China’s NEV Scene: A New Yorker’s Take

Let’s break down the latest scene from China’s NEV market with all its twists and turns.

Retail Sales on the Rise

From August 1 to 24, China’s total passenger vehicle retail sales reached 1.285 million units. That’s a neat 3% bump from last year. During that same window, NEV sales hit 727,000 units, up 6% year-on-year.

Talking penetration rates, those NEVs accounted for 56.6% of sales from August 1 to 24, with a whopping 51.87% penetration for the year.

In case you missed it, from August 1 to 17, NEV sales hit 502,000 units, marking a 9% increase over last year.

Year-to-Date Snapshots

Cumulatively, year-to-date numbers are painting a compelling picture. NEV retail sales have soared to 7.18 million units, a solid 27% uptick. Meanwhile, overall passenger vehicle sales clocked in at 14.03 million units, showing a 10% YTD growth.

• Retail Penetration (August 1-24): 56.6%
• Year-to-Date Penetration: 51.87%

Wholesales Taking the Lead

Wholesale numbers haven’t lagged either. From August 1 to 24, NEV wholesale sales tallied up to 711,000 units, reflecting an 11% increase compared to last year. Year-to-date, NEV wholesales shot up to 8.35 million units, up 33% from the previous year.

Between August 1 and 24, all passenger vehicle wholesale sales hit 1.341 million units, a 12% year-on-year jump.

• NEV Cumulative Wholesales: 8.35 million units
• Passenger Vehicle Wholesales YTD: 16.87 million units

Weekly Patterns: A Rollercoaster Ride

August has seen its share of ups and downs. The first week had average daily sales of 45,207 units, slipping 4% year-on-year. However, the second week ramped up to 59,068 units, an 8% leap.

The third week held steady with an average of 59,941 units daily, a 6% year-on-year bump.

• First Week (August 1-10): 45,207 units/day
• Second Week (August 11-17): 59,068 units/day
• Third Week (August 18-24): 59,941 units/day

Onvo’s Big Moves

Let’s not sleep on Onvo. Their registrations hit 4,104 units last week, marking their second-highest record. That’s an 8.28% lift from the prior week’s 3,790 units.

For more juicy details, check this out here.

Conclusion

China’s NEV scene is nothing short of dynamic. With retail and wholesales climbing, the NEV sector is buzzing with excitement. Keep an eye on these figures, they’re just warming up!