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China October NEV retail sales fall 13.7% as penetration hits record 67.5%, CPCA data shows

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China October NEV retail sales fall 13.7% as penetration hits record 67.5%, CPCA data shows

China's retail sales of passenger new energy vehicles (NEVs) totaled 1.109 million units in October, down 13.7% year-on-year but up 2.3% from September, marking a tenth consecutive month of annual declines.

NEVs accounted for a record 67.5% of passenger vehicle retail sales in October, according to a monthly report released by the China Passenger Car Association (CPCA) on Monday.

The final sales figure was below the CPCA's preliminary estimate released on November 4, which put October NEV retail sales at 1.148 million units, down 10% year-on-year, with a penetration rate of 67.8%.

In the first 10 months of the year, China's passenger NEV retail sales totaled 8.87 million units, down 12.9% year-on-year.

Battery electric vehicles (BEVs) continued to outperform plug-in hybrids. BEV retail sales totaled 770,000 units in October, down 5.3% year-on-year but up 0.6% month-on-month.

Plug-in hybrid electric vehicle (PHEV) retail sales totaled 226,000 units, down 37.2% year-on-year and 2.8% month-on-month.

Extended-range electric vehicle (EREV) retail sales reached 114,000 units, up 1% year-on-year and 31.2% month-on-month, driven mainly by Xiaomi (HKEX: 1810) and Leapmotor (HKEX: 9863).

Across the broader market, passenger vehicle retail sales totaled 1.643 million units in October, down 27.1% year-on-year but up 1.5% from September. That was also below the preliminary estimate of 1.693 million units.

Retail sales in the first 10 months totaled 14.98 million units, down 22.3% year-on-year. The CPCA said October's most striking feature was weakness during a traditionally strong selling season, with the month falling well short of its usual seasonal performance.



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