New energy vehicle (NEV) retail sales are predicted to reach 600,000 units in November based on China Passenger Car Association’s (CPCA) report. It demonstrates a year-on-year increase of 58.5% and an 8% from 556,000 vehicles last month, as per CnEVPost.
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CPCA forecastThe CPCA projects that the overall passenger car sales would increase 2.4% YoY to 1.86 million units. Therefore, the retail sales of NEVs are anticipated to contribute 1.86 million units, with a 2.4% YoY increase.China’s retail salesThe first and second weeks of November saw average daily retail sales decline by 9% and 12%, respectively, for major automakers. However, the CPCA reports that it increased by 8% in the third week.In addition, 120,000 NEVs were sold in the second week of November. This figure demonstrates a YoY increase of 58.3% and an 8.6% from the week before.In the third week of November, there were 130,000 units sold, which represented an increase of 64.4% over the same period last year and 8.2% from the week before.
CPCA forecast
The CPCA projects that the overall passenger car sales would increase 2.4% YoY to 1.86 million units. Therefore, the retail sales of NEVs are anticipated to contribute 1.86 million units, with a 2.4% YoY increase.
China’s retail sales
The first and second weeks of November saw average daily retail sales decline by 9% and 12%, respectively, for major automakers. However, the CPCA reports that it increased by 8% in the third week.
Nonetheless, the association anticipates flat average daily retail sales for the Chinese car industry in the fourth week compared to last year. As automakers often increase sales towards the end of the month, the fifth week may experience a 20% spike.
