In September, China's passenger NEV retail sales are expected to be around 1.1 million units, up 47.3 percent year-on-year and up 7.3 percent compared to August, CPCA's estimates show.
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In September, China's passenger NEV retail sales are expected to be around 1.1 million units, up 47.3 percent year-on-year and up 7.3 percent compared to August, CPCA's estimates show.
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China's wholesale sales of passenger NEVs are expected to come in at 1.05 million units in August, which would be the first time this year that they have exceeded 1 million units.
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China's NEV retail penetration is set to exceed 50 percent for the second consecutive month and reach a new record high of 53.2 percent.
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July was traditionally a slow production season, while a lack of demand and extreme weather in some regions led to overall weakness in the auto market, according to the CPCA.
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China's passenger car retail sales fell in July from June, but the NEV market was bolstered by fast-growing sales of hybrid models, the CPCA said.
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In June, price wars in China's auto market cooled down, spurring consumer sentiment among groups that had been on the sidelines, the CPCA said.
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China's June retail sales of NEVs are set to be the second highest on record, further approaching last December's record high.
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In May, the start of car trade-in subsidies and the cooling of price wars have stimulated spending among groups that were previously on the sidelines, the CPCA said.
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China's overall passenger vehicle retail sales in May is expected to be around 1.65 million units, down 5.3 percent year-on-year, the CPCA said.
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Since the beginning of the year, consumers have been in a wait-and-see mood, and the passenger car market has not been able to regain momentum in sales, the CPCA said.
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