CPCA Estimates

China's wholesale sales of passenger NEVs were estimated at 1.14 million units in February, up 37 percent year-on-year and up 37 percent from February.

CPCA expects China's March NEV retail sales to rebound to 1 million units, with penetration rising to 54.1 percent.

China's passenger NEV wholesale sales were estimated at 840,000 units in February, up 82 per-cent year-on-year but down 5 percent from January.

Overall passenger car retail sales for February are expected to be around 1.25 million units, up 13.6 percent year-on-year but down 30.3 percent from January.

In January, China's wholesale sales of passenger NEVs were estimated at 900,000 units, up 31 percent from a year earlier but down 40 percent from December, the CPCA said.

China's auto market is expected to continue to show seasonality at the start of the year, with overall passenger car retail sales expected to be around 1.75 million units, down 33.6 percent from the previous month.

China's new energy vehicle (NEV) sales hit a record high in December 2024, with wholesale sales estimated at 1.5 million units, a 35% year-on-year increase. This marked the fifth consecutive month exceeding 1 million units, with NEV penetration surpassing 50%. Major contributors included BYD, Geely, SAIC-GM-Wuling, Chery, and Tesla China. Government trade-in subsidies, doubled in July 2024, significantly boosted sales, with millions of applications filed. NEVs, including BEVs, PHEVs, and fuel cell vehicles, dominated the market, supported by policies favoring entry-level models. The auto market remained robust, driven by sustained consumer demand and supportive measures.

The CPCA expects China's retail sales of NEVs to reach 1.4 million units in December, the fifth consecutive month above 1 million units.

This is the fifth time that China's monthly NEV wholesale sales have exceeded 1 million units.

China's NEV penetration at retail is expected to be 53.3 percent in November, up from 52.9 percent in October.