China’s passenger NEV retail sales reached 753,000 units from October 1 to 25, a 13% year-on-year decline, according to CPCA data released October 28. Sales were 1% lower than in the same period of September. NEVs accounted for 65.7% of passenger-car retail sales, down from 67.0% for September as a whole. Year-to-date NEV retail volume stood at 8.51 million units, also 13% below the year-earlier level.
The CPCA’s October 23 forecast put full-month NEV retail sales at about 1.07 million, implying a 16.5% annual decline. September had already marked the ninth consecutive month of year-on-year retail contraction. The wider passenger-car market was weaker still: sales in the first 25 days of October totaled 1.145 million, down 26% year on year. The CPCA cited holiday auto shows, local subsidies and seasonal promotions as support for a modest late-month improvement.
Wholesale NEV sales moved in the opposite direction, reaching 1.008 million units in the period, up 3% year on year and 6% from the comparable September period. However, manufacturers faced growing stock pressure: NEV-only makers held 880,000 vehicles at September’s end, 30,000 more than a month earlier. The CPCA said lower lithium carbonate prices could ease battery costs, while expected export-policy changes and possible trade restrictions next year may encourage exporters to ship more vehicles in the fourth quarter.