China's NEV retail at 335,000 in Mar 1-17, up 115% from same...

China's NEV retail at 335,000 in Mar 1-17, up 115% from same period last month



Lei Kang
Mar 20, 2024 17:27 GMT+8

China's new energy vehicle (NEV) sales have rebounded significantly so far this month, as the disruption of the New Year holiday passed.
In the March 1-17 period, China's passenger NEVs sold 335,000 units at retail, up 56 percent from the same period last year and up 115 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).

Cumulative retail sales of passenger NEVs in China so far this year totaled 1.395 million units, up 42 percent from the same period last year.

Wholesale sales of China's passenger NEVs from March 1-17 were 312,000 units, up 31 percent from the same period last year and up 138 percent from the same period in February, according to the CPCA.
Cumulative wholesale sales of China's passenger NEVs so far this year totaled 1.448 million units, up 29 percent from a year earlier.
From March 1-17, China's retail sales of all passenger vehicles were 698,000 units, up 13 percent compared with the same period last year and up 27 percent from the same period last month.
Cumulative retail sales of all passenger cars in China so far this year amounted to 3.841 million units, up 16 percent year-on-year.

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China's NEV penetration has increased rapidly over the past few years, reaching 40.5 percent in November last year, exceeding 40 percent for the first time.
In December last year, NEV penetration continued above 40 percent at 40.1 percent. However, in January and February, the figure decreased to 33.0 percent and 35.2 percent respectively, mainly due to seasonal factors.
Speaking at a conference held by the Guangdong provincial government on February 18, BYD (OTCMKTS: BYDDF) chairman and president Wang Chuanfu said he expected China could see monthly NEV penetration rates exceeding 50 percent within the year.
Speaking at the China EV 100 Forum on March 16, Wang said NEV penetration had topped 48.2 percent the week before, and at that rate, monthly NEV penetration could top 50 percent in the next 3 months.