- The CPCA said that trade-in subsidies adjustments in most Chinese provinces intensified consumer wait-and-see sentiment, impacting the auto market.
- From January to November, China’s NEV wholesale sales are estimated at 13.78 million units, representing a 29 percent year-on-year increase.
China’s new energy vehicle (NEV) wholesale sales last month are poised to hit another historic high despite the impact of stimulus policy adjustments.
Passenger NEV wholesale sales in November are projected to reach 1.72 million units, marking a 20 percent year-on-year increase and a 7 percent rise from October, the China Passenger Car Association (CPCA) said in a report released today.
With China’s NEV purchase tax exemption policy expiring at year-end, the auto market entered a year-end buying frenzy in November, CPCA noted.
Additionally, coupled with manufacturers’ promotional activities, market momentum should continue to climb, CPCA said.
However, adjustments to trade-in subsidies in most Chinese provinces by mid-month heightened consumer wait-and-see sentiment, delivering a significant blow to the November auto market, CPCA said.
Multiple automakers, including Geely Auto (HKG: 0175), Chery (HKG: 9973), Leapmotor (HKG: 9863), Seres (HKG: 9927), Dongfeng Motor (HKG: 0489, OTCMKTS: DNFGF), and Arcfox, achieved record-high NEV wholesale sales.
In October, manufacturers with passenger NEV wholesale sales exceeding 10,000 units accounted for 93.4 percent of the month’s total NEV wholesale sales.
These automakers’ projected November sales total 1.61 million units. Based on last month’s structure, China’s October passenger NEV wholesale sales are estimated at 1.72 million units, according to the China Passenger Car Association (CPCA).
From January to November, China’s NEV wholesale sales are projected at 13.78 million units, representing a 29 percent year-on-year increase, the CPCA said.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Detailed figures are expected to be released later this month.
Among major automakers’ NEV wholesale sales, BYD (HKG: 1211, OTCMKTS: BYDDY) recorded 474,921 units, while Geely had 187,798 units.
Chery recorded 111,346 NEV wholesale sales in November, SAIC-GM-Wuling reached 110,470 units, and Tesla (NASDAQ: TSLA) achieved 86,700 units.
This represents a 9.95 percent increase from 78,856 units sold in the same period last year and a 40.98 percent jump from October’s 61,497 units.
