China's passenger new energy vehicle (NEV) wholesale sales are estimated to have reached 1.8 million units in October, as persistently high oil prices weighed on demand for gasoline vehicles and created an opening for NEVs to gain ground.

The China Passenger Car Association (CPCA) projected year-on-year growth of 12% and a month-on-month increase of 8% in a preliminary report released on Tuesday.

That would surpass the previous monthly wholesale record of 1,706,000 units set in November 2025, according to data compiled by CnEVPost.

Adding the October estimate to sales in the preceding months puts China's cumulative passenger NEV wholesale sales at about 13.22 million units in the first 10 months of the year, up 9.9% year-on-year.

NEV sales growth significantly outpaced the broader auto market, making the segment a key driver of stability in the passenger vehicle market as it entered a recovery following an earlier adjustment, the CPCA said.

However, supply-chain and trade uncertainty stemming from overseas geopolitical conflicts, combined with a high comparison base created by a rush to buy before trade-in subsidies tightened a year earlier, constrained wholesale sales growth.

The Mid-Autumn Festival holiday fell in September, helping production and sales regain momentum in October. Overseas oil prices remained elevated longer than expected, further supporting China's NEV production and sales, the CPCA said.

As leading automakers accelerated their shift to electrification, several major manufacturers posted their highest-ever October NEV wholesale sales, spanning domestic brands, joint ventures and EV startups.

BYD (HKEX: 1211), Geely Auto (HKEX: 0175), Chery (HKEX: 9973), Changan Automobile (SZSE: 000625) and Leapmotor (HKEX: 9863) ranked as the top 5 passenger NEV makers by wholesale sales in October, all recording strong year-on-year and month-on-month growth.

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