China’s new energy vehicle (NEV) sales declined in February compared to January, though at a reduced rate, as the country’s automotive sector continues to navigate shifting market dynamics.
Retail sales of passenger NEVs reached 686,000 units last month, marking a 79.7% increase from a year earlier but a 7.8% drop from January, data from the China Passenger Car Association (CPCA) showed on Monday. The figure was slightly below the 720,000-unit preliminary estimate released on March 5 but higher than an earlier forecast of 600,000 units.
See also: Tesla China Delivers 26,777 EVs Locally in February, Down 11.16% Year-on-Year
Battery electric vehicles (BEVs) accounted for 427,000 units in February, up 94.4% year-on-year and 1.7% from January. BEVs comprised 62.2% of total NEV retail sales, compared with 57.8% in the previous month.
Plug-in hybrid electric vehicles (PHEVs), excluding extended-range electric vehicles (EREVs), recorded retail sales of 199,000 units, representing a 29% share of total NEV sales. PHEV sales rose 83.4% year-on-year but fell 20.2% from January. Meanwhile, EREVs contributed 60,000 units, up 11.8% year-on-year but down 19.9% month-on-month.
See also: Toyota’s Cheapest EV Yet? bZ3X SUV Launches in China from $15,150
Overall, China’s passenger car market—including sedans, SUVs, and MPVs—saw retail sales of 1.39 million units in February, up 26% year-on-year but 22.8% lower than in January.
NEV penetration at retail reached 49.5% last month, increasing by 15 percentage points from a year earlier and by 8 points from January. NEV adoption rates stood at 70% among local brands, 23% among luxury brands, and 4% for mainstream joint-venture brands.
Wholesale NEV sales totaled 830,000 units in February, up 79.6% year-on-year but 6.7% lower than in January, with a penetration rate of 47%.
See also: BYD Executive Open to Cooperation with Tesla to Promote EV Adoption
NEV exports from China reached 118,000 units, a 27.8% rise year-on-year but a 15.2% drop from January, accounting for 33.9% of total passenger car exports. BEVs made up 59% of NEV exports, with A0 and A00-class models comprising half of those shipments, the CPCA said.