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China NEV retail sales fall 13% in October 1-25 as peak-season demand stays weak

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China NEV retail sales fall 13% in October 1-25 as peak-season demand stays weak

China's passenger new energy vehicle (NEV) retail sales fell 13% year-on-year in the first 25 days of October, extending weakness during the traditional peak selling season, though the decline was smaller than in the broader passenger car market.

NEV retail sales totaled 753,000 units from October 1 to 25, down 1% from the same period in September, according to data released by the China Passenger Car Association (CPCA) on October 28.

The year-on-year decline was unchanged from the first 18 days of October, while the drop from the same period last month narrowed from 2%.

NEV retail penetration stood at 65.7% in the first 25 days of October, down 0.2 percentage points from 65.9% in the first 18 days and below September's record 67.0%.

In a forecast released on October 23, the CPCA projected full-month NEV retail sales of about 1.07 million units, implying a 16.5% year-on-year decline and a penetration rate of 66.9%.

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

In contrast to retail sales, NEV wholesale sales continued to grow. Wholesale volumes totaled 1.008 million units from October 1 to 25, up 3% year-on-year and 6% from the same period in September.

The year-on-year growth rate slowed from 5% in the first 18 days. 9% in the first 25 days of October.



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