The China Passenger Car Association (CPCA) has released estimates indicating continued growth in China’s new energy vehicle (NEV) sector for August. Retail sales of NEV passenger vehicles are expected to reach 980,000 units, up 36.6% year-on-year and 11.6% from July.
NEV retail penetration is expected to reach a new record of 53.2% in August, marking the second consecutive month above 50%. This follows July’s milestone of 51.1%, when NEVs surpassed conventional gasoline vehicles in monthly retail sales for the first time.
Total passenger car retail sales for August are forecast at approximately 1.84 million units, down 4.4% year-over-year, but up 7% month-over-month.
The growth in the NEV market is attributed to steady progress in plug-in hybrid electric vehicles (PHEVs) and improved sales of lower-priced pure electric vehicles.
Data from the major automakers, which account for approximately 80% of passenger car sales, indicate positive trends in average daily retail sales throughout August. The first three weeks showed year-over-year increases, with the second week showing 9.6% growth.
The CPCA is scheduled to release preliminary August NEV sales figures in early September, followed by final data mid-month. These projections indicate continued expansion in China’s NEV market, underscoring its importance to the country’s automotive industry.
Source: CNEVPOST
