- China NEV retail sales rose 27% sequentially in the first 10 days of May, indicating recovering demand following the Beijing Auto Show and Labor Day holiday.
- Despite a double-digit year-on-year decline in sales, NEV penetration continues to climb, with the wholesale penetration rate topping 60%.
Retail sales of passenger new energy vehicles (NEVs) in China reached 226,000 units between May 1 and May 10, down 13% from the same period last year but up 27% from the same period last month, according to data released Wednesday by the China Passenger Car Association (CPCA).
The figures suggest the market is gradually recovering from its previous slump. NEVs continue to dominate China's passenger vehicle market, with a retail penetration rate of 55.5% in the first 10 days of May.
Year-to-date, cumulative retail sales of passenger NEVs in China stood at 2.984 million units, a 17% decrease compared to the same period last year.
Wholesale shipments of passenger NEVs were 193,000 units from May 1-10, down 16% year-on-year but up 23% from the same period in April.
For the year to date period, cumulative wholesale shipments of passenger NEVs totaled 4.147 million units, down 2% year-on-year.
The wholesale penetration rate for NEVs climbed to 60.3% in the first 10 days of May, reflecting a continued shift in production focus by automakers, the CPCA said.
The broader passenger vehicle market also showed signs of warming up in early May. Total passenger vehicle retail sales in China from May 1-10 were 407,000 units, down 21% year-on-year but up 36% from the same period last month.
This indicates that wait-and-see orders accumulated during the Beijing Auto Show in late April and early May may have started translating into actual sales.
Year-to-date, cumulative retail sales of all passenger vehicles in China totaled 6.012 million units, a 19% drop from the same period last year.
In the first week of May (May 1-5), average daily retail sales of passenger vehicles in China were 30,934 units, down 26% year-on-year but up 26% from the same period in April.
In the second week of May (May 6-10), average daily retail sales of passenger vehicles in China were 50,536 units, down 17% year-on-year but up 43% from the same period in April.
Wholesale shipments of passenger vehicles in China from May 1-10 were 320,000 units, down 23% year-on-year but up 7% month-on-month.
From May 1-5, average daily wholesale shipments of passenger vehicles in China were 19,328 units, down 44% year-on-year and down 24% from the same period last month.
From May 6-10, average daily wholesale shipments of passenger vehicles in China were 44,728 units, down 8% year-on-year but up 29% from the same period last month.
Year-to-date, cumulative wholesale shipments of passenger vehicles in China reached 8.3 million units, a 7% decrease compared to the same period last year.
