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China NEV retail sales fall 13% in October 1-11 as penetration slips to 61.2%

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China NEV retail sales fall 13% in October 1-11 as penetration slips to 61.2%

China's new energy vehicle (NEV) retail sales extended their year-on-year decline in early October and weakened from the same period last month, underscoring a sluggish recovery in consumer demand.

Retail sales of passenger NEVs totaled 281,000 in October 1-11, down 13% year-on-year and 7% from the same period last month, according to data released Wednesday by the China Passenger Car Association (CPCA).

Year-to-date NEV retail sales came in at 8.04 million, down 13% year-on-year.

NEV retail sales fell 16.7% year-on-year in September, marking the ninth consecutive month of declines. If sales fail to return to growth for the full month of October, it would mark the tenth straight monthly decline.

NEV retail penetration stood at 61.2% in October 1-11, below September's record 67.0% and well below the 70.3% recorded in the first 13 days of September.

NEV wholesale sales performed better than retail sales. Automakers sold 301,000 NEVs at wholesale in October 1-11, up 6% year-on-year but down 11% from the same period last month.

Year-to-date NEV wholesale sales reached 11.75 million, up 9% year-on-year. Wholesale penetration rose to 78.1%, reflecting continued strength in exports.

Retail sales of all passenger vehicles in China totaled 459,000 in October 1-11, down 24% year-on-year but up 7% from the same period last month.

In the first week of October, from October 1 to 7, daily retail sales averaged 32,651 vehicles, down 25% year-on-year and 10% from the same period in September. The week coincided with the National Day holiday.

In the second week, from October 8 to 11, daily retail sales averaged 57,589 vehicles, down 22% year-on-year but up 32% from the same period in September.


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