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China NEV sales rise 13.1% to record 1.94 million in October, CAAM data shows

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China NEV sales rise 13.1% to record 1.94 million in October, CAAM data shows

China's new energy vehicle (NEV) sales hit a record high in October, as strong export growth offset a decline in domestic sales and further expanded NEVs' share of the overall auto market.

NEV sales totaled 1.94 million units in October, up 13.1% year-on-year, according to data released by the China Association of Automobile Manufacturers (CAAM) on Wednesday.

That was up 6.4% from September's 1.823 million units, surpassing the previous monthly record, though year-on-year growth slowed slightly from September's 13.6%, according to data compiled by CnEVPost.

CAAM's NEV sales figures include domestic sales and exports, covering both passenger and commercial vehicles. Powertrain types include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles.

NEVs accounted for a record 64.3% of total vehicle sales in October, up from 61.6% in September, remaining above 60% for the fourth consecutive month.

BEVs continued to lead growth. October BEV sales reached a record 1.353 million units, up 22% year-on-year and 6.0% from September.

PHEV sales totaled 587,000 units, down about 3% year-on-year but up 7.5% from September, continuing to underperform BEVs.

In the first 10 months of the year, cumulative NEV sales reached 14.41 million units, up 11.3% year-on-year, accounting for 54.8% of total vehicle sales, according to CAAM.

Exports remained a key driver of growth. NEV exports reached 606,000 units in October, up about 140% year-on-year and 6.2% month-on-month, exceeding 600,000 for the first time.

9% a year earlier, according to CnEVPost calculations, highlighting the growing contribution of overseas markets to industry growth.


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