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China NEV retail sales fall 7% in first 8 days of November as penetration reaches 74.9%

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China NEV retail sales fall 7% in first 8 days of November as penetration reaches 74.9%

China's retail sales of passenger new energy vehicles (NEVs) totaled 219,000 from November 1-8, down 7% year-on-year but up 27% from the same period in October, according to a weekly report released Wednesday by the China Passenger Car Association (CPCA).

China's National Day holiday, which ran from October 1-7, disrupted vehicle production and sales, creating a low comparison base.

NEVs accounted for 74.9% of passenger car retail sales from November 1-8, above the monthly record of 67.5% set in October.

Year-to-date passenger NEV retail sales in China totaled 9.09 million, down 13% year-on-year.

Passenger NEV wholesale sales totaled 262,000 from November 1-8, down 3% year-on-year but up 63% from the same period last month. NEVs accounted for 78.7% of total passenger car wholesale sales.

NEVs significantly outperformed the broader market. Total passenger car retail sales in China fell 21% year-on-year to 293,000 from November 1-8, though they rose 2% from the same period in October.

Daily passenger car retail sales averaged 36,576 during the November 1-8 period.

The auto market began November with a weak recovery with year-on-year pressure and month-on-month stabilization, the CPCA said. The broader market remained on a downward trajectory, though fluctuations near the bottom showed signs of stabilization.

Persistently high global oil prices, compounded by recent increases in domestic fuel prices, have weakened demand for gasoline vehicles more than expected, accelerating the shift to electric vehicles, according to the report.

Passenger car wholesale sales totaled 333,000 from November 1-8, down 20% year-on-year but up 63% from the same period in October.


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