood at 2.132 million units, down 20% year-on-year.
Wholesale shipments of passenger NEVs in China were 199,000 units during April 1-12, falling 29% from a year earlier and 15% from the same period last month.
Year-to-date, cumulative wholesale shipments of passenger NEVs in China reached 2.927 million units, down 7% year-on-year.
The underperformance of wholesale shipments compared to retail sales suggests that automakers are proactively scaling back their NEV production pace to ease inventory pressure on dealers.
Overall passenger vehicle retail sales in China were 377,000 units during April 1-12, down 20% year-on-year and 12% lower than the same period last month.
The first week of April was affected by the Qingming Festival holiday, resulting in fewer effective sales days, while the end-of-quarter push in the first quarter of slowed down the transaction pace at the beginning of the month, the CPCA said.
In the first week of April, April 1-6, average daily retail sales of passenger vehicles in China were 24,594 units, down 30% year-on-year and down 20% from the same period in March. The figure was slightly revised down from the previously reported 24,755 units.
In the second week of April, April 7-12, average daily retail sales of passenger vehicles in China were 38,159 units, down 13% year-on-year and 5% from the same period in March.
Consumers' wait-and-see sentiment has intensified due to the upcoming Beijing Auto Show in late April. A recent flurry of new technology launch events has made potential buyers more inclined to wait for new models to hit the market, according to the CPCA.
Between April 1 and April 12, wholesale shipments of all passenger vehicles in China were 374,000 units, down 29% compared to the same period last year and 21% lower than the same period last month.
During April 1-6, average daily wholesale shipments of passenger vehicles in China were 25,392 units, down 28% year-on-year and 17% from the same period last month. This figure was slightly revised down from the previously reported 25,459 units.
During April 7-12, average daily wholesale shipments of passenger vehicles in China were 37,016 units, down 29% year-on-year and 24% from the same period last month.
Year-to-date, wholesale shipments of passenger vehicles in China totaled 6.24 million units, down 8% compared to the same period last year.
The CPCA said that the current weakness in wholesale shipments is a passive adaptation to sluggish demand, as well as a rational choice by automakers to control the pace of production and sales.
