CPCA

China's November NEV retail sales saw a modest increase, indicating year-end performance was not as robust as in previous years as trade-in subsidies phase out.

The CPCA said that trade-in subsidies adjustments in most Chinese provinces intensified consumer wait-and-see sentiment, impacting the auto market.

China's NEV retail penetration rate stood at 61.3 percent during November 1-23, and 53.28 percent year-to-date.

From November 1-16, China's total passenger vehicle retail sales stood at 886,000 units, down 14 percent compared to the same period last year.

From November 1-9, China's total passenger vehicle retail sales came in at 415,000 units, down 19 percent year-on-year.

Tesla's share of China's NEV market in October stood at 2.03 percent, dropping out of the top 10 for the first time since August 2022.

China's NEV retail sales totaled 1.282 million units in October, slightly below September's level, as hybrids recorded their fourth consecutive month of year-on-year decline.

In October, China's total passenger vehicle retail sales came in at 2.387 million units, up 6 percent year-on-year.

This represents a 16 percent year-on-year increase and a 7 percent rise from September.

Year-to-date, China's passenger NEV cumulative retail sales came in at 9.77 million units, up 22 percent year-on-year.