China witnessed a historic surge in the retail sales of new energy vehicles (NEVs) in November, reaching an unprecedented 841,000 units, as reported by the China Passenger Car Association (CPCA). This figure surpasses the 800,000-unit milestone for the first time, marking a notable 39.8% increase compared to the same period last year and an 8.9% uptick from October.
Battery electric vehicles (BEVs) played a pivotal role, constituting a record-breaking 552,000 units in retail sales, accounting for 65.6% of all NEV retail transactions. This represents a 26.1% year-on-year increase and a 10.3% monthly growth. Additionally, plug-in hybrid vehicles (PHEVs) achieved a milestone by selling 289,000 retail units in November, contributing 34.4% to the overall NEV retail sales. This marks a substantial 76.4% year-on-year increase and a 6.4% monthly rise.
In the broader context of passenger vehicles, including sedans, SUVs, and MPVs, retail sales in China reached 2.08 million units in November. This denotes a robust 26.0% year-on-year growth and a 2.4% increase from October. Impressively, the retail penetration rate of NEVs exceeded the 40% mark for the first time, reaching 40.4%, showcasing a 4-percentage-point increase from the previous year and a 2.7-percentage-point rise from October.
Breaking down the retail penetration rate by brands, local NEV brands exhibited a penetration rate of 62.1%, outperforming luxury brands at 30.9% and mainstream joint venture brands at 6.6%, according to CPCA data.
From January to November, retail sales of passenger NEVs in China totaled 6.809 million units, reflecting a substantial year-on-year increase of 35.2%.
Wholesale sales of passenger NEVs in China set a new record at 962,000 units in November, marking a 31.5% year-on-year increase and an 8.2% rise from October. The wholesale penetration rate of NEVs increased to 37.7%, up 1.7 percentage points from the previous year.
In the January-November period, wholesale sales of Chinese passenger NEVs reached 7.777 million units, indicating a notable year-on-year increase of 35.2%.
Furthermore, China’s passenger NEV exports amounted to 89,000 units in November, showcasing an 8% year-on-year increase but a 21% decline from October. BEVs constituted 89% of China’s NEV exports during this period, according to CPCA data.
