China’s new energy vehicle (NEV) rerail sales significantly increased by 106% year-on-year to 114,000 units from February 1-12, as per China Passenger Car Association’s (CPCA) latest data. However, that figure still indicates an 18% decline in the same period last month.
How does the Chinese New Year affect NEV sales in China?
Nonetheless, that YoY growth is still remarkable, which may be primarily due to the difference in the Chinese New Year holiday in 2022 and 2023.
In retrospect, the Chinese New Year was celebrated from January 31 to February 6 last year. That said, the country’s NEV sales naturally slowed down during that period. Meanwhile, this year’s occurred from January 21 to January 27, which likewise hampered NEV sales.
Fortunately, the sales trend continues to improve from February 1 to 12. The NEV insurance registrations grew by 22.79% to 85,572 in the first two weeks of this month, compared to the 69,692 units a week ago.
NEV’s retail and wholesale – February 1 to 12
CPCA’s weekly analysis revealed that the year-to-date retail sales of NEVs saw a YoY growth of 9% to 445,000 units. Meanwhile, it grew by 46% YoY to 464,000 units in the first two weeks of February. However, that figure indicates an 18% decline from the same period last month.
On the other hand, the wholesale of NEVs reached 527,000 units YTD, representing a slight growth of 3%. In the first two weeks of February, the wholesale reached 139,000 units, a 46% YoY increase. However, its wholesale record declined by 2% from January 1 to 12.
China’s passenger car sales
China’s overall passenger car sales saw a YoY decline of 27% to 1.757 million units.
Notably, wholesales of passenger cars increased 27% YoY to 425,000 units. However, it was also down by 12% from January. YTD, China sold 1.874 million wholesale units, representing a YoY decline of 25%.
Considering all these declines from January caused by the holidays, China’s February sales may most likely rebound. The CPCA even asserted that this month marks the actual beginning of the Chinese market for the year, as the holidays and the pandemic have already passed.
