China's new energy vehicle (NEV) market continues its remarkable ascent as the China Passenger Car Association (CPCA) anticipates wholesale sales of passenger NEVs to reach 890,000 units in October. This projection signifies a 32 percent year-on-year increase and a notable 7 percent uptick compared to the preceding month, reinforcing China's position as a global leader in the electric vehicle sector.
In September, 17 manufacturers, each boasting wholesale sales exceeding 10,000 units of NEVs, collectively contributed to 88.4 percent of the total wholesale sales. Preliminary estimations for October suggest that these manufacturers will achieve wholesale sales of 787,000 units, affirming China's solid growth trajectory in the passenger NEV segment.
The cumulative data for the January-October period reflects a 36 percent year-on-year surge, with China registering wholesale sales of 6.8 million units of passenger NEVs. This remarkable growth underscores the nation's commitment to NEVs, which encompass battery electric vehicles, plug-in hybrids, and fuel cell vehicles.
Notably, China's recent National Day holiday provided a boost to the NEV market, offering automotive companies an extended selling period to capitalize on increased consumer demand. Moreover, the export of Chinese passenger NEVs continues to gain momentum, further enhancing the industry's robust performance on a global scale.
At the close of 2022, the CPCA estimated that China would witness passenger NEV sales of 8.5 million units for the year, accounting for an impressive 36 percent of the total passenger cars sold in the country, projected at 23.5 million units. The current status of the passenger NEV market aligns with the CPCA's forecast from the end of the previous year, signifying the sector's resounding success.
