CPCA

Retail penetration of NEVs in China was 35.8 percent in February, up 2.9 percentage points from 32.8 percent in January.

In February, China's retail sales of all passenger vehicles totaled 1.092 million units, down 21 percent year-on-year and down 47 percent from January.

February sales in China's auto market are expected to be the lowest of the year, the CPCA said.

Retail sales of all passenger vehicles in China for the period February 1-25 were 861,000 units, down 25 percent year-on-year and down 43 percent from the same period last month.

China's auto market saw seasonal weakness in February as the 2024 Lunar New Year holiday fell in mid-February, the CPCA noted.

China's NEV sales declined significantly in the first three weeks of February, mainly due to the Chinese New Year holiday.

The process of new manufacturers replacing old ones in the process of establishing a new market order will likely continue for several years until a new landscape is formed, said Cui Dongshu of the CPCA.

Among the top 5, Tesla only produces BEVs, while the other automakers produce both BEVs and PHEVs.

China's NEV penetration at retail was 32.8 percent in January, down 7.5 percentage points from 40.3 percent in December.

This means that the penetration of passenger NEVs at retail was 32.8 percent in January, down from 40.2 percent in December.