China's retail penetration of NEVs stood at 45.78 percent in the May 1-19 period, and 39.4 percent year-to-date.
(An Arcfox EV on display at the April 2024 Beijing auto show. Image credit: CnEVPost)
China's retail sales of new energy vehicles (NEVs) grew at the same rate last week as at the beginning of the month, better than last month's sluggish performance.
During May 1-19, retail sales of passenger NEVs in China stood at 412,000 units, up 26 percent from the same period last year and up 10 percent from the same period last month, data released today by the China Passenger Car Association (CPCA) showed.
In the May 1-12 period, China's passenger NEV retail sales stood at 241,000 units, up 31 percent from the same period last year and up 10 percent from the same period last month, according to data released by the CPCA last week.
So far this year, cumulative retail sales of passenger NEVs in China totaled 2.863 million units, up 32 percent from a year earlier.
May 1-5 was this year's Labor Day holiday. May 11 was an additional workday, albeit a weekend.
Wholesale sales of China's passenger NEVs from May 1-19 were 430,000 units, up 37 percent from the same period last year and up 6 percent from the same period in April, according to the CPCA.
Cumulative wholesale sales of China's passenger NEVs so far this year were 3.17 million units, up 31 percent from a year earlier.
From May 1-19, retail sales of all passenger vehicles in China were 900,000 units, down 5 percent from the same period last year but up 19 percent from the same period last month.
So far this year, cumulative retail sales of all passenger cars in China totaled 7.267 million units, up 6 percent year-on-year.
This means that China's NEV penetration at retail stood at 45.78 percent from May 1-19 and 39.4 percent year-to-date.
The continued slump in consumption of conventional fuel vehicles is a major factor inhibiting the overall rebound of China's auto market, the CPCA said.
In the first week of May -- May 1-12 -- China's passenger car retail sales averaged 46,584 per day.
In the second week of May -- May 13-19 -- average daily retail sales of passenger cars in China were 48,658.
For May 1-19, China's wholesale sales of all passenger cars were 845,000 units, up 3 percent year-on-year and up 3 percent from the same period last month.
From May 1-12, China's average daily wholesale sales of passenger cars were 33,580 units, and from May 13-19, average daily wholesale sales of passenger cars were 63,171 units.
Cumulative wholesale sales of all passenger cars in China so far this year totaled 8.395 million units, up 10 percent year-on-year.
China EV insurance registrations for week ending May 19: Nio 4,400, Tesla 13,900, BYD 53,600, Xiaomi 2,000