Smart and Sustainable Electric Mobility
Both production and sales of passenger vehicles increased significantly in March from February as industries quickly turned to normal operations after the Chinese New Year holiday, the CPCA said.
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The NEV penetration rate is expected to reach a record 45.5 percent in March as it reversed the pre-holiday slump and rose rapidly, the CPCA said.
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February sales in China's auto market are expected to be the lowest of the year, the CPCA said.
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China's auto market saw seasonal weakness in February as the 2024 Lunar New Year holiday fell in mid-February, the CPCA noted.
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China's January wholesale sales of passenger NEVs are expected to be 700,000 units, up 80 percent year-on-year, but down 37 percent from December, the CPCA said.
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China's passenger car retail sales are estimated to be around 2.2 million units in January, down 6.5 percent from December.
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Preliminary estimates show that for the full year 2023, China's wholesale sales of passenger NEVs were 8.88 million units, a year-on-year increase of 38 percent, according to the CPCA.
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China's NEV penetration at retail is expected to be around 41.4 percent in December, up from 40.4 percent in November.
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China's November wholesale sales of passenger NEVs are estimated at 940,000 units, up 29 percent year-on-year and up 6 percent from October, the CPCA said.
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China's retail penetration of NEVs in November is expected to be around 39.4 percent, up from 37.8 percent in October.
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