China set a new record for new energy vehicle (NEV) sales in October, with 1.43 million units sold, according to data released by the China Association of Automobile Manufacturers (CAAM) on Tuesday. This surpasses the previous record of 1.287 million units set in September, marking a 49.6% increase year-on-year and an 11.1% rise from the previous month.
CAAM’s NEV sales figures encompass wholesale deliveries by automakers, covering both domestic sales and exports, and include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. PHEVs continued to show robust growth, with 587,000 units sold in October, up 89.7% year-on-year and marking the sixth straight month of record highs. BEVs also saw a record 842,000 units sold, representing a 30.4% increase from a year earlier.
The total vehicle sales in China in October reached 3.05 million units, up 7% year-on-year. NEV penetration in the market rose to 46.8%, up from 45.8% in September and 33.5% in October 2022. Excluding exports, domestic NEV sales also hit a record high of 1.3 million units, a 56.5% increase year-on-year.
In October, China exported 542,000 vehicles, including 128,000 NEVs—a 16% increase over September. PHEV exports rose significantly, with 24,000 units exported, up 160% year-on-year, while BEV exports, at 104,000 units, saw a modest decline of 9.2% compared to the previous year.
CAAM attributed the continued market strength to supportive trade-in policies, multiple local auto shows, and a wave of new model launches that collectively boosted consumer demand in the automotive sector.