China’s passenger new energy vehicle (NEV) market continued to expand in October, with retail sales reaching 1.282 million units, up 7.3 percent year-on-year, though down 1.3 percent from September, according to data from the China Passenger Car Association (CPCA).
Battery electric vehicles (BEVs) were the primary growth driver, posting retail sales of 812,000 units in October, a 20.4 percent increase year-on-year but a 2.5 percent decline from September. BEVs represented 63.3 percent of total NEV retail sales, slightly lower than September’s 63.7 percent.
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Hybrid vehicles, including plug-in hybrid electric vehicles (PHEVs) and extended-range electric vehicles (EREVs), continued to underperform. Total hybrid sales fell 9.96 percent year-on-year to 469,000 units, marking the fourth consecutive month of year-on-year decline, though they were marginally higher than September. PHEVs sold 361,000 units, down 10.3 percent from a year earlier, while EREVs reached 109,000 units, down 7.7 percent year-on-year but up 3.3 percent month-on-month.
Overall passenger vehicle retail sales, encompassing sedans, SUVs, and MPVs, totaled 2.242 million units in October, a 0.8 percent decline year-on-year and down 0.1 percent month-on-month. NEV penetration reached 57.2 percent, up 4.3 percentage points from October 2024 but slightly lower than September’s 57.8 percent. Domestic brands accounted for 77.9 percent of NEV retail sales, luxury brands 22.2 percent, and mainstream joint-venture brands 7 percent.
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Wholesale figures were stronger, with NEV wholesale sales reaching 1.621 million units, up 18.5 percent year-on-year and 8.5 percent month-on-month. NEV wholesale penetration hit 55.3 percent, rising 5.1 percentage points year-on-year. Domestic brands achieved 70.1 percent wholesale NEV penetration, compared with 39.1 percent for luxury brands and 7.1 percent for mainstream joint ventures.
China’s NEV exports also surged, with 250,000 passenger NEVs shipped abroad in October, up 104 percent year-on-year and 19 percent from September, accounting for 44.2 percent of total passenger vehicle exports. BEVs comprised 64 percent of NEV exports, down from 81 percent a year earlier, while A0- and A00-segment BEVs contributed 37 percent of the exported NEVs, slightly lower than 42 percent in October 2024.
