The penetration rate of NEVs at retail in October is expected to be around 37.1 percent, up from 36.9 percent in September.
China’s retail sales of new energy vehicles (NEVs) for this month are expected to be largely unchanged from September, continuing at record high levels.
In October, retail sales of passenger NEVs in China are expected to be around 750,000 units, up 34.6 percent year-on-year and up 0.9 percent from September, the CPCA estimates released today show.
China’s passenger NEV retail sales were a record 746,000 units in September, according to data previously released by the CPCA, which is expected to release preliminary data on October NEV sales early next month and final data in the middle of next month.
Survey shows that major automakers, which contribute about 80 percent of passenger car sales, had basically flat retail targets at the beginning of October compared with the previous month, the CPCA said.
According to preliminary projections, China’s passenger car retail sales stood at around 2.02 million units in October, up 0.1 percent from September and up 9.5 percent year-on-year, the CPCA said.
This means that the penetration rate of NEVs at retail is expected to be around 37.1 percent in October, up from 36.9 percent in September.
The ongoing wave of price cuts has aggravated consumers’ wait-and-see sentiment, and the diminishing marginal benefits of auto promotions have led to relatively limited growth in October, a traditionally peak season, the CPCA said.
Average daily retail sales of major automakers in the first week of October, covered by China’s National Day, holiday were 52,200, up 67.7 percent year-on-year and up 18.9 percent from the same period last month.
Average daily retail sales of major carmakers in the second week were 53,600, up 5 percent year-on-year and up 10.5 percent from the same week last month.
Average daily retail sales for the third week were 59,600, up 11.4 percent but down 2.3 percent from the same week last month.
Average daily retail sales for the fourth week are expected to be 89,700, down 1.7 percent year-on-year and down 19.4 percent from the same week last month.
China’s NEV retail sales up 4.2% MoM to record 746,000 in Sept, CPCA data show
