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China's new energy vehicle (NEV) retail sales are projected to be a record 580K units in September, up 73.7% Y/Y and up 9.6% sequentially, CnEVPost reported citing latest estimates from the China Passenger Car Association (CPCA).
Retail passenger car sales for the month likely increased 23.3% to ~1.95M units, representing a record 29.7% NEV retail penetration rate in September.
A look at China's passenger NEV retail sales:
The CPCA said China's automobile sector, which was hit by COVID-19 outbreaks initially in September, started to recover in the second half of the month.
Average daily retail sales are estimated to increase about 33% and 35% Y/Y in the third and fourth week of September, respectively, according to the CPCA.
The CPCA said more consumers may plan on buying NEVs in the near term as China's subsidies for such vehicles are set to expire by the end of the year.
EV manufacturers include: NIO (NIO); XPeng (XPEV); Li Auto (LI); Tesla (TSLA); BYD (OTCPK:BYDDF).
Related ETFs: Global X Lithium & Battery Tech ETF (LIT); Global X Autonomous & Electric Vehicles ETF (DRIV); KraneShares Electric Vehicles & Future Mobility ETF (KARS); Simplify Volt RoboCar Disruption and Tech ETF (VCAR); SPDR S&P Kensho Smart Mobility ETF (HAIL).