China recorded 1.148 million retail sales of passenger new energy vehicles (NEVs) in October, according to preliminary figures from the China Passenger Car Association (CPCA). The total was 10% below the year-earlier level but 6% above September. The annual decline eased from 16.7% in September, although October marked the tenth consecutive month of year-on-year contraction. The result exceeded the CPCA’s earlier estimate of about 1.07 million units.
NEVs accounted for 67.8% of passenger-car retail sales, a new high that edged past September’s 67.0%. In the first ten months of the year, NEV retail sales reached 8.907 million, down 12% year on year. Automakers’ NEV wholesale volume, which reflects shipments from manufacturers, rose 12% year on year and 8% month on month to 1.807 million in October. The wholesale penetration rate was 68.6%; the ten-month total stood at 13.26 million, up 10%.
The broader passenger-car market remained weaker: October retail sales fell 25% year on year to 1.693 million, while increasing 5% from September. Year-to-date retail sales were down 22% to 15.03 million. The CPCA cited National Day auto shows, local subsidies and seasonal promotions as October’s supports, but said demand was uneven during the month. It also linked elevated international oil prices to a sharper downturn in combustion-engine vehicle consumption; production of pure-fuel light-duty vehicles fell 52% year on year to 386,000 in October’s first four weeks.