Retail sales of new energy vehicles (NEVs) in China plummeted to a one-year low last month, hampered by disruptions from the New Year holiday, according to data released by the China Passenger Car Association (CPCA) today.
In February, retail sales of passenger NEVs in China totaled 388,000 units, marking a significant decline from the previous month and the lowest figure since February 2023. This represented an 11.6 percent drop compared to the same month last year and a staggering 42.1 percent decrease from January.
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The CPCA revised January’s NEV retail sales figure slightly upward to 671,000 units from the previously reported 668,000 units. Battery electric vehicles (BEVs) accounted for 57 percent of all NEV retail sales in February, totaling 221,000 units, while plug-in hybrid vehicles (PHEVs) contributed 167,000 units, comprising 43 percent of the total NEV retail sales.
China’s passenger vehicles, including sedans, SUVs, and MPVs, experienced a decline in retail sales to 1,095,000 units in February, down 21.16 percent year-on-year and 46.18 percent from January.
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The NEV penetration rate at retail in February was 35.8 percent, up from 32.0 percent a year earlier. NEV penetration for local brands reached 55.3 percent, compared to 24 percent for luxury brands and 4.9 percent for mainstream joint venture brands.
In terms of wholesale sales, China’s passenger NEVs sold 447,000 units in February, a 9.7 percent decrease year-on-year and a 35 percent decrease from January. NEV penetration at the wholesale level was 34.5 percent in February, up from 31 percent a year earlier.
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Passenger NEVs exported from China stood at 79,000 units in February, up 0.1 percent year-on-year but down 20.0 percent from January. BEVs contributed 81.4 percent of February NEV exports.
