China’s retail sales of all passenger vehicles in the November 1-10 period were 567,000 units, up 29 percent from the same period last year, but down 3 percent from the same period last month.
China’s new energy vehicle (NEV) sales in early November were up from the previous month, as auto consumption stimulus continued to provide a boost.
Retail sales of passenger NEVs in China totaled 310,000 units in the November 1-10 period, up 70 percent from a year earlier and up 10 percent from a month earlier, according to data released today by the China Passenger Car Association (CPCA).
So far this year, cumulative retail sales of passenger NEVs in China totaled 8.64 million units, up 41 percent from the same period last year.
Wholesale sales of China’s passenger NEVs from November 1-10 were 350,000 units, up 78 percent from the same period last year and up 36 percent from the same period last month, according to the CPCA.
So far this year, cumulative wholesale sales of China’s passenger NEVs were 9.63 million units, up 38 percent from a year earlier.
From November 1-10, China’s retail sales of all passenger vehicles were 567,000 units, up 29 percent compared with the same period last year, but down 3 percent from the same period last month.
So far this year, cumulative retail sales of all passenger vehicles in China totaled 18.4 million units, up 4 percent year-on-year.
This means that China’s NEV penetration at retail stood at 54.67 percent from November 1-10 and 46.94 percent year-to-date.
In the first week of November — November 1-10 — the average daily retail sales of passenger cars in China was 56,700.
In November 1-10, wholesale sales of all passenger cars in China were 667,000 units, up 41 percent year-on-year and up 45 percent from the same period last month.
During November 1-10, the average daily wholesale sales of passenger cars in China was 66,737 units.
Cumulative year-to-date wholesale sales of Chinese passenger cars totaled 21.84 million units, up 5 percent year-on-year.
Encouraged by the country’s trade-in policy and subsidies from local governments, auto consumption has seen strong growth recently, the CPCA said.
Notably, these policies have boosted the share of sales of entry-level models, resulting in the average sales price of passenger cars falling from RMB 186,000 ($25,750) per unit in the first half of 2024 to RMB 168,000 per unit in October, according to the CPCA.
($1 = RMB 7.2236)
