China’s NEV sales showed rapid growth in October
China’s new energy vehicle (NEV) market continued to grow rapidly in October, with retail sales reaching almost 1.2 million units – as evidenced by data released by the China Passenger Car Association, Xinhua reports
According to the organisation, during the reporting period, sales of the above category of cars in the PRC increased by 56.7 percent year-on-year and 6.4 percent month-on-month, respectively.
The country’s passenger NEV production reached 1.38 million units in October – up 49.9 percent year-on-year and 12.6 percent from the previous month.
NEV penetration, which is a measure of popularity, in the Chinese market rose to 50.1 percent last month.
In the first 10 months of this year, total retail sales of NEV passenger cars totalled 8.33 million units – up 39.8 percent from the same period in 2023.
As for exports, China exported 120,000 passenger NEVs last month – up 10.4 percent from the same month last year and up 13.7 percent from September.
Total NEV passenger car exports from January to October this year reached 1.09 million units – a 27.7 percent increase compared to the same period in 2023.
