CPCA Estimates

The CPCA's preliminary figures were 8.8 percent below its January 28 estimate of 1.36 million units, implying a worse-than-expected performance in the final days of January.

Auto dealers' sales pace was disrupted in January due to the impact of the Covid infection wave and the early timing of the Chinese New Year, the CPCA said.

In terms of retail sales, China's NEV penetration rate is expected to be about 31.8 percent in December, lower than the 32.3 percent in November.

Demand in China's NEV market has held steady amid high international oil prices, the CPCA said.

In terms of retail sales, the penetration rate of NEVs in China is expected to be about 32.3 percent in November. This is a new historical record.

In terms of retail sales, the penetration rate of NEVs in China is expected to be about 28.8 percent in October, down from 31.8 percent in September.

This means that China's new energy passenger car sales will continue to reach a record high in September, up 87 percent year-on-year and up 5 percent from August.

At retail, China's NEV penetration rate reached a record 29.7 percent in September.

Despite China's policy of halving purchase taxes on mainstream ICEvehicles, the momentum driving growth in the NEV market is strong, the CPCA said.

Although Tesla encountered brief pressure on parts supply, production was strong after the end of July, Cui Dongshu said.