This is the fifth time that China’s monthly NEV wholesale sales have exceeded 1 million units.
China’s new energy vehicle (NEV) sales continued to grow to a new record high last month.
Wholesale sales of passenger NEVs in China are estimated at 1.46 million units in November, up 51 percent year-on-year and up 6 percent from October, the China Passenger Car Association (CPCA) said in a report today.
In October, manufacturers with wholesale sales of more than 10,000 passenger NEVs contributed 93.8 percent of all NEV wholesale sales in the month, CPCA said.
The estimated sales of these carmakers in November are 1.37 million units, and based on last month’s structure, China’s November passenger NEV wholesale sales will be at 1.46 million units, the CPCA said.
This is the fifth time China’s monthly NEV wholesale sales have exceeded 1 million units.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and fuel cell vehicles. Their exact numbers are expected to be announced later this month.
China’s auto market in November continued the sentiment from October, with incentives for trade-ins continuing to show results, supporting the market, according to the CPCA.
As of November 18, there were more than 2 million applications for subsidies for both scrapping old cars and buying new ones through trade-ins, the CPCA said, citing data from China’s Ministry of Commerce.
China began subsidizing trade-ins at the end of April to support auto consumption, and at the end of July, the subsidy amount was doubled.
Among major automakers, BYD (HKG: 1211, OTCMKTS: BYDDY) sold 504,003 vehicles at wholesale in November, Geely 122,453, SAIC-GM-Wuling 113,998, Changan Automobile 98,494 and Tesla (NASDAQ: TSLA) 78,856.
