New energy passenger vehicles (NEVs) retail sales in China totaled 438,000 units in February, according to preliminary data published today by the China Passenger Car Association. That figure represents an increase of 59 percent year-on-year and 32 percent from January.
It is worth mentioning that the CPCA’s expected numbers released on February 21 prove that retail sales of passenger NEVs in China are predicted to be roughly 400,000 units in February.
The increased figures today indicate that the market managed better than forecast in the final week of February.
Retail sales increased 23% YoY, wholesale sales grew 58% YoY
CNEVPOST reports that accumulated retail sales of passenger NEVs in China are up 23 percent year on year to 770,000 units, according to the CPCA.
In February, the total number of passenger NEVs sold wholesale in China was 500,000, representing a year-on-year increase of 58 percent and a month-over-month increase of 29 percent.
There were a total of 889,000 passenger NEVs sold wholesale in China during the first two months of the year, which is a 21 percent increase from the previous year.
As reported by the CPCA, retail sales of passenger cars in China in February totaled 1.364 million units, an increase of 9 percent year-on-year and 6 percent from January. This figure includes vehicles powered by internal combustion engines and those powered by non-electrical propulsion systems.
The above indicates that the rate of invasion of passenger NEVs at retail in February was 32.1 percent, an increase of 6.4 percentage points from the penetration rate of 25.7 percent in January.
China’s passenger car retail sales dropped by 21%
Retail sales among all passenger cars in China were 2.657 million units in the first two months, a 21% decrease year on year.
In February, wholesale sales of passenger cars in China totaled 1.598 million units, up 9% yearly and 10% from the previous quarter. Total wholesale sales for the year to date were 3.047 million units, a 16 percent decrease year on year.
According to the CPCA, China’s passenger NEV sales dropped markedly in January due to the Chinese New Year holiday before steadily rebounding in February.
The Chinese New Year holiday was observed from January 21 to 27 this year.
The total passenger vehicle market recovered noticeably after the holiday.
As reported by the CPCA, the following is the weekly performance of China’s passenger car market in February:
· For the first week of February, daily average passenger vehicle retail sales were 37,000 units, up 39 percent year on year but down 17 percent compared to the same duration in January.
· Daily average sales were 40,000 units in the second week of February, up 52 percent year on year but down 18 percent compared to the same period in January.
· The daily average sales for the third week of February were 38,000 units, a 14 percent decrease year on year but an 11 percent increase over the same period in January.
· The daily average sales for the fourth week of February were 70,000 units, a 1% year-on-year increase and a 73% increase over the same period in January.
See Also:
- CICC expects 1.5 million China NEV sales in Q1, up from January’s low
- China NEV insurance registrations for Jan 16-Jan 29: BYD 29,988, Tesla 10,852, NIO 3,435
- CPCA projects NEV sales in China to surge 20% in February from January
- BEVs covered 86% of China’s all NEV mileage in January, report says
- China: NEV sales grew 106% YoY on February 1 to 12
